LiveOne
LiveOne Podcasting Division Files With SEC for Spinoff
Music streaming company LiveOne’s podcasting division, PodcastOne, filed an S-1 with the Securities Exchange Commission on Tuesday as a prelude to becoming a standalone, publicly traded company. LiveOne has set a record date of Jan. 16 for PodcastOne’s special dividend to LiveOne shareholders of record. The spinoff “will meaningfully enhance our industry market perception,” the company wrote in the filing, “thereby providing greater growth opportunities for us than our consolidated operation as a private subsidiary of LiveOne.” LiveOne will remain PodcastOne’s majority shareholder and will distribute approximately 6.2% of outstanding shares to LiveOne shareholders. LiveOne will retain 86.3% of outstanding shares. The remaining shares will be held by holders of bridge notes as well as...
Judge Rules LiveXLive Investor Fraud Lawsuit Can Move Forward
Iser conceded in a July court filing that some of the representations made by Ellin were false, writing “had LXL obtained the rights to stream any major music festivals, such festivals not only would have been listed on LXL’s website so its subscribers could pay LXL to view the festivals, but there would have been press releases and/or disclosures of such streaming rights in LXL’s public filings with the Securities and Exchange Commission.” In court Thursday, Iser argued that Schnaeir was an accredited investor who had worked as a licensed securities broker for over 20 years and should have done a more thorough job conducting due diligence. If Ellin’s statements about the IPO or representations about his plans to merge LiveXLive with SFX and Quello had been true...
