LiveOne (Nasdaq: LVO) Announces $11.3M Series A Preferred Stock Conversion to Common Stock at $2.10 per Share, Led by Harvest Small Cap Partners Master, Ltd. and Trinad Capital Master Fund
April 03 2024 - 7:30AM
via NewMediaWire -- Robert Ellin, the CEO and Chairman of LiveOne,
stated, “Jeff Osher, the Managing Member of the Harvest Funds, has
successfully invested and partnered in many of my companies for
over 20 years. He is renowned as one of the best small cap
investors around the globe. I’m honored and excited that Jeff has
once again shown extraordinary confidence in choosing to convert
his interest-bearing perpetual preferred stock into our common
stock at $2.10 per share. As a result, we will save approximately
$7M in FY 2025 in cash flow and this will provide us with the
necessary reserves to execute our business model, buy back what we
believe to be our undervalued stock and pursue accretive
acquisitions.”
About LiveOne, Inc.
Headquartered in Los Angeles, CA, 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. The
Company’s subsidiaries include Slacker Radio, PodcastOne (Nasdaq:
PODC), PPVOne, Gramophone Media, Palm Beach Records, CPS,
LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne
is available on iOS, Android, Roku, Apple TV, Spotify, Samsung,
Amazon Fire, Android TV, and through STIRR’s OTT applications. For
more information, visit liveone.com and follow us on Facebook,
Instagram, TikTok, YouTube and Twitter at @liveone. For more
investor information, please visit ir.liveone.com.
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: LiveOne’s reliance on one key
customer for a substantial percentage of its revenue; LiveOne’s
ability to consummate any proposed financing, acquisition,
spin-out, special dividend, merger, distribution or transaction,
the timing of the consummation of any such proposed event,
including the risks that a condition to the consummation of any
such event would not be satisfied within the expected timeframe or
at all, or that the consummation of any proposed financing,
acquisition, spin-out, merger, special dividend, distribution or
transaction will not occur or whether any such event will enhance
shareholder value; LiveOne’s ability to continue as a going
concern; LiveOne’s ability to attract, maintain and increase the
number of its users and paid members; LiveOne identifying,
acquiring, securing and developing content; LiveOne’s intent to
repurchase shares of its and/or PodcastOne’s common stock from time
to time under LiveOne’s announced stock repurchase program and the
timing, price, and quantity of repurchases, if any, under the
program; LiveOne’s ability to maintain compliance with certain debt
covenants; LiveOne successfully implementing its growth strategy,
including relating to its technology platforms and applications;
management’s relationships with industry stakeholders; uncertain
and unfavorable outcomes in legal proceedings; changes in economic
conditions; competition; risks and uncertainties applicable to the
businesses of LiveOne’s subsidiaries; and other risks,
uncertainties and factors including, but not limited to, those
described in LiveOne’s Annual Report on Form 10-K for the fiscal
year ended March 31, 2023, filed with the U.S. Securities and
Exchange Commission (the “SEC”) on June 29, 2023, Quarterly Report
on Form 10-Q for the quarter year ended December 31, 2023, filed
with the SEC on February 13, 2024, and in LiveOne’s other filings
and submissions with the SEC. These forward-looking statements
speak only as of the date hereof, and LiveOne disclaims any
obligation to update these statements, except as may be required by
law. LiveOne intends that all forward-looking statements be subject
to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995.
LiveOne IR Contact:Liviakis
Financial Communications, Inc.(415) 389-4670john@liviakis.com
Press Contact:For
LiveOnepress@liveone.com
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