Prykhodov
Courtside Group, which is doing business under the name PodcastOne (PODC), has filed for a direct listing of its shares on Nasdaq.
The podcast platform and publisher, which is being spun out of LiveOne, said in a filing that registered shareholders intend to offer up to 6.2M of its shares. LiveOne plans to distribute an additional 1.3M shares as a special dividend to shareholders.
The reference price and timing of the listing were not disclosed. PodcastOne hopes to list its shares on Nasdaq under the symbol PODC.
PodcastOne will not see proceeds from the sale of shares by registered stockholders. After the spinout, PodcastOne will function as a majority owned subsidiary of LiveOne.
No underwriters will be involved in the direct listing. Joseph Gunnar is serving as financial advisor.
PodcastOne had been operating in the red. For the fiscal year ended March 31, the podcast publisher reported a net loss of $4M on revenue of $32M.
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Image and article originally from seekingalpha.com. Read the original article here.