Business
LIVEONE ANNOUNCES COMMENCEMENT OF ITS 2 MILLION SHARES STOCK REPURCHASE PROGRAM, STARTING WITH UP TO 500K SHARES
Cash On-Hand Increased from $12.7 Million at December 31, 2021 to $13.6 Million at April 22, 2022 LiveOne Maintains Guidance to Achieve Positive Adjusted
About this update from Liveone, Inc.
[{"type":"text","content":"Cash On-Hand Increased from $12.7 Million at December 31, 2021 to $13.6 Million at April 22, 2022\nLiveOne Maintains Guidance to Achieve Positive Adjusted EBITDA* in Q1 FY 2023 Ending June 30, 2022; Maintains Revenue Guidance for FY 2023 of Between $125 - $140 Million and Adjusted EBITDA* Between $4 Million - $8 Million\nA Record 2.26 Million Total Members with Over 1.5 Million** Total Paid Members & 758,000 Total Free Members as of April 25, 2022\nLOS ANGELES, April 25, 2022 /PRNewswire/ -- LiveOne (Nasdaq: LVO), a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced today that it intends to commence its previously announced stock repurchase program beginning in the current first quarter of fiscal year 2023. As of April 22, 2022, LiveOne had cash on hand of $13.6 million and over 2.26 million paid and free members.\n\n \n \n \n \n \n \n\n \nRepurchases of up to 2,000,000 of LiveOne's shares of common stock have been previously authorized by LiveOne's board of directors, and LiveOne may initially repurchase up to 500,000 shares of its common stock. The authorization to repurchase will expire on January 31, 2023.\nThe timing, price and actual number of shares repurchased under the program will be at the discretion of LiveOne's management and will depend on a variety of factors, including stock price, general business and market conditions, and alternative investment opportunities. The repurchase program will be executed consistent with LiveOne's capital allocation strategy, which will continue to prioritize growing LiveOne's business. \n\"This announcement demonstrates our confidence in our business and the growth opportunities we see over the long term,\" said Robert Ellin, LiveOne's CEO and Chairman. \"We believe this is an attractive use of capital, and we do not believe that the current price of our stock reflects the underlying value of LiveOne. We remain enthusiastic about the prospects of LiveOne and are focused on our commitment to maximize shareholder value.\"\nLiveOne has engaged ThinkEquity, LLC in connection with its initial repurchase plan to purchase the shares of common stock on behalf of LiveOne in conformity with the provisions of Rule 10b-18 under the Securities Exchange Act of 1934, ...