 Fort Lauderdale, FL, Aug. 06, 2021 GLOBE NEWSWIRE -- The Singing Machine Company, Inc. Singing Machine or the Company OTCQX: SMDM -- the North American leader in consumer karaoke products -- today announced that it has entered into a securities purchase agreement with large institutional investors and a strategic investor for a private placement of common stock and warrants exercisable for common stock expected to result in gross proceeds to the Company of approximately 10 million before deducting transaction-related expenses payable by the Company. In the private placement, the Company has agreed to sell i 16,500,000 shares of its common stock together with warrants to purchase up to 16,500,000 shares of common stock, and ii 16,833,333 pre-funded warrants with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase up to 16,833,333 shares of common stock. Each share of common stock and accompanying common warrant are being sold together at a combined offering price of 0.30, and each pre-funded warrant and accompanying common warrant are being sold together at a combined offering price of 0.29. The pre-funded warrants will be immediately exercisable, at a nominal exercise price of 0.01, and may be exercised at any time until all of the pre-funded warrants are exercised in full. The common warrants will have an exercise price of 0.35 per share, will be exercisable upon issuance and will expire five years from the date of an effective registration statement covering the shares underlying the warrants. 