The Singing Machine Company

Ault Alliance Subsidiary Files Lawsuit Against Singing Machine CEO Gary Atkinson and Other Directors Who Approved Highly Dilutive Related Party Stock Sale

Retrieved on:

Wednesday, December 27, 2023

Ault Lending alleges that the director defendants violated their fiduciary duties of care and loyalty in approving the transaction at an inadequate price following a deeply flawed process led by Singing Machine CEO Gary Atkinson, resulting in two directors, Jay B. Foreman and Mathieu Peloquin, through affiliates, holding a collective 43.2% ownership stake in MICS.

Key Points:

Ault Lending alleges that the director defendants violated their fiduciary duties of care and loyalty in approving the transaction at an inadequate price following a deeply flawed process led by Singing Machine CEO Gary Atkinson, resulting in two directors, Jay B. Foreman and Mathieu Peloquin, through affiliates, holding a collective 43.2% ownership stake in MICS.
Milton “Todd” Ault, III, founder and Executive Chairman of Ault Alliance and Executive Chairman of the Singing Machine, stated, “It is extremely unfortunate that Singing Machine’s CEO and the other directors supporting him decided to approve this outrageous transaction giving them de facto control over the Singing Machine.
We tried to work constructively with other board members to address issues at Singing Machine, and only filed this lawsuit after it became clear that we do not have good faith partners.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov.

Singing Machine Unveils New Karaoke Products at Prestigious Toy Fair New York

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Wednesday, October 18, 2023

North American International Toy Fair, Human, Singing, The Singing Machine Company, Learning, Sesame Street, Confidence, Music, Language development, Sesame Workshop, Parent, Toy, Consumer electronics, Entertainment

Fort Lauderdale, FL, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – showcased its newest toy preview at the 2023 New York Toy Fair held between September 30 to October 3, 2023. This is one of the most important toy industry gatherings for the introduction of new products. The event is widely attended by major US and international retailers, distributors, media, and major toy licensors.

Key Points:

Fort Lauderdale, FL, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – showcased its newest toy preview at the 2023 New York Toy Fair held between September 30 to October 3, 2023.
The Singing Machine successfully leveraged this event to promote their new Sesame Street-branded karaoke products, targeting preschool age children and their parents.
“We were very excited to unveil our new Sesame Street licensed products at Toy Fair New York 2023,” commented CEO Gary Atkinson.
Singing Machine Mini Sparkle Karaoke: Discover the sparkling voice inside of you with the Mini Sparkle Karaoke by Singing Machine.

Ault Alliance Announces Strategic Corporate Alignment

Retrieved on:

Monday, September 25, 2023

Ault Alliance Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or the “Company”) announced today its plans to execute a strategic corporate alignment of the company and its subsidiaries.

Key Points:

Ault Alliance Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or the “Company”) announced today its plans to execute a strategic corporate alignment of the company and its subsidiaries.
To adapt to current market dynamics, Ault Alliance has unveiled its strategic plan to restructure its corporate blueprint.
Ault Venture Group will house all other subsidiaries and ventures and serve as the investment cornerstone of Ault Alliance.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov .

Singing Machine Unveils New Flagship Karaoke Product for Holiday Distribution Nationwide with Costco

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Monday, September 11, 2023

Television, Music, The Singing Machine Company, Partnership, Wi-Fi, Costco, Sale, Atkinson, Singing, United Kingdom, Hub, Video game, Consumer electronics, Stingray

Fort Lauderdale, FL, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products – today launched its fully redesigned flagship karaoke machine in partnership with Costco North America in time for the upcoming holiday season. The expanded program will provide distribution throughout Costco US locations nationwide. The sales program will also include a wider international distribution plan at Costco Clubs throughout the United Kingdom.

Key Points:

Fort Lauderdale, FL, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products – today launched its fully redesigned flagship karaoke machine in partnership with Costco North America in time for the upcoming holiday season.
Gary Atkinson, the Company’s CEO, commented, “With our brand new Singing Machine Hub, we’ve fully re-imagined our flagship karaoke product.
Subscription-based music service; includes 1 month subscription to Singing Machine Karaoke catalog with over 100,000 licensed, high-definition karaoke videos.
We look forward to unveiling our new flagship product with Costco in the next few weeks nationwide leading up to what we believe will be a successful holiday shopping season.”

Singing Machine Announces Entrance into Hospitality Market with Disruptive New Karaoke Venue Concept

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Thursday, August 24, 2023

Singing, Heart, The Singing Machine Company, NoMad, Manhattan, Restaurant, Nightclub, Entertainment

Fort Lauderdale, FL, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced that it intends to enter the socialized entertainment hospitality market with an innovative new karaoke venue concept. Through a newly established subsidiary, the Company has executed a lease for a 10,000 square feet hospitality venue in the heart of NoMad, a highly desirable nightlife neighborhood in Manhattan. The Company initially targeted this area in New York City based on its particularly high concentration of bars, restaurants and other keystone nightlife venues. Overall, the area is considered a top destination for tourists and locals alike.

Key Points:

Fort Lauderdale, FL, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced that it intends to enter the socialized entertainment hospitality market with an innovative new karaoke venue concept.
The Company anticipates opening its first karaoke venue by summer 2024 with goals to open multiple locations throughout the country.
Singing Machine has engaged with famed retail designers, Brinkworth, to design the interior layout and aesthetic for the venue.
“We believe the karaoke hospitality market in North America is fragmented and ripe for disruption,” commented Gary Atkinson, CEO of the Singing Machine.

Singing Machine Announces Results of Operations for First Quarter of Fiscal 2024

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Friday, August 18, 2023

Singing, Atkinson, The Singing Machine Company, Transport, Club, Cryptocurrency, Video game, Warehouse, Walmart

Fort Lauderdale, FL, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products -- today released its results of operations for the three months ended June 30, 2023.

Key Points:

Fort Lauderdale, FL, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products -- today released its results of operations for the three months ended June 30, 2023.
Overall, first quarter of fiscal 2024 sales were consistent with the Company’s historical record for customer purchases.
Gross margins improved to 32.3% for the first quarter of fiscal 2024, as compared to 27.2% for the same period in the prior year.
Gary Atkinson, Singing Machine’s Chief Executive Officer, commented, “During this first quarter we saw our supply-chain normalizing back to pre-pandemic levels.

Singing Machine to Announce its Financial Results for the First Quarter Fiscal 2024

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Thursday, August 17, 2023

The Singing Machine Company, Cryptocurrency

Fort Lauderdale, FL, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products -- today announced that its earnings for its first quarter fiscal 2024 will be released tomorrow, Friday August 18, 2023.

Key Points:

Fort Lauderdale, FL, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products -- today announced that its earnings for its first quarter fiscal 2024 will be released tomorrow, Friday August 18, 2023.
The same day Management will host a conference call at 5:00 PM Eastern time to discuss the financial results and provide a business update.

Ault Alliance Announces Singing Machine Has Expanded Retail Presence With Walmart

Retrieved on:

Wednesday, July 19, 2023

Entertainment, Consumer Electronics, Technology, General Entertainment, Music, Audio, Video, The Singing Machine Company, Multimedia, Celebration, Walmart, Event, Singing, Growth, NYSE

Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), today announced that its consolidated minority beneficially owned subsidiary, The Singing Machine Company, Inc. (“Singing Machine”) (NASDAQ: MICS), the worldwide leader in consumer karaoke products, has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.

Key Points:

Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), today announced that its consolidated minority beneficially owned subsidiary, The Singing Machine Company, Inc. (“Singing Machine”) (NASDAQ: MICS), the worldwide leader in consumer karaoke products, has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.
The Singing Machine’s Kids Celebration Microphone targets an affordable yet feature-rich product targeting the children’s party and event market.
“We are very pleased to expand our relationship with Walmart,” commented Gary Atkinson, CEO of the Singing Machine.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or available at www.sec.gov.

Singing Machine Announces Expanded Retail Presence with Walmart

Retrieved on:

Tuesday, July 18, 2023

The Singing Machine Company, Celebration, Walmart, Event, Singing, Growth, Retail

Fort Lauderdale, FL, July 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced it has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.

Key Points:

Fort Lauderdale, FL, July 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced it has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.
The new program announced will be merchandised inside the Walmart Celebrations Party & Occasions department and will feature Singing Machine’s newest party accessory, its Celebration Mic.
The Singing Machine’s Kids Celebration Microphone targets an affordable yet feature-rich product targeting the children’s party and event market.
“We are very pleased to expand our relationship with Walmart,” commented Gary Atkinson, CEO of the Singing Machine.

Singing Machine Announces Financial Results for Full Fiscal Year Ended 2023

Retrieved on:

Friday, July 14, 2023

The Singing Machine Company, Calendar, COVID, Marketing

Fort Lauderdale, FL, July 14, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (the “Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products -- today released its results of operations for the fiscal year ended March 31, 2023.

Key Points:

Fort Lauderdale, FL, July 14, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (the “Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products -- today released its results of operations for the fiscal year ended March 31, 2023.
The Company completed two capital raises and a successful uplisting to Nasdaq during fiscal 2023, resulting in approximately $1.1 million in one-time expenses.
Current liabilities at March 31, 2023 decreased 49%, from $12.0 million at March 31, 2022 to $6.1 million at fiscal 2023 year-end.
“Fiscal 2023 includes a number of major milestones for our team and the Company,” commented Gary Atkinson, CEO of the Singing Machine.