LiveOne converts $11.3M Series A Preferred to common at $2.10/share, eliminates $2M annual dividend

LiveOne, Inc.

Converted ~$11.4M Series A Preferred into 5.43M common shares; eliminates $5M redeemable mezzanine equity.
Eliminates $2.0M annual cash dividends, saving ~$7M in FY2025 cash flow.
Institutional ownership broadens to ~35%; LiveOne eligible for Russell 2000 in May 2024.
Holders received three-year warrants exercisable at $2.10/share; registration to be filed.
LiveOne acquired 159,000 PODC shares at $3/share during March 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LiveOne, Inc. entered into Letter Agreements with Harvest Small Cap Partners Master, Ltd., Harvest Small Cap Partners, L.P., Trinad Capital Master Fund Ltd. valued at approximately $11.4 million (effective 2024-04-01).

Action: entry
Agreement: equity purchase
Counterparty: Harvest Small Cap Partners Master, Ltd., Harvest Small Cap Partners, L.P., Trinad Capital Master Fund Ltd.
Value: approximately $11.4 million
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024 (the “Effective Date”), LiveOne, Inc. (the “Company”) entered into Letter Agreements (collectively, the “Agreements”) with (i) Harvest Small Cap Partners Master, Ltd. (“HSCPM”), (ii) Harvest Small Cap Partners, L.P. (“HSCP” and together with HSCPM, the “Harvest Funds”), and (iii) Trinad Capital Master Fund Ltd., a fund controlled by Mr. Ellin, the Company’s Chief Executive Officer, Chairman, director and principal stockholder (“Trinad Capital” and collectively with the Harvest Funds, the “Holders”), the holders of the Company’s Series A Perpetual Convertible Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), with a stated value of $1,000 per share.

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419 material agreements filed in the last 30 days. Browse all material agreements →

LiveOne, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-030849

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