Vivid Seats Inc - SEATW STOCK NEWS

Vivid Seats Inc. (NASDAQ: SEAT) announced the expiration of its exchange offer and consent solicitation for public warrants on June 29, 2022. Approximately 62.7% of the outstanding public warrants were tendered. The company planned to accept all validly tendered warrants by July 5, 2022. However, the proposed warrant amendment, requiring a 65% approval, did not pass as only 62.7% consented. Additionally, the SEC declared effective Vivid Seats’ registration statement for Class A Common Stock on June 28, 2022.

Vivid Seats Inc. (NASDAQ: SEAT) will join the Russell 2000® and Russell 3000® Indexes effective June 27, 2022. This decision follows the annual reconstitution of the Russell indexes, which ranks the top 4,000 U.S. stocks by market capitalization. CEO Stan Chia expressed satisfaction with the investor interest since going public in October 2021, viewing this index inclusion as a significant milestone. Russell indexes are pivotal for investment managers, with around $12 trillion in assets benchmarked against them.

Vivid Seats has released data revealing the top country music artists and venues in the U.S. Miranda Lambert leads as the most popular female artist in 27 states, while Garth Brooks tops the male artist list in 18 states. Tennessee was identified as the best state for live country music. The top five venues include Houston's NRG Stadium, the Grand Ole Opry, and Red Rocks Amphitheatre. The report highlights the vibrant country music scene and Vivid Seats' role in connecting fans with live events.

Vivid Seats Inc. (NASDAQ: SEAT) will present at William Blair’s 2022 Growth Conference on June 8, 2022, at 4:20 p.m. ET. CEO Stan Chia and CFO Lawrence Fey will represent the company, which connects buyers and ticket sellers for numerous events annually. A live webcast of the presentation will be available on the Vivid Seats Investor Relations website. Established in 2001, Vivid Seats is a leading online ticket marketplace, known for its extensive event selection and customer service, honored by Newsweek as one of America's Best Companies for Customer Service in ticketing.

Vivid Seats Inc. (NASDAQ: SEAT) has initiated an exchange offer for its public warrants, aiming to simplify its capital structure and reduce dilution. Each warrant can be exchanged for 0.240 shares of Class A common stock, totaling up to 4,351,864 shares. Concurrently, the company is soliciting consent to amend the warrant agreement for a lower conversion rate of 0.213 shares per warrant. Additionally, Vivid Seats plans a share repurchase program of up to $40 million, funded through operational cash, signaling confidence in its future cash flow.

Vivid Seats reported a robust first quarter of 2022, with Marketplace Gross Order Value (GOV) at $742.1 million, a 537% increase from $116.5 million in Q1 2021. Revenues reached $130.8 million, up 442% from $24.1 million last year. Although net income improved to $3.1 million from a net loss of $20.3 million, higher-than-expected event cancellations impacted earnings. The company raised its 2022 financial outlook, anticipating Marketplace GOV between $2.80 billion and $3.05 billion, and revenues between $520 million and $555 million.

Vivid Seats Inc. (NASDAQ: SEAT) has appointed Riva Bakal as Chief Product and Strategy Officer and Ted Pickus as Chief Accounting Officer. CEO Stan Chia emphasized that these promotions are part of a strategy to bolster leadership for long-term growth. Bakal, who previously served as Senior VP of Strategy and Product, aims to enhance product innovation and customer experience. Pickus, with nearly a decade at Vivid Seats, will continue to advance the company's financial systems. These moves are expected to drive momentum and shareholder value.

Vivid Seats Inc. (NASDAQ:SEAT) will report its Q1 2022 financial results on May 10, 2022, before U.S. markets open. The company, a leading ticket marketplace, connects millions of buyers with thousands of sellers across numerous events. Management will discuss the financial outcomes in a live webcast at 8:30 a.m. ET. Vivid Seats aims to become the ultimate partner for connecting fans with live events, featuring a wide selection of tickets and a rewards program. For access to the webcast, visit their investor page.

Vivid Seats (NASDAQ: SEAT) has released insightful data on music festival trends across the U.S. for the 2021-2022 season. Notably, the average festival-goer traveled 433 miles to attend events, with Coachella attendees traveling over 800 miles.

Key findings indicate that EDM is the fastest-growing genre, comprising the highest share of artists at major festivals. Conversely, the Rock genre has declined significantly, accounting for only 9% of Coachella's lineup. Additionally, Hip Hop/Rap has surged, nearly doubling since 2014 and making up 21% of Lollapalooza's lineup.