Business
LiveOne Sets Ex-Dividend Date of September 5, 2023 for PodcastOne’s Special Dividend
- PodcastOne to Commence Trading (Symbol: PODC) on Nasdaq on September 8, 2023 at Minimum of $8 Per Share - LiveOne 25K+ Shareholders of Record Will Receive
About this update from Liveone, Inc.
[{"type":"text","content":" - PodcastOne to Commence Trading (Symbol: PODC) on Nasdaq on September 8, 2023 at Minimum of $8 Per Share - LiveOne 25K+ Shareholders of Record Will Receive Approximately 0.048 Shares of PodcastOne Common Stock Per Share of LiveOne Common Stock - After Spin-Out, LiveOne Will Own Approximately 80% of PodcastOne and Continue to Consolidate PodcastOne LOS ANGELES, CA, Aug. 30, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today that September 5, 2023 has been set by Nasdaq and LiveOne as the ex-dividend date for LiveOne shareholders to receive pro rata its previously announced planned special dividend of approximately 19% of PodcastOne’s common stock (the “Special Dividend”) as part of its planned spin-out of PodcastOne as a separate public company (the “Spin-Out”). After the Spin-Out, LiveOne will own approximately 80% of PodcastOne (on a non-fully diluted basis) and continue to consolidate PodcastOne's financial results. Shareholders who hold shares of LiveOne common stock as of the close of business on the Record Date (as defined below) and through the end of stock market trading on September 1, 2023, and shareholders who purchase shares of LiveOne common stock in the market and hold such purchased shares through the end of stock market trading on September 1, 2023, will be eligible to receive the Special Dividend pro rata payment. Those who purchase LiveOne shares after September 1, 2023 will not be eligible to receive the Special Dividend payment. LiveOne has scheduled the Special Dividend payment to eligible stockholders to be distributed on September 1, 2023. LiveOne previously announced August 28, 2023 (the “Record Date”) as the record date to determine LiveOne’s shareholders of record eligible to receive its planned Special Dividend. In February 2023, LiveOne announced it had obtained an independent third party valuation, which indicates that the fair market value range of its wholly-owned subsidiary PodcastOne’s equity, on a controlling, marketable interest basis, as of December 31, 2022, is reasonably stated as between $230 million and $274 million. The valuation report was obtained in connection with the planned Spin-Out. The planned Spin-Out and payment of the Special Dividend shall be subject to compliance wi...