LiveOne spinout PodcastOne will go public via live listing (Pending: PODC)
Courtside Group, operating under the name PodcastOne (PODC), filed for a direct listing of its shares on Nasdaq.
Podcast platform and publisher, separated from LiveOne, said in a profile that registered shareholders intend to offer up to 6.2 million of its shares. LiveOne plans to distribute an additional 1.3 million shares as a special dividend to shareholders.
The reference price and listing time were not disclosed. PodcastOne hopes to list its shares on Nasdaq under the symbol PODC.
PodcastOne will not see the proceeds from the sale of shares by registered shareholders. Once spun off, PodcastOne will operate as a majority-owned subsidiary of LiveOne.
No underwriter will participate in the direct listing. Joseph Gunnar is working as a financial advisor.
PodcastOne was active in red. For the fiscal year ended March 31, the podcast publisher reported a $4 million net loss on $32 million in revenue.
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