In a recent SEC filing, LiveOne, Inc., a company in the retail eating places sector, announced the results of its Annual Meeting of Stockholders held on September 12, 2024. The filing, dated September 18, 2024, revealed the election of eight board members, the approval of executive compensation, the ratification of the company's independent auditor, and the authorization to adjourn the meeting if necessary.
All eight nominees for the board of directors were elected, with Robert S. Ellin receiving the highest number of votes in favor. The compensation of named executive officers, as described in the company's proxy statement, was approved on a non-binding advisory basis with a significant majority.
The appointment of Macias Gini & O’Connell, LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025, was ratified with an overwhelming majority. Additionally, the stockholders approved the proposal to adjourn the Annual Meeting to a later date if required to permit further solicitation and vote of proxies.
No other matters were presented or voted upon at the Annual Meeting. The details of the votes cast for each director and proposal were included in the filing, providing transparency to the stockholders and the public.
The company, formerly known as LiveXLive Media, Inc., and prior to that as LOTON, CORP, has its executive offices in Beverly Hills, California. LiveOne, Inc. is listed on The NASDAQ Capital Market under the trading symbol LVO.
In other recent news, LiveOne, a renowned music streaming and entertainment platform, has reported a series of significant developments. The company has announced an immediate increase in the prices of its subscription plans, a move aimed at supporting continuous product innovation and the delivery of enriched content experiences.
LiveOne also revealed an extension of the maturity date for its promissory note tied to an asset-backed loan credit facility with East West Bank. The new maturity date is set for September 15, 2024.
In partnership news, LiveOne has entered into a multi-year alliance with TextNow, aiming to enhance the digital lifestyle of TextNow users by offering them a year of LiveOne's Plus service at a reduced cost.
Turning to financial results, LiveOne reported robust growth in its Audio Division for Q1 fiscal 2025, with record-breaking revenues of $31.9 million and adjusted EBITDA of $5.1 million. The company forecasts strong revenues of $130 million to $140 million and adjusted EBITDA between $20 million to $25 million for the Audio Division in the upcoming fiscal year, despite a consolidated net loss of $1.7 million.
Finally, LiveOne is expanding its B2B partnerships and membership base, with four major deals signed and plans to close partnerships with companies ranging from $1 billion to $1 trillion market cap by the year-end. The company has also expanded its stock buyback program to $12 million, having already purchased over 4.4 million shares.
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