Business
LiveOne Increases Stock Buyback From $7.5 Million to $8.5 Million*
- Repurchased 179K Shares at $1.82 Last Few Weeks and 3.2 Million Total Leaving $4.75M of Additional Buying Power - Expands Partnership with East West Bank
About this update from Liveone, Inc.
[{"type":"text","content":"- Repurchased 179K Shares at $1.82 Last Few Weeks and 3.2 Million Total Leaving $4.75M of Additional Buying Power - Expands Partnership with East West Bank Providing $3M of Additional Liquidity LOS ANGELES, CA, Sept. 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today that it has increased its stock repurchase program to a total of approximately $8.5 million worth of LiveOne's shares of common stock, inclusive of the shares that have already been repurchased.* The expanded plan may include the possibility of buying back shares of common stock of PodcastOne (Nasdaq: PODC).* Robert Ellin, LiveOne's CEO and Chairman, commented, \"Our confidence in LiveOne's shares being severely undervalued persists, and we remain committed to aggressively repurchasing more shares.\" Separately, LiveOne has entered a new asset-backed lending (“ABL”) revolving credit facility with East West Bank which replaced and refinanced its existing secured revolving credit facility with East West Bank. Under the terms of the new ABL, LiveOne adds financial flexibility and liquidity as the minimum cash balance requirement was reduced from $8M to $5M. The timing, price and actual number of shares repurchased under the 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. The repurchase program will continue to be executed consistent with LiveOne's capital allocation strategy, which will continue to prioritize growing LiveOne's business. Under the stock repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases, all in compliance with the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements. The repurchase program does not obligate LiveOne to acquire any particular amount of shares, and the program may be suspended or discontinued at any time at LiveOne's discretion. LiveOne will review the stock repurchase program periodically and may authorize adjustment of its terms and size. * The increase in the stock repurchase program, which may include the possibility of buying back shares of co...