Shares of the microcap Singing Machine Co. MICS rocketed 81% on Tuesday, after the maker of karaoke products said it has terminated its at-the-market equity program. The move came after the Fort Lauderdale, Fla.-based company achieved its capital-raising objectives after raising about $1.74 million in gross proceeds by selling about 1.07 million shares. “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital,” Chief Executive Gary Atkinson said in a statement. “The company successfully met its goal of bolstering its balance sheet without issuing warrants or providing a discount to market.” The stock is still down 57% in the year to date, while the S&P 500 SPX has gained about 8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.