LiveXLive Media Announces Binding Agreements for $17.5 Million Common Stock Financing at $4.14 Per Share, Including a $10.0 Million Conversion of Liabilities to Equity By a Major Music Partner Significantly Improving the Company's Balance Sheet and Book Value

LOS ANGELES, July 23, 2020 /PRNewswire/ -- LiveXLive Media, Inc. LIVX ("LiveXLive"), a global platform for live stream and on-demand audio, video and podcast content in music, comedy and pop culture, announced today that LiveXLive entered into two separate binding transactions that will result in a $17.5 million improvement in the Company's balance sheet.

LiveXLive entered into binding agreements with certain investors, one of which is a substantial and existing institutional shareholder, for the purchase and sale of an aggregate of $7.5 million of LiveXLive's common stock at a price of $4.14 per share, pursuant to a registered direct offering offered and to be sold directly to the investors. LiveXLive primarily intends to use the proceeds for repayment of certain debt, and to a lesser extent towards working capital and general corporate purposes. The offering is expected to close on or about July 24, 2020.

Separately, LiveXLive entered into an agreement with a major music partner ("Major Music Partner") pursuant to which LiveXLive issued 2,415,459 shares of its common stock in satisfaction of LiveXLive's outstanding accounts payable to the Major Music Partner in the amount of $10,000,000 at a price of $4.14 per share.

LiveXLive Chairman and CEO, Robert Ellin, commented, "These combined offerings dramatically improve our liquidity position, book value and strengthen our current balance sheet. We greatly appreciate the confidence these investors and the Major Music Partner have shown in the company by entering into these transactions." 

The offerings are being made pursuant to LiveXLive's an effective shelf Registration Statement on Form S-3 (File No. 333-228909) previously filed with the U.S. Securities and Exchange Commission (the "SEC"), and prospectus supplements related to these offerings.  For further details of the transaction, please refer to LiveXLive's Form 8-K filed with the SEC on or about July 22, 2020 and July 23, 2020, respectively.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A prospectus supplement relating to each of the offerings of such shares of common stock has been filed by LiveXLive with the SEC. Following such filing, copies of the prospectus supplements, together with the accompanying base prospectus, relating to these offerings can be obtained at the SEC's website at www.sec.gov

About LiveXLive Media, Inc.

Headquartered in Los Angeles, California, LiveXLive Media, Inc. LIVX (the "Company") (pronounced Live "by" Live) is a global platform for live stream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1,300 artists in calendar year 2020, has become a go-to partner for the world's top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called "Music Lives" with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive's library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. For more information, visit www.livexlive.com and follow LiveXLive on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube. 

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing or acquisitions and the timing of the closing of such proposed transactions, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of any proposed transaction will not occur; the Company's ability to attract, maintain and increase the number of its users and paid subscribers; the Company identifying, acquiring, securing and developing content; the Company's ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management's relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; and other risks, uncertainties and factors including, but not limited to, those described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 26, 2020, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

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SOURCE LiveXLive Media, Inc.