Business
LiveOne Completed the Repurchase of Approximately 1.2 Million Shares of Its Common Stock Totaling $1 Million
Increases Anticipated Annual Cost and Expense Reductions to More Than $21.5 Million Settles Over $2 Million in Payables in the Current Quarter Currently Has
About this update from Liveone, Inc.
[{"type":"text","content":"Increases Anticipated Annual Cost and Expense Reductions to More Than $21.5 Million\nSettles Over $2 Million in Payables in the Current Quarter\nCurrently Has Cash and Cash Equivalents Totaling Approximately $14 Million\nMaintains Guidance to Achieve Positive Adjusted EBITDA* in Current Q1 Fiscal 2023 and Revenue Guidance for FY 2023 of Between $125 - $140 Million\nLOS ANGELES, June 21, 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 expects that by the close of trading today, it will have completed the repurchase of approximately 1,200,000 shares of its common stock for approximately $1,000,000 under the current portion of its stock repurchase program.\nRepurchases of up to 2,000,000 of LiveOne's shares of common stock have been previously authorized by its board of directors. The authorization to repurchase will expire on January 31, 2023.\nSeparately, LiveOne announced that it has settled over $2 million in payables in the current 2023 fiscal first quarter ending June 30, 2022. The Company currently has cash and cash equivalents totaling approximately $14 million.\nAs part of LiveOne's plan to focus on generating cash from operations on a consolidated basis, LiveOne is implementing additional cost and expense reductions from both operations and corporate overhead which is anticipated to increase the previously implemented annual cost savings to a total of over $21.5 million in its fiscal year ending March 31, 2023.\nThe timing, price and actual number of shares repurchased under LiveOne's stock repurchase 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.\nAbout 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. As of April 25, 2022, the Company has accrued a paid and free membership base of over 2.26 million**, streamed over 2,900 artists, has...