LiveOne Expects to File Registration Statement on Form S-1 for PodcastOne’s Spin-Out by December 27, 2022; Moves Record Date to Jan 15, 2023 for PodcastOne’s Special Dividend to LiveOne’s Stockholders of Record

Rhea-AI Summary

LiveOne (LVO) announced plans to spin out its subsidiary PodcastOne into a separate public company, with a special dividend to LiveOne shareholders set for January 15, 2023. The company is also exploring the potential spin-out of SlackerOne during its 2024 fiscal year. This strategic move aims to enhance shareholder value and streamline operations. LiveOne boasts a membership base of 2.6 million and significant podcasting capabilities, generating over 2.48 billion downloads annually.

Positive

• Spin-out of PodcastOne expected to enhance shareholder value.
• Scheduled special dividend to LiveOne shareholders on January 15, 2023.
• Exploring additional spin-out of SlackerOne in 2024 fiscal year.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that it remains committed to spinning-out its wholly owned subsidiary, PodcastOne, as a separate public company to be listed on a national exchange. In connection with such spin-out, LiveOne is moving the record date to Jan 15, 2023 for PodcastOne’s special dividend to LiveOne’s stockholders of record. In addition, LiveOne intends to explore spinning-out SlackerOne as a separate public company during its 2024 fiscal year.

About LiveOne, Inc.

Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (the "Company") 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 was awarded Best Live Moment by Digiday for its “Social Gloves” 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 November 9, 2022, the Company has accrued a paid and free ad-supported membership base of 2.6 million**, 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's wholly-owned subsidiaries include Slacker Radio, React Presents, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, LiveXLive, PPVOne and PodcastOne, which generates more than 2.48 billion downloads per year and 300+ episodes distributed per week across its stable of top-rated podcasts. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. For more information, visit www.liveone.com and follow us on Facebook, Instagram, TikTok, and Twitter at @liveone.

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, acquisition, spin-out, special dividend, distribution or transaction, including the proposed special dividend and spin-out of PodcastOne or its pay-per-view business, the timing of the consummation of such proposed event, including the risks that a condition to consummation of such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne's ability to list on a national exchange; 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 members; the Company identifying, acquiring, securing and developing content; the Company's 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'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; uncertain and unfavorable outcomes in legal proceedings; 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 29, 2022, Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, filed with the SEC on November 17, 2022, 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.

** Included in the total number of 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221222005496/en/

Press Contacts:

LiveOne

press@liveone.com

LiveOne IR Contact:

(310) 601-2505

ir@LiveOne.com

Source: LiveOne, Inc.

FAQ

What is the special dividend amount for LiveOne shareholders related to PodcastOne?

The press release does not specify the amount of the special dividend for LiveOne shareholders.

When is the record date for the special dividend related to PodcastOne?

The record date for the special dividend is set for January 15, 2023.

How many members does LiveOne currently have?

LiveOne has a membership base of 2.6 million.

What is the focus of LiveOne's business strategy?

LiveOne focuses on music, entertainment, and technology, aiming to deliver premium experiences through live and virtual events.

When is the anticipated spin-out of SlackerOne?

LiveOne plans to explore the spin-out of SlackerOne during the 2024 fiscal year.