Business
LiveOne Sets Record Date of December 22, 2022 for Its Planned Special Dividend of Between 5% and 10% of PodcastOne’s Common Stock to LiveOne’s 15k+ Shareholders
PodcastOne Previously Closed a $8.1 Million Bridge Financing at a Post-Money Valuation of $68 Million as Part of Its Planned Spin-Out as a Separate Public
About this update from Liveone, Inc.
[{"type":"text","content":"\nPodcastOne Previously Closed a $8.1 Million Bridge Financing at a Post-Money Valuation of $68 Million as Part of Its Planned Spin-Out as a Separate Public Company\n\nExpects to File Registration Statement on Form S-1 for PodcastOne’s Spin-Out by December 15, 2022\n\n LOS ANGELES--(BUSINESS WIRE)--\nLiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that it has fixed December 22, 2022 as the record date to determine LiveOne’s shareholders eligible to receive its planned special dividend of between 5% and 10% of PodcastOne’s common stock in aggregate as part of its intention to spin-out PodcastOne as a separate public company. Other criteria to determine LiveOne’s shareholders eligible for the special dividend shall be determined and announced by LiveOne at a later date.\n\nIn July 2022, LiveOne announced that PodcastOne closed a $8.1 Million financing at a post-money valuation of $68 million as part of its intention to spin-out PodcastOne as a separate public company and dividend of a portion of its common equity to 15K+ LiveOne shareholders (“Dividend”). LiveOne expects to file a Registration Statement on Form S-1 with respect to spin-out with the U.S. Securities and Exchange Commission by December 15, 2022, and expects to complete the spin-out by the end of its fiscal year ending March 31, 2023.\n\nThe planned spin-out, amount of the special dividend and LiveOne’s shareholders dividend eligibility shall be subject to obtaining applicable approvals and compliance with applicable rules and regulations and public market trading and listing requirements.\n\nAbout PodcastOne\n\nPodcastOne is a leading advertiser-supported podcast company, offering a 360-degree solution for both content creators and advertisers, including content development, brand integration and distribution. Acquired by LiveOne (NASDAQ: LVO) in 2020, the two entities have subsequently teamed to create a new video podcast (Vodcast) network under the LiveOne umbrella. Amassing more than 2.48 billion downloads per year with 300+ episodes distributed per week across a stable of hundreds of top podcast programs, including influencer talent such as Kaitlyn Bristowe, Steve Austin, Jordan Harbinger, Kail Lowry, Heather Dubrow, The LadyGang, Kevin Connolly, Kevin Dillon, Doug Ellin, Jay Cutler, Michael Ir...