LiveXLive Media Announces Two Million Shares Stock Repurchase Program
LiveXLive Media (Nasdaq: LIVX) has authorized a stock repurchase program for up to two million shares of its outstanding common stock. CEO Robert Ellin expressed confidence that the current stock price does not reflect the company's true value, emphasizing a commitment to maximize shareholder value. The purchases will depend on factors such as share price and market conditions. LiveXLive's revenue guidance for fiscal 2021 has been raised, indicating strength in core business areas. The company focuses on livestreaming and podcast content, leveraging multiple monetization strategies.
- Authorization of a stock repurchase program for up to two million shares.
- Increased revenue guidance for the fiscal 2021, indicating business strength.
- CEO confidence that current stock price does not reflect true company value.
- None.
LOS ANGELES, Dec. 10, 2020 /PRNewswire/ -- LiveXLive Media (Nasdaq: LIVX) ("LiveXLive"), a global platform for livestream and on-demand audio, video and podcast content in music, comedy and pop culture, and owner of PodcastOne, announced today that its board of directors (the "Board") has authorized the repurchase up to two million shares of LiveXLive's outstanding common stock from time to time (the "Program").
Robert Ellin, LiveXLive's CEO and Chairman, commented, "I am pleased to announce board approval for the new stock repurchase program given the current price of our stock, which we do not believe reflects the underlying value of LiveXLive. We remain enthusiastic about the prospects of LiveXLive and are focused on our commitment to maximize shareholder value."
The timing, price, and quantity of purchases under the Program will be at the discretion of LiveXLive's management and will depend upon a variety of factors including share price, general and business market conditions, compliance with applicable laws and regulations, corporate and regulatory requirements, and alternative uses of capital. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when LiveXLive might otherwise be precluded from doing so under insider trading laws. The Program may be expanded, suspended, or discontinued by the Board at any time. There is no guarantee as to the exact number of shares, if any, that will be repurchased by LiveXLive, and LiveXLive may discontinue purchases at any time that management determines additional purchases are not warranted. The Plan will be funded from current available working capital.
LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view ("PPV"), and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses.
LiveXLive has become a go-to platform for livestreaming events that combine music with pop culture of podcasting, sports, arts, fashion, culinary and comedy. So far in calendar year 2020, LiveXLive content has been viewed over 95 million times. From emerging to established artists, LiveXLive has streamed a variety of artists and celebrities in 2020 alone, including Billie Eilish, Kygo, Billy Joel, Bon Jovi, Chris Rock, Idina Menzel, Jennifer Lopez, Jimmy Buffett, OneRepublic, Zac Brown, Sofi Tukker, and Darius Rucker.
About LiveXLive Media, Inc.
Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the "Company") (pronounced Live "by" Live) is a global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1500 artists since January 2020, has become a go-to partner for the world's top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called "Music Lives" with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive's library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. The Company's wholly-owned subsidiary, PodcastOne, generates more than 2.1 billion downloads annually across more than 300 podcasts. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" 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's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing or acquisition and the timing of the closing of such proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of any proposed transaction will not occur; the Company's ability to continue as a going concern; the Company's ability to attract, maintain and increase the number of its users and paid subscribers; the Company identifying, acquiring, securing and developing content; the Company's 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's relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company's subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 14, 2020, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations 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.
Press Contact:
For LiveXLive: The Rose Group
Lynda Dorf
Lynda@TheRoseGrp.com
LiveXLive IR Contact:
310.601.2500
ir@livexlive.com
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SOURCE LiveXLive Media, Inc.
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