Last November, The Singing Machine Co. revealed its plans for an uplisting to a major stock exchange.
On May 24, the leading producer of consumer karaoke products made good on its promise as the company began trading on the NASDAQ under the MICS symbol with a $4 million public offering. The move was accompanied by the addition of Basic Fun! CEO Jay Foreman to the Singing Machine’s board of directors. Foreman also made an investment in the company.
“Jay has been a visionary in the toy industry for well over three decades. He has a tremendous passion for products and has a proven track record of building successful companies from the ground up,” says Singing Machine CEO Gary Atkinson. “Jay has built a wonderful toy company in Basic Fun! which shares a common goal of bringing joy to households across the world. We’re excited to welcome Jay to Singing Machine’s board of directors and I know we will all benefit from his unparalleled experience in the industry.”
“I’ve been following the company for many years and believe that Gary and his leadership team are on the right track to continue to build and drive the business,” Foreman says. “I look forward to contributing my industry experience and insight to the company and helping to take the business to the next level. It all starts with the fact that the company makes a great product!”
This spring, Singing Machine entered a new category in the toy department with the introduction of Sing-along Crew plush characters. The company also inked a deal with Walmart to sell karaoke products in the electronics departments of more than 3,200 stores across the U.S.
