Loop Media raises $2.45M in registered direct + private placement; CPTO steps down

Loop Media, Inc.

Issued 7.875M shares + 1.777M pre-funded warrants at $0.15/sh; private placement 4.348M warrants at $0.2309; gross $2.45M.
CPTO Liam McCallum stepped down effective May 31, 2024; remains as employee in advisory role with reduced schedule.
Terminated at-market issuance agreement with B. Riley Securities (up to $50M) with no penalty.
Placement agent Roth Capital receives 6.5% fee + 700K warrants at $0.25399.
Waiver agreements with lenders reduce warrant exercise price to $0.24 and waive $500K proceeds, contingent on closing.

item 1.01 item 1.02 item 3.02 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Liam McCallum

Chief Product and Technical Officer

Loop Media, Inc.

Effective: 2024-05-31
Filed: June 3, 2024, 7:59 PM ET

Effective May 31, 2024, Liam McCallum, the Company’s Co-Founder and Chief Product and Technical Officer (“CPTO”) since May 2016, stepped down from his role as CPTO, but will remain an employee of the Company working a reduced schedule on an “at-will” basis in an advisory role.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Liam McCallum departed as Chief Product and Technical Officer at Loop Media, Inc..

Action: stepped down
Role: Chief Product and Technical Officer

Exact text from the filing

Effective May 31, 2024, Liam McCallum, the Company’s Co-Founder and Chief Product and Technical Officer (“CPTO”) since May 2016, stepped down from his role as CPTO, but will remain an employee of the Company working a reduced schedule on an “at-will” basis in an advisory role.

View on SEC.gov

Source: SEC EDGAR

accession 0001104659-24-067490

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