Liveone's wholly owned subsidiary podcastone closes $8.1 million financing at a pre-money valuation of $60 million as part of its intention to spin-out podcastone as a separate public company before year end

Liveone plans to dividend a portion of podcastone's common equity to liveone's more than 15,000 stockholders as of a future record date podcastone expects record quarterly revenue in excess of $9 million in the quarter ended june 30, 2022 liveone invested alongside new institutional investors as demonstration of its confidence in podcastone and its management's ability to acquire podcast platforms and attract significant podcast talent   podcastone ranked #8 on podtrac's list of top u.s. podcast publishers in may 2022 with u.s. unique monthly audience exceeding 6.9 million liveone reiterates its previously announced plan to also spinout its pay-per-view business before year end los angeles , july 15, 2022 /prnewswire/ -- liveone (nasdaq: lvo), 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, announced today its intention to spin-out its wholly owned subsidiary,  podcastone , as a separate public company to be listed on a national exchange and its plan to dividend a portion of podcastone's common equity to liveone's more than 15,000 stockholders as of a future record date, anticipated to be completed by year-end, in each case subject to obtaining applicable approvals and consents and complying with applicable rules and regulations and public market trading and listing requirements. in connection with the anticipated spin-out, podcastone closed a private placement financing of convertible notes and warrants totaling approximately $8.1 million prior to offering expenses, including $3 million invested by liveone, whereby the terms of the financing value podcastone at a pre-money valuation of $60 million.
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