The Singing Machine Company (“Singing Machine” or the “Company”) (NASDAQ: MICS) has entered into an agreement for senior secured financing with Fifth Third Bank, N.A. (“Fifth Third”). Under the agreement (“Fifth Third Facility”), Fifth Third will provide the Company with up to $15.0 million dollars in asset-based lending during the Company’s peak shipping season and reduce to $7.5 million from January 1 to June 30.

Home health services have long been a convenient and cost-effective way for patients to receive crucial medical attention in the security of their own homes. But, until recently, these services were mostly limited to post-acute care that required little to no specialized equipment. This year, the continued rise of COVID-19 has underscored the importance of access to safe and worry-free healthcare that goes beyond post-acute services, as more and more patients fear contracting the virus during a clinical visit or nursing home stay.