Loop Media, which provides curated short-form videos for out-of-home marketing, announced terms for its IPO on Thursday. The company is currently listed on the OTC Pink (LPTV).
The Glendale, CA-based company plans to raise $12 million by offering 4.4 million shares at $2.71, the July 1 close of its shares on the OTC. At the proposed price, Loop Media would command a fully diluted market value of $490 million.
Loop Media provides proprietary content streaming boxes to bars, hotels, and stores, through which it generates ad revenues. The company offers music video content licensed from major and independent record labels, as well as movie and television trailers, news headlines, and other videos. The company has licenses with all three major music labels.
Loop Media was founded in 2015 and booked $11 million in revenue in revenue for the 12 months ended March 31, 2022. It plans to list on the NYSE American under the symbol LPTV. Roth Capital is the sole bookrunner on the deal.
