Shares of the microcap Singing Machine Co.
rocketed 81% on Tuesday, after the maker of karaoke products said it has terminated its at-the-market equity program. The move came after the Fort Lauderdale, Fla.-based company achieved its capital-raising objectives after raising about $1.74 million in gross proceeds by selling about 1.07 million shares. “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital,” Chief Executive Gary Atkinson said in a statement.
rocketed 81% on Tuesday, after the maker of karaoke products said it has terminated its at-the-market equity program. The move came after the Fort Lauderdale, Fla.-based company achieved its capital-raising objectives after raising about $1.74 million in gross proceeds by selling about 1.07 million shares. “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital,” Chief Executive Gary Atkinson said in a statement.