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Karaoke machine marketer The Singing Machine Co. (MICS) has applied to list its shares on the Nasdaq conduct an IPO.
The company did not disclose the scope and pricing of the deal in its filing. It has applied to list its shares on the Nasdaq under the symbol MICS. Aegis Capital is acting as Lead Bookrunner.
The Singing Machine Co. plans to do a reverse stock split of up to 1:30 ahead of the listing. The company’s shares are currently traded over the counter under the symbol SMDM.
In addition to karaoke machines, The Singing Machine Co. also sells microphones, accessories and subscriptions for karaoke music. Its products are made in China and sold through retailers like Target, Walmart, Costco, and Amazon.com.
For the nine months ended September 30, 2021, the Company reported net income of $2 million on net sales of $44.7 million. The company released its third-quarter earnings report on February 14.
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