Singing Machine Secures $2 Million Senior Credit Facility
The Singing Machine Company, Inc. (MICS)
Company Research
Source: GlobeNewswire
Company Expands Non-Dilutive Working Capital Funding to Support Growth Fort Lauderdale, FL, April 03, 2024 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced the closing of a $2 million senior credit facility with Oxford Commercial Finance, a subsidiary of Oxford Bank. The credit facility has a 2-year term and is intended to support the funding of accounts receivable generated from ongoing sales. The Company has historically financed both accounts receivable and inventory working capital needs through a combination of working capital lines of credit with various senior lenders. The Company primarily relies on a financing program available through an early pay platform with C2FO to fund accounts receivable without any dollar limitations. This is an ongoing financing arrangement that the Singing Machine has maintained since 2009. This program specifically enables the Company to
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MICS
News
- Company Provides 2024 Results of Operations [Yahoo! Finance]Yahoo! Finance
- Company Provides 2024 Results of OperationsGlobeNewswire
- Singing Machine Secures $2 Million Senior Credit Facility [Yahoo! Finance]Yahoo! Finance
- Singing Machine Announces Distribution & License Agreement for Singing Machine Product Sales in the People's Republic of China [Yahoo! Finance]Yahoo! Finance
- Singing Machine Announces Distribution & License Agreement for Singing Machine Product Sales in the People’s Republic of ChinaGlobeNewswire
MICS
Sec Filings
- 4/15/24 - Form 10-KT
- 4/3/24 - Form 8-K
- 4/1/24 - Form NT
- MICS's page on the SEC website