LiveOne provides an update on the planned spin-out of PodcastOne. The previously announced plan would make PodcastOne a separate, publicly traded company on the Nasdaq exchange. LiveOne states that after the spin-out, it would own 74% of PodcastOne’s outstanding shares. For LiveOne shareholders, they would receive
.048 shares of PodcastOne in the special dividend for each LiveOne share they own. LiveOne also says that the spin-out would allow for repayment of $3 million of PodcastOne’s convertible debt. However, LiveOne also states that “PodcastOne’s planned direct listing, amount of the special dividend and LiveOne’s shareholders’ dividend eligibility shall be subject to obtaining approval from the applicable national exchange and compliance with applicable rules and regulations and trading and listing requirements. There can be no assurance that PodcastOne’s efforts will result in the consummation of the proposed direct listing and/or special dividend.”
