Singing Machine Announces Results of Annual Stockholders Meeting

Algorhythm Holdings, Inc., known as Singing Machine (OTCMKTS:SMDM), recently disclosed the outcome of its Annual Meeting of Stockholders held on January 13, 2025. The meeting saw significant shareholder participation, with approximately 63.5% of the total shares eligible for voting being represented either in person or via valid proxies.

During the meeting, all six director nominees were elected to serve until the company’s next annual stockholders meeting in 2025. Furthermore, the stockholders gave their approval for amending the company’s certificate of incorporation to expand the number of authorized common stock shares from 100,000,000 to 800,000,000.

Additionally, a proposal authorizing the board of directors to execute a reverse stock split of the company’s outstanding common stock within one year of January 13, 2025, at a ratio ranging from 1-for-10 to a maximum of 1-for-250, was also approved. The board has the discretion to set the specific ratio within this range without requiring further shareholder approval.

The stockholders ratified an amendment to the company’s 2022 Equity Incentive Plan, specifically focusing on increasing the number of shares available under the plan for future years. Moreover, they endorsed the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

Another significant approval was granted for the issuance of Warrants, common stock shares underlying these Warrants, and relevant Warrant provisions, as part of a securities offering completed on December 6, 2024, to comply with Nasdaq listing rule 5635(d.

Finally, the stockholders granted permission for one or more adjournments of the Annual Meeting, if required, to secure additional approvals in favor of various proposals, including the Reverse Stock Split Proposal, Authorized Share Increase Proposal, 2022 Plan Amendment Proposal, or the Issuance Proposal, in case there weren’t adequate votes at the initial meeting.

Following detailed voting procedures, the results were as follows:

1. Election of Directors: All six director nominees were elected.
2. Increase in the Number of Shares: Approved with a significant majority by stockholders.
3. Reverse Stock Split: Approved with strong support.
4. 2022 Equity Incentive Plan Amendment: Passed with favorable votes.
5. Ratification of Auditor: Approved the appointment of Marcum LLP.
6. Issuance of Warrants: Authorized for Nasdaq compliance.
7. Approval of Adjournments: Granted for further solicitation of votes if necessary.

The Chief Executive Officer, Gary Atkinson, signed the report confirming the outcomes of the Annual Stockholders Meeting on behalf of Algorhythm Holdings, Inc.

This news provides insight into the decisions made by Singing Machine at its recent stockholders meeting and showcases a positive response from the shareholders regarding various proposals under consideration.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Singing Machine’s 8K filing here.

About Singing Machine

The Singing Machine Company, Inc, together with its subsidiaries, engages in the development, marketing, and sale of consumer karaoke audio equipment, accessories, and musical recordings in North America, Europe, Asia, and Australia. It offers karaoke products under the flagship brand Singing Machine; licensed karaoke microphone products under the Carpool Karaoke brand; microphone accessories and portable Bluetooth microphones under the Party Machine brand; music entertainment singing machines for children under the brand Singing Machine Kids; and karaoke music subscription services for the iOS and Android platforms, as well as a web-based download store and integrated streaming services for Singing Machine hardware.