Loop Media, Inc. ("Loop Media" or "our" or the "Company") (NYSE
American: LPTV), a leading multichannel streaming CTV platform that
provides curated music videos, sports, news, premium entertainment
channels and digital signage for businesses, announced today that
it has entered into a definitive securities purchase agreement for
the purchase and sale of an aggregate of 9,652,174 shares of the
Company’s common stock (or common stock equivalents) at a purchase
price of $0.15 per share of common stock (or common stock
equivalent) in a registered direct offering. The offering is
expected to close on or about June 3, 2024 subject to the
satisfaction of customary closing conditions.
Additionally, in a concurrent private placement the Company
entered into a definitive securities purchase agreement with a
certain director of the Company for the purchase and sale of an
aggregate of 4,347,826 shares of the Company’s common stock (or
common stock equivalents) at a purchase price of $0.2309.
Roth Capital Partners is acting as the exclusive placement agent
for the offering.
The Company expects the gross proceeds from the offering to be
approximately $2.45 million, before deducting the placement agent’s
fees and other estimated offering expenses payable by the Company.
The Company intends to use the net proceeds from the proposed
offering for working capital and to fund operations.
A shelf registration statement on Form S-3 (File No. 333-268957)
relating to the shares of common stock (and common stock
equivalents) to be issued in the offering was previously filed with
the Securities and Exchange Commission (the “SEC”) and is currently
effective. The offering is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement, relating to the offering that
will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained,
when available, on the SEC’s website at http://www.sec.gov or by
contacting Roth Capital Partners, LLC at 888 San Clemente Drive,
Newport Beach CA 92660, by phone at (800) 678-9147 or by email at
rothecm@roth.com.
The shares of common stock (or common stock equivalents) offered
in the private placement described above were offered under Section
4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and
Regulation D promulgated thereunder and have not been registered
under the Act, or applicable state securities laws. Accordingly,
the shares of common stock (or common stock equivalents) may not be
offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws. The Company has agreed to file a registration
statement with the SEC registering the resale of the unregistered
shares of common stock (or common stock equivalents).
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the shares of common stock (or
common stock equivalents), nor will there be any sale of the shares
of common stock (or common stock equivalents) in any state or other
jurisdiction in which such offer, solicitation or sale is not
permitted.
About Loop Media, Inc.
Loop Media, Inc. ("Loop®") (NYSE American: LPTV) is a leading
connected television (CTV) / streaming / digital out-of-home TV and
digital signage platform optimized for businesses, providing music
videos, news, sports, and entertainment channels through its Loop®
TV service. Loop Media is the leading company in the U.S. licensed
to stream music videos to businesses through its proprietary Loop®
Player.
Loop® TV’s digital video content is streamed to millions of
viewers in CTV / streaming / digital out of home locations
including bars/restaurants, office buildings, retail businesses,
college campuses, airports, among many other venues in the United
States, Canada, Australia and New Zealand.
Loop® TV is fueled by one of the largest and most important
premium short-form entertainment libraries that includes music
videos, movie trailers, branded content, and live performances.
Loop Media’s non-music channels cover a wide variety of genres and
moods and include movie trailers, sports highlights, lifestyle and
travel videos, viral videos, and more. Loop Media’s streaming
services generate revenue from programmatic and direct advertising,
and subscriptions.
To learn more about Loop Media products and applications, please
visit us online at Loop.tv
Follow us on social: Instagram: @loopforbusiness X (Twitter):
@loopforbusiness LinkedIn:
https://www.linkedin.com/company/loopforbusiness/
Forward-Looking Statements / Safe Harbor Statement and
Disclaimer
This news release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, but not limited to, those relating to the
offering, the satisfaction of the closing conditions of the
offering, the closing of the offering, the amount and anticipated
use of proceeds from the offering, Loop Media's expected
performance, ability to compete in the highly competitive markets
in which it operates, statements regarding Loop Media's ability to
develop talent and attract future talent, the success of strategic
actions Loop Media is taking, and the impact of strategic
transactions. Forward-looking statements give Loop Media’s current
expectations, opinion, belief or forecasts of future events and
performance. A statement identified by the use of forward-looking
words including "will," "may," "expects," "projects,"
"anticipates," "plans," "believes," "estimate," "should," and
certain of the other foregoing statements may be deemed
forward-looking statements. Although Loop Media believes that the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this news release.
Investors are cautioned that any forward-looking statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected. The forward-looking
statements in this press release are made as of the date hereof.
Loop Media takes no obligation to update or correct its own
forward-looking statements, except as required by law, or those
prepared by third parties that are not paid for by Loop Media. Loop
Media's Securities and Exchange Commission filings are available at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20240531986724/en/
Loop Media Investor Contact ir@loop.tv
Loop Media Press Contact Jon Lindsay Phillips
loop@phillcomm.global
Loop Media (AMEX:LPTV)
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Loop Media (AMEX:LPTV)
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