LiveOne Inc (NASDAQ:LVO) entered into a binding Letter of Intent with Trader2B, an existing trading platform, to exclusively license to use and integrate Trader2b's technology and platform in all music categories. The financial terms of the transaction remain undisclosed.
- LiveOne looks to gamify its platform and user experience and exclusive option to purchase Trader2b's business or its assets and operations within 180 days of the gamified platform's release by LiveOne.
- LiveOne is a global platform for live stream and on-demand audio, video, and podcast/vodcast content in music, comedy, and pop culture.
- "We are excited to gamify LiveOne and offer our 100 million + audience the ability to win over $1 million in prizes," said Robert Ellin, Chairman, and CEO of LiveOne. "This new platform will offer LiveOne memberships exclusive and original opportunities while keeping members informed about new artists, concerts, events, and industry news."
- As part of the exclusive license, the parties agreed to split net revenues of the gamified platform before the consummation of the proposed acquisition.
- LiveOne held $16.7 million in cash and equivalents as of September 30.
- Price Action: LVO shares traded higher by 21.2% at $1.66 in the premarket session on the last check Tuesday.
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