- Company Separately Restructures $5.4
Million of Payables into Long Term Liabilities -
LiveOne (Nasdaq: LVO), an award-winning, creator-first, music,
entertainment and technology platform, announced today that Harvest
Small Cap Partners, L.P., Harvest Small Cap Partners Master, Ltd.
and Trinad Capital Master Fund Ltd. exchanged a total of $21
million of existing debt into LiveOne’s preferred stock convertible
into shares of LiveOne’s common stock at $2.10 per share.
LiveOne’s CEO and Chairman, Robert Ellin, commented, “The
exchange of $21 million of debt for our equity, coupled with the
previously implemented annual cost savings anticipated to total
over $30 million in the current fiscal year ending March 31, 2023,
puts LiveOne in the strongest financial position in the history of
the Company.”
The details of the debt exchange transaction are fully described
in LiveOne’s Current Report on Form 8-K filed with the U.S.
Securities and Exchange Commission.
About LiveOne, Inc.
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ:
LVO) (the "Company") is an award-winning, creator-first, music,
entertainment and technology platform focused on delivering premium
experiences and content worldwide through memberships and live and
virtual events. The Company was awarded Best Live Moment by Digiday
for its “Social Gloves” PPV Event, and has been a finalist for 8
more awards, including Best Live Event, Best Virtual Event, Best
Overall Social Media Excellence, and Best Original Programming from
Cynopsis and Digiday. As of January 17, 2023, the Company has
accrued a paid and free ad-supported membership base of 2.7
million**, streamed over 2,900 artists, has a library of 30 million
songs, 600 curated radio stations, over 300 podcasts/vodcasts,
hundreds of pay-per-views, personalized merchandise, released
music-related NFTs, and created a valuable connection between fans,
brands, and bands. The Company's wholly-owned subsidiaries include
Slacker Radio, React Presents, Gramophone Media, Palm Beach
Records, Custom Personalization Solutions, LiveXLive, PPVOne and
PodcastOne, which generates more than 2.48 billion downloads per
year and 300+ episodes distributed per week across its stable of
top-rated podcasts. LiveOne is available on iOS, Android, Roku,
Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. For more
information, visit liveone.com and follow us on Facebook,
Instagram, TikTok, and Twitter at @liveone.
Forward-Looking
Statements
All statements other than statements of historical facts
contained in this press release are "forward-looking statements,"
which may often, but not always, be identified by the use of such
words as "may," "might," "will," "will likely result," "would,"
"should," "estimate," "plan," "project," "forecast," "intend,"
"expect," "anticipate," "believe," "seek," "continue," "target" or
the negative of such terms or other similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause actual results, performance or
achievements to differ materially from those expressed or implied
by such statements, including: the Company's reliance on one key
customer for a substantial percentage of its revenue; the Company's
ability to consummate any proposed financing, acquisition,
spin-out, special dividend, distribution or transaction, including
the proposed special dividend and spin-out of PodcastOne, Slacker
or its pay-per-view business, the timing of the consummation of
such proposed event, including the risks that a condition to
consummation of such event would not be satisfied within the
expected timeframe or at all, or that the consummation of any
proposed financing, acquisition, spin-out, special dividend,
distribution or transaction will not occur or whether any such
event will enhance shareholder value; PodcastOne's or Slacker’s
ability to list on a national exchange; the Company's ability to
continue as a going concern; the Company's ability to attract,
maintain and increase the number of its users and paid members; the
Company identifying, acquiring, securing and developing content;
the Company's intent to repurchase shares of its common stock from
time to time under its announced stock repurchase program and the
timing, price, and quantity of repurchases, if any, under the
program; the Company's ability to maintain compliance with certain
financial and other covenants; the Company successfully
implementing its growth strategy, including relating to its
technology platforms and applications; management's relationships
with industry stakeholders; the effects of the global Covid-19
pandemic; uncertain and unfavorable outcomes in legal proceedings;
changes in economic conditions; competition; risks and
uncertainties applicable to the businesses of the Company's
subsidiaries; and other risks, uncertainties and factors including,
but not limited to, those described in the Company's Annual Report
on Form 10-K for the fiscal year ended March 31, 2022, filed with
the U.S. Securities and Exchange Commission (the "SEC") on June 29,
2022, Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2022, filed with the SEC on November 17, 2022, and in
the Company's other filings and submissions with the SEC. These
forward-looking statements speak only as of the date hereof, and
the Company disclaims any obligations to update these statements,
except as may be required by law. The Company intends that all
forward-looking statements be subject to the safe-harbor provisions
of the Private Securities Litigation Reform Act of 1995.
** Included in the total number of members for the reported
periods are certain members which are the subject of a contractual
dispute. LiveOne is currently not recognizing revenue related to
these members.
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Press Contacts: LiveOne
press@liveone.com
LiveOne IR Contact: (310)
601-2505 ir@LiveOne.com
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