LiveXLive

LiveXLive Will Publicly Offer Shares Of Common Stock To Fund SNAP Interactive & Slacker Acquisitions

LiveXLive

After announcing plans to acquire public dating company SNAP interactive, LiveXLive Media is preparing to publicly offer shares of its common stock.

LiveXLive will sell 7,692,308 shares of its common stock.

LiveXLive Media is a Beverly Hills-based premium livestreaming network that focuses on live music and music-related video content.

The public offering price is expected to be between $12.00 and $14.00 per share, on a post 1-for-3 reverse stock split basis.

LiveXLive has also granted the underwriters a 30-day option to purchase up to an additional 1,153,846 shares of its common stock.

The company plans to use the proceeds to fund both the acquisition of SNAP Interactive and Slacker Inc, which it recently acquired for $50m.

In September, the live music business announced it was purchasing SNAP in a $34m merger.

Under the terms of the agreement, LiveXLive will acquire SNAP through a merger, and after the deal is completed, LXL Video will continue as the surviving corporation.

According to a joint press release, the purchase price for the acquisition is approximately $34m, consisting of around $20.4m in cash and approximately $13.6m in shares of LiveXLive common stock.

Read more here.