Singing Machine Executes Definitive Deal To Acquire Artificial Intelligence Technology Company SemiCab
Portfolio Pulse from Benzinga Newsdesk
Singing Machine has executed a definitive deal to acquire AI technology company SemiCab. The transaction involves issuing 952,710 shares of Singing Machine's common stock and assuming $2.6 million in liabilities. Additionally, SemiCab will receive a 20% membership interest in a newly formed subsidiary, SemiCab Holdings, LLC.
June 12, 2024 | 11:02 am
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Singing Machine (MICS) has acquired AI technology company SemiCab, issuing 952,710 shares and assuming $2.6 million in liabilities. SemiCab will also receive a 20% membership interest in a new subsidiary.
The acquisition of SemiCab's AI technology is likely to enhance Singing Machine's operational efficiency and market position. Issuing new shares and assuming liabilities may have a short-term financial impact, but the strategic benefits could drive long-term growth.
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