LiveOne (LVO) announced that it has closed a $27.775M senior secured convertible notes financing, drawing down $16.775M on May 19. LiveOne has the potential to draw an additional $11M subject to the satisfaction of certain closing conditions, including conditions related to LiveOne’s financial performance over the next 15 months. The convertible notes convert into shares of LiveOne’s common stock at a conversion price of $2.10 per share. This financing strengthens LiveOne’s balance sheet and is expected to fund a series of LiveOne’s strategic growth initiatives. A portion of the net proceeds of the financing was used to fully pay off LiveOne’s existing loan from East West Bank and certain short-term payables.
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