Business
LiveXLive Announces New Two-Year $7 Million Secured Revolving Credit Facility and Extends Maturity of its Existing Subordinated Secured Convertible Notes
Facility Increases Company's Current Liquidity to Over $22 Million and Provides Flexibility to Aggressively Pursue its 7th Contemplated Acquisition, Reconfirm
About this update from Liveone, Inc.
[{"type":"text","content":"Facility Increases Company's Current Liquidity to Over $22 Million and Provides Flexibility to Aggressively Pursue its 7th Contemplated Acquisition, Reconfirm its Stock Repurchase Program, Broaden Record Label Music Licenses Globally, and Expand Live Music, Podcast and Original Program Line Ups\n Company Continues its Process to Explore Strategic Alternatives in Order to Enhance Shareholder Value with the Assistance of J.P. Morgan\n\n\nLOS ANGELES, June 8, 2021 /PRNewswire/ -- LiveXLive Media (Nasdaq: LIVX) (\"LiveXLive\"), a global platform for livestream and on-demand audio, video and podcast/vodcast content in music, comedy and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions, announced today that it has entered into a new two-year $7 Million secured revolving credit facility that will bear interest at the Prime Rate plus 0.5%.\n\n \n \n \n \n \n \n\n \nSeparately, the holders of LiveXLive's existing senior secured convertible notes agreed to subordinate and extended the maturity of the notes to coincide with the term of the new revolving credit facility. \nLiveXLive's CEO and Chairman, Robert Ellin, commented, \"This is the first time LiveXLive has had the opportunity to utilize conventional low interest bank debt as part of its capital stack. This now provides us a better opportunity to aggressively pursue our 7th contemplated acquisition, the previously announced two million share stock buyback program, an expansion of our record label music licenses globally, and our lineups in podcasting, original programming and live music events.\"\nLiveXLive's Chief Financial Officer, Michael Quartieri, stated, \"When combined with our existing cash position, the new revolving credit facility increases our current liquidity to over $22 Million, which enhances our financial flexibility. Additionally, the low interest rate is a testament to our improving financial position and creditworthiness.\"\nAs previously announced in January 2021, with the assistance of J.P. Morgan, LiveXLive is continuing a process to explore strategic alternatives in order to enhance shareholder value. Potential alternatives may include, among others, a strategic acquisition, divestiture, merger, sale or other form of business combination. There can be no assurance that LiveXLive's efforts will result in a...