Business
LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million
Enters Into Non-binding LOI for a New $12.5 Million Credit Line LOS ANGELES, CA , July 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne (Nasdaq: LVO),
About this update from Liveone, Inc.
[{"type":"text","content":"Enters Into Non-binding LOI for a New $12.5 Million Credit Line LOS ANGELES, CA , July 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today that its board of directors has authorized an increase to its stock repurchase program to a total of approximately $7.5 million worth of LiveOne's shares of common stock, inclusive of the shares that have already been repurchased. LiveOne has also entered into a non-binding Letter of Intent (the “LOI”) for a new credit line of $12.5 million to replace its current credit line. This, coupled with the stock buyback, positions LiveOne to actively pursue its next major acquisition, fortify its balance sheet, and fuel internal growth. Since beginning its buyback program in April 2022, LiveOne has repurchased 2.9 million shares of its common stock. 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.\" 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 LOI is non-binding and the proposed credit line is subject to execution of definitive documentation and customary closing conditions. There can be no assurance that LiveOne’s efforts will result in the consummation of the proposed credit line. About LiveOne...