The Singing Machine Company, Inc. (NasdaqCM:MICS) executed a definitive agreement to acquire Substantially all the Assets of SemiCab, Inc. for $1.8 million on June 11, 2024. As consideration for the acquisition, The Singing Machine Company, Inc. has agreed to issue to SemiCab Inc. 962,710 shares of its common stock and a twenty percent (20%) membership interest in SemiCab LLC. The acquisition is subject to various closing conditions, including the The Singing Machine Company, Inc. consummating a capital raise of $1.7 million and other customary closing conditions.

Kasell Law Firm acted as a legal advisor to SemiCab Inc. Sichenzia Ross Ference Carmel LLP acted as a legal advisor to The Singing Machine Company, Inc. (NasdaqCM:MICS)