LiveXLive Media, which provides an online network for streaming live music and music-related content, lowered the proposed deal size for its upcoming IPO on Friday. JMP Securities is now the sole bookrunner on the deal; BMO Capital Markets and Craig-Hallum Capital Group are no longer listed as underwriters. In the updated filing, the company also updated its 3Q17 financial results and disclosed that president Andy Schuon had resigned from the company.
The Beverly Hills, CA-based company now plans to raise $20 million by offering 5 million shares at a price of $4. The company had previously filed to offer 7.7 million shares at a range of $12 to $14. At the midpoint of the revised range, LiveXLive Media will raise -80% less in proceeds than previously anticipated.
LiveXLive Media was founded in 2009 and booked $13 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol LXL.
