LiveOne (NASDAQ: LVO) 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. LiveOne today announced its intention to spin-out its wholly owned subsidiary, PodcastOne, as a separate public company to be listed on a national exchange and its plan to dividend a portion of PodcastOne’s common equity to LiveOne’s more than 15,000 stockholders as of a future record date, anticipated to be completed by year-end. Each case is subject to obtaining approvals and consents and complying with applicable rules and regulations and public market trading and listing requirements. In connection with the anticipated spin-out, PodcastOne closed a private placement financing of convertible notes and warrants totaling approximately $8.1 million prior to expenses, including $3 million invested by LiveOne, whereby the terms of the financing value PodcastOne at a pre-money valuation of $60 million. “The goal of both our management team and board of directors is to maximize stockholder value,” said LiveOne’s CEO Robert Ellin. “PodcastOne has been a tremendous addition to LiveOne since our acquisition in 2020, and we feel strongly that the market value of our stock dramatically undervalues the sum of our parts, which includes our PodcastOne subsidiary. Upon the successful completion of the spin out, we believe PodcastOne will be the only major pure play podcast company trading on a national exchange.”
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About LiveOne Inc.
Headquartered in Los Angeles, California, LiveOne 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. As of May 31, 2022, the company has accrued a paid and free membership base of over 2.3 million*, streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, nearly 270 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 www.LiveOne.com.
*Included in the total number of paid 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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