{"id":769973,"date":"2023-07-14T08:51:25","date_gmt":"2023-07-14T12:51:25","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\/"},"modified":"2023-07-14T08:51:25","modified_gmt":"2023-07-14T12:51:25","slug":"liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\/","title":{"rendered":"LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <b><br \/>\n          <i>Enters Into Non-binding LOI for a New $12.5 Million Credit Line<\/i><br \/>\n        <\/b>\n      <\/p>\n<p> LOS ANGELES, CA , July  14, 2023  (GLOBE NEWSWIRE) &#8212; via <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=A23HyrqBUIhvyt3G3oYgIHASryUQ3pxHa-3bw3mLx_u-i131DVt_h7ILpPBzXqLGR2_sPP7gQu1WNeg6GCKa6aJ0_keGCse9qm_R2CygX3w=\" rel=\"nofollow noopener\" target=\"_blank\">NewMediaWire<\/a> \u2013 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&#8217;s shares of common stock, inclusive of the shares that have already been repurchased.<\/p>\n<p>LiveOne has also entered into a non-binding Letter of Intent (the \u201cLOI\u201d) 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.<\/p>\n<p>Since beginning its buyback program in April 2022, LiveOne has repurchased 2.9 million shares of its common stock.<\/p>\n<p>Robert Ellin, LiveOne&#8217;s CEO and Chairman, commented, &#8220;Our confidence in LiveOne&#8217;s shares being severely undervalued persists, and we remain committed to aggressively repurchasing more shares.&#8221;<\/p>\n<p>The timing, price and actual number of shares repurchased under the stock repurchase program will be at the discretion of LiveOne&#8217;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&#8217;s capital allocation strategy, which will continue to prioritize growing LiveOne&#8217;s business.<\/p>\n<p>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&#8217;s discretion. LiveOne will review the stock repurchase program periodically and may authorize adjustment of its terms and size.<\/p>\n<p>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\u2019s efforts will result in the consummation of the proposed credit line.<\/p>\n<p>\n        <strong><br \/>\n          <u>About LiveOne, Inc.<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=s_Ztc40sjl9BYbUK12Cqb5KYnCr_YtXK8HYamgED0hDjkrZjsAE04rqA59tiDnlmyKc8L1bd1sxOzGI24DnZuatlM9X0mCDphPHjv_KCf37-euft__wwX8jpgHtlcdyWwVXNa5WTUoXSM6N1FNzcGsaOV1SlsThSoZM8fO6y4kPp68XzJeLQp-Td2Lp_fi2p3zwrla0cuo1ALF41mLVVubFqQQcTm6o-AALmAVWP0CqzJVGZOAFtQkFwNrKeDcYtwnZabzYftNW9QKtGZ0lnJmNlcpklnIIEsgX6tTQy5RZBUG76JEo1n1azdRf5l-Yckm0Q8wngzMQvpXJ9T3PSE42O8uquLbCjSl77_xvMJzzGvPcTZJ4iv1oTnQMHJQTtDtFDSsIp-1FAOoc8vfJseJ-WUDZG1wY328y8lkbgZP21Gpm4GWOfMXRw2ETS3FN6MBqOPLq-rMU6sph91drxljffamw1YFrGGFgbCSFyEAR7lET8tOokXj3xvwHC1t4NiNu9yazV6icowwT2qBXYPfiPtssYHbhfo7C0xEdHobG_fiqzRhdtmlQL0iiGkjk70QYyY1qMOqIcLklJm0UxrpPtrdbuwG0JJmoqeNvhaAgRmFV3GRlm0Zb52adGk41JDszSripzqGtBzvayuixKwIGy1p3pDAJPC3sNSq_ig0wfBMUh2Uz45Jh7e5cEJb40OrfqblVBCbqZgoq5PJoBeT3fJf2e2TJ82qS6ALriv0vxQPD0jGegd6XXiWaLy_Kwx8zZzkHCrMH76IG43nVPrtP6H-gZZwUYAYE8MUdDW3L94EjUra_WE1jpOoht_BGs0hT87yUauOpuWK0_VOM7EpHEqzAhuvvLw_A0ZI4TPniwqKzXT6EWKXWROM2vFo8MkdV5n841H3XPu7gG6AHy1tbePaJqz-x-Tzj-CH4bMmjL-utlLSKRwweoO10kJGWUfyzKKSCC2GSKQ1qETNbDQurpbFwO0Sbw_0gNVKGRJbV1v47Fbx7rGyCz6rXJEwI9avyKW5BoJx6XvBRX7t9zrWZ4d9kUhjl3Uxqq7nj2ubHCOQ64HGMvN5FWSHhqotuRQx26BhEe8uxIr6O5C7rc-u32zl0ONKnT1D4BPMBqkE-h2kDCO9FmJLh-_U1HR5JFUaihqGQhqWVeYusPTcfdH_we2-y3L5UTPZAhYb03l9jtpTspOY5krK96oyoh1Ukd4lOfYPwBONG6fy6Z3pBRfz4vRu5ftTBTTDO9kzfbcnpOEpetc48xvutDwut8yzU0xMP2Zivo20lYOjaNzS8_s2S9zVnIeKkOFpppdfhJEaa8DZWyQyL7iS5tk0LStWZXFEvknoXR_rm6vBw-wxhu2EsqxhLTpZgKHxmy3TFhKlUjzRR0jy30J0xz-opiwv7M8iF-u0sA4MYoNSkTnoH80qe10jvykOqBK0Oj8dKnIoSjrhhXPxl1Jvuim6ZBuic9YJmA20FN3pcNk_ZGHV58dIy86CZxPx46bMmHB5IK63co5f4f7fCNmM_dxiHqsbnizWjCv0nPJcvysoZmpTT_46Z2Cu6gUU6C2Dy_CGsax4zdsILJudtyGYu8wkD6rlkGfc0aZyPoAvX6ZEpbwSGoiT5587l2A5udIpMeFDKkATVsJkNRapAsZEhWR05m6bJvkbGhXTkb5_zsqR-BZmEN0i-rK00y-zvCUWbQXWfFncrr1vc29dth-PlXd78EEwnx\" rel=\"nofollow noopener\" target=\"_blank\">LVO<\/a>) (the &#8220;Company&#8221;) is an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company&#8217;s wholly-owned subsidiaries include Slacker Radio, a membership music streaming service, and PodcastOne, which generates more than 2.3 billion downloads per year, 350+ hours distributed weekly, and 14M+ monthly unique listeners. Nearly all new Tesla EVs sold in the U.S. come with a paid membership to LiveOne\u2019s Slacker Radio (that now includes PodcastOne) which is paid by Tesla. As of June 26, 2023, the Company has accrued a paid and free ad-supported membership base of approximately 3.1 million, including over 2.2 million paid members*. The Company was awarded Best Live Moment by Digiday for its \u201cSocial Gloves\u201d PPV Event, and has been a finalist for 8 more awards, including Best Live Event, Best Virtual Event, Best Overall Social Media Excellence, and Best Original Programming from Cynopsis and Digiday. As of February 9, 2023, the Company has streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, over 300 podcasts\/vodcasts, hundreds of pay-per-views, personalized merchandise, released music-related NFTs, and created a valuable connection between fans, brands, and bands. The Company&#8217;s other wholly-owned subsidiaries include PPVOne, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, and LiveXLive, and the Company\u2019s other majority-owned subsidiaries are Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. 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rel=\"nofollow noopener\" target=\"_blank\">@liveone<\/a>.<\/p>\n<p>\n        <strong><br \/>\n          <u>Forward-Looking Statements<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>All statements other than statements of historical facts contained in this press release are \u201cforward-looking statements,\u201d which may often, but not always, be identified by the use of such words as \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cwill likely result,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201ccontinue,\u201d \u201ctarget\u201d or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company\u2019s reliance on one key customer for a substantial percentage of its revenue; the Company\u2019s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the proposed special dividend and spin-out of PodcastOne (the \u201cSpin-Out\u201d) and the Company\u2019s pay-per-view business and the proposed merger of Slacker with Roth CH Acquisition V Co. (the \u201cProposed Business Combination\u201d), the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne\u2019s or Slacker\u2019s ability to list on a national exchange; the Company\u2019s ability to continue as a going concern; the Company\u2019s ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company\u2019s intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company\u2019s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management\u2019s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company\u2019s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 31, 2022, filed with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) on June 29, 2022, Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022, filed with the SEC on February 14, 2023, and in the Company\u2019s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.<\/p>\n<p>* Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these members.<\/p>\n<p>\n        <strong><br \/>\n          <u>No Offer or Solicitation<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>This communication does not constitute a proxy statement or solicitation of a proxy, consent, vote or authorization with respect to any securities or in respect of the Spin-Out or the Proposed Business Combination and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange any securities, nor shall there be any sale, issuance or transfer of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.<\/p>\n<p>\n        <strong><br \/>\n          <u>LiveOne IR Contact<\/u>:<br \/><\/strong>Kirin Smith<br \/> PCG Advisory<br \/>(646) 823-8656<br \/> ksmith@pcgadvisory.com<\/p>\n<p><strong><u>Press Contact<\/u>:<br \/><\/strong>LiveOne<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=RMAmrkT8Iql9ny1Vrf1reku1hKYs0rkk1eKytNDOOJ1DcLHDDQa7KT1GtDSxEtX1LQ9UGmOi0DNAsTQGEn7iYrtpE_4rtcuJ7Hkqw73TOvPUJAX7CqkIPi26xI6-ru3fohZ2-Yd2RZEyGP1Cs3GYY8V6dm0cDiqie4RCW7aCSin4ZP2bUolviDD2U8g-t1x-uCzj-x5W9kZdeLXOtOuxlE1AE9HynccVDBV5FatRePiw9nFeICCebK3FwRk63-U5SfAhtru5hlvBVQBMzhhkYMPfnyR4pMDu9ft9QDiJMu8OtJ9cDxc6E-Y7ubE2FdaqQCc7VuzVUBrfCzbPoAT6bIu0LpaoF0oIxl2WN2nuWXQe7YTA6DVf9E14PdaKDYQc9HTQ_ldxE-Crp9sbCDhnBPnDrAyi-qQhTcm3oldDno8Febv__Ba_0MEVzh1GOiY1BgEg74Ia4DotN3S_GvseibXc89RSBdyC1-JfNYtGsCijQqS5yqCpT_sksMjY5UWieCa5vHXbZvwZRKkPb0CRpD9aQPL2aB9Jz_GEGMwHS43ttt_Lg26TYSo933zG4NAhQtXdiDwBT8vTTOJwXprifacrqUa5HM7me1THu8QOsqzcvW2RaYz6eljG5H5DHuKpDPwbtbSCuNoB6PHSjirVo-aPNEW66cVIYYd0wMRbgwbCSimn5jkEhzE9R2JDkR8M-cG2wUQnjqC6PF6dtEd0ESPNfdfbGhe-kNSIcSwImyI=\" rel=\"nofollow noopener\" target=\"_blank\">press@liveone.com<\/a><\/p>\n<p align=\"center\">\n        <b><br \/>\n          <i><br \/>\n            <br \/>\n          <\/i><br \/>\n        <\/b>\n      <\/p>\n<p align=\"center\">\n        <b><br \/>\n          <i><br \/>\n            <br \/>\n          <\/i><br \/>\n        <\/b>\n      <\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg3NDQzMSM1NjkyMTgyIzUwMDExNDEyOQ==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/MGRkOTc1MzEtOTc1Yy00ZGQ0LThiOWYtY2Y5NTRiZDJlNTQ3LTUwMDExNDEyOQ==\/tiny\/LiveOne-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Enters Into Non-binding LOI for a New $12.5 Million Credit Line LOS ANGELES, CA , July 14, 2023 (GLOBE NEWSWIRE) &#8212; via NewMediaWire \u2013 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&#8217;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 \u201cLOI\u201d) 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-769973","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Enters Into Non-binding LOI for a New $12.5 Million Credit Line LOS ANGELES, CA , July 14, 2023 (GLOBE NEWSWIRE) &#8212; via NewMediaWire \u2013 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&#8217;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 \u201cLOI\u201d) 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 &hellip; Continue reading &quot;LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-14T12:51:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg3NDQzMSM1NjkyMTgyIzUwMDExNDEyOQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million\",\"datePublished\":\"2023-07-14T12:51:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\\\/\"},\"wordCount\":1285,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODg3NDQzMSM1NjkyMTgyIzUwMDExNDEyOQ==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liveone-substantially-increases-its-share-repurchase-program-from-5-million-to-7-5-million\\\/\",\"name\":\"LiveOne Substantially Increases Its Share Repurchase Program From $5 Million to $7.5 Million - 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