Robert S. Ellin, the Executive Chairman of PodcastOne, Inc. (NASDAQ:PODC), recently purchased shares of the company in two transactions. On November 25, Ellin acquired 1 share at a price of $1.88. The following day, November 26, he purchased an additional 3,500 shares at $2.03 per share. These transactions amounted to a total investment of $7,106. The timing appears notable, as InvestingPro data shows the stock has gained over 15% in the past week, with shares currently trading at $2.18.
Following these acquisitions, Ellin's direct ownership of PodcastOne's common stock increased to 169,431 shares. Additionally, Ellin holds indirect ownership of 864,851 shares through various entities, as detailed in the footnotes of the filing.
This activity is part of Ellin's continued investment in the company, as noted in a footnote indicating that since September 1, 2024, he has purchased a total of 59,923 shares of PodcastOne's common stock.
In other recent news, PodcastOne, Inc. has been making significant strides in its financial performance and corporate governance. The company's preliminary Q1 results indicate a record revenue of $13 million, a 21% increase from the same period last year. Furthermore, the company projects revenues to reach between $50M and $55M for the fiscal year ending March 31, 2025, a promising outlook following a successful fiscal year where the company reported $43.3M (NYSE:MMM) in revenue and $660K in adjusted EBITDA.
Additionally, PodcastOne has recently formed a significant business-to-business partnership with a Fortune 250 company, expected to contribute over $20M in annual revenues. In terms of governance, the company's Annual Meeting of Stockholders saw shareholders electing all eight nominees to PodcastOne's Board of Directors and ratifying the appointment of Macias Gini & O'Connell, LLP as the company's independent registered public accounting firm for the upcoming fiscal year.
In a separate development, board member Craig Foster resigned from his position to focus on other professional commitments. The company clarified that Foster's resignation did not arise from any disagreements over operations, policies, or practices. As PodcastOne continues to adapt to the industry's dynamic landscape, it is actively searching for a qualified individual to join the board and fill the vacant committee assignments.
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