Loop Media, which provides ad-supported TV boxes that stream short videos at retail locations, revised the terms for its upcoming IPO on Monday. In its latest filing, the company also provided updated financials for the 9mo FY22, and disclosed that it would effect a one-for-three reverse stock split prior to the pricing of the offering.
The Glendale, CA-based company now plans to raise $12 million by offering 2.4 million shares at a price range of $4.50 to $5.50. The company had previously filed to offer 4.4 million shares at $2.71, the July 1 close of its shares on the OTC (LPTV). At the midpoint of the revised range, Loop Media will raise the same amount of proceeds and command a fully diluted market value of $298 million (-39% vs. previous terms).
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 $21 million in revenue for the 12 months ended June 30, 2022. It plans to list on the NYSE American under the symbol LPTV. Roth Capital is the sole bookrunner on the deal.
