Latest news with #EastWestBank
Yahoo
22-05-2025
- Business
- Yahoo
LiveOne (Nasdaq: LVO) Closes $16.775M Debt Financing, Convertible at $2.10 Per Share, Led by Funds Advised by JGB Management, Inc. and Other Investors
Potential Additional Funding of up to $11M Raised subscription price by $1/month (ARPU increased from $3 to $5 since Jan. 1, 2025) *Financial Moves* Paid off $7M East West Bank loan Extinguished $4M short-term payables Extended $5M of short-term payable to long-term debt *Planned Initiatives* Grow/close up to 75 B2B partnerships Convert Additional Tesla subscribers Pursue M&A opportunities Expand AI and data mining to monetize 60M database Grow current 1.5M subscribers and ad-supported users LOS ANGELES, May 22, 2025 (GLOBE NEWSWIRE) -- LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment, and technology platform, today announced that it has closed a $27.775 million senior secured convertible notes financing, drawing down $16.775 million on May 19, 2025. LiveOne has the potential to draw an additional $11 million subject to the satisfaction of certain closing conditions, including conditions related to LiveOne's financial performance over the next 15 months. The convertible notes convert into shares of LiveOne's common stock at a conversion price of $2.10 per share. This financing strengthens LiveOne's balance sheet and is expected to fund a series of LiveOne's strategic growth initiatives. A portion of the net proceeds of the financing was used to fully pay off LiveOne's existing loan from East West Bank and certain short-term payables. 'This financing, with our long-term partner JGB Management, Inc., is a major milestone for LiveOne as we optimize our capital structure and focus on growth and profitability,' said Robert Ellin, Chairman and CEO of LiveOne. 'By eliminating our previous debt and securing fresh capital, we are now well-positioned to scale our platform, expand our B2B footprint and execute strategic acquisitions.' The details of the financing transaction will be fully described in LiveOne's Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission. About LiveOneHeadquartered in Los Angeles, CA, LiveOne (Nasdaq: LVO) is an award-winning, creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. LiveOne's subsidiaries include Slacker, PodcastOne (Nasdaq: PODC), PPVOne, CPS, LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR's OTT applications. For more information, visit and follow us on Facebook, Instagram, TikTok, YouTube and X at @liveone. For more investor information, please visit Forward-Looking StatementsAll 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: LiveOne's reliance on its largest OEM customer for a substantial percentage of its revenue; LiveOne's ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; LiveOne's ability to continue as a going concern; LiveOne's ability to attract, maintain and increase the number of its users and paid members; LiveOne identifying, acquiring, securing and developing content; LiveOne's intent to repurchase shares of its and/or PodcastOne's common stock from time to time under LiveOne's announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne's ability to maintain compliance with certain financial and other debt covenants; LiveOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management's relationships with industry stakeholders; LiveOne's ability to repay its indebtedness when due; uncertain and unfavorable outcomes in legal proceedings and/or LiveOne's ability to pay any amounts due in connection with any such legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of LiveOne's subsidiaries; risks and uncertainties applicable to LiveOne's ability to satisfy the conditions for closing on the additional $11 million of convertible notes described in this press release; and other risks, uncertainties and factors including, but not limited to, those described in LiveOne's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the U.S. Securities and Exchange Commission (the 'SEC') on July 1, 2024, Quarterly Report on Form 10-Q for the quarter ended December 31, 2024, filed with SEC on February 14, 2025, and in LiveOne's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and LiveOne disclaims any obligation to update these statements, except as may be required by law. LiveOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. LiveOne Press Contact: press@ Follow LiveOne on social media: Facebook, Instagram, TikTok, YouTube, and X at @ in to access your portfolio
Finextra
22-05-2025
- Business
- Finextra
Philippine's EastWest modernises core with Temenos SaaS
Temenos, a global leader in banking technology, today announced EastWest Banking Corporation (EastWest), a leading universal bank in the Philippines, has selected Temenos SaaS to accelerate its core banking modernization. 0 This strategic move supports the Bank's focus to enhancing customer experience, driving digital transformation, and delivering innovative financial solutions with greater efficiency and scale. By adopting Temenos Core as a SaaS solution for its Retail, SME, and Corporate operations, EastWest will leverage cutting-edge banking technology to provide a seamless and secure banking experience. This modernization effort ensures a more agile and resilient banking infrastructure, allowing the bank to better serve its more than 3 million customers across 400 branches nationwide. Barani Sundaram, Chief Technology Officer at EastWest, said: 'At EastWest, our customers are at the heart of everything we do. Temenos SaaS is a crucial step in our digital transformation journey, as it allows us to offer a more seamless and personalized banking experience—whether through our mobile app, branch network, or customer support channels. By modernizing our core banking systems, we are ensuring that we can continue to meet the evolving needs of our customers while staying agile in a fast-changing financial landscape.' This transformation will empower EastWest with a unified, data-driven approach across all lines of business, enabling faster product innovation, improved operational efficiency, and a more customer-centric banking ecosystem. The new platform will also provide the flexibility to scale and integrate with fintech partners, ensuring a robust and future-ready banking environment. Sundaram, added: 'We are excited to work with Temenos, a global leader in banking technology, as we take this important step forward. This investment marks EastWest's drive to elevate digital banking for Filipinos—bringing secure, elegantly designed, and intuitively smart financial tools within easy reach, shaped around the pace and preferences of modern life.' Temenos SaaS will support a wide range of banking operations, including customer accounts, deposits, lending, payments, and trade finance, while also creating opportunities for EastWest to expand into new segments such as Wealth Management. Will Dale, Managing Director - APAC, Temenos, commented: 'We are proud to partner with EastWest, a major player in the Philippine banking sector, to transform its core banking in the cloud. The bank was looking for a SaaS solution that combined deep functionality and the latest technology, which is where Temenos excels. We look forward to supporting EastWest in driving the next phase of their impressive growth.' Adopting Temenos Core as a SaaS solution enables EastWest to deliver more seamless, scalable, and innovative banking services
Yahoo
10-05-2025
- Entertainment
- Yahoo
The Wallis Delivers: A Star-Studded Benefit Evening in Support of Wildfire Recovery
On Wednesday, April 30, 2025, the Wallis Annenberg Center for the Performing Arts in Beverly Hills hosted The Wallis Delivers, a moving and elegant evening dedicated to supporting Los Angeles wildfire recovery efforts. Set amidst the architectural beauty of The Wallis and under the leadership of its Executive Director and CEO Robert van Leer, the event brought together influential figures from entertainment, finance, and philanthropy for an unforgettable night of giving evening was hosted by legendary actress, producer, and activist Jane Fonda, who brought grace and gravitas to the event. The spotlight shone brightest when Dominic Ng, Chairman and CEO of East West Bank, was named the inaugural recipient of The Wallis Icon Award, recognizing his groundbreaking work in corporate philanthropy and cross-cultural engagement. The benefit was inspired by the urgent need to aid communities still reeling from the devastating Eaton and Palisades wildfires of 2025. Wallis Annenberg, Chairman, President, and CEO of the Annenberg Foundation, emphasized the deeper mission of the evening: 'The deadly 2025 Los Angeles wildfires ravaged our beloved communities… Still, more resources are needed. That's why we dedicate this special evening to help Los Angeles continue to recover.'The guest list reflected the night's significance. Alongside Jane Fonda were tennis legend Jim Courier and LACMA Director Michael Govan, as well as a powerful host committee including Honorary Vice-Chairs David Bohnett and Regina and Gregory Annenberg Weingarten; Event Co-Chairs Cathy and Mark Louchheim and Susan Strauss; and Event Vice-Chairs Halle and Oliver Hammond. The Honorary Committee featured prominent figures such as Willow Bay & Robert A. Iger, Sherry Lansing, Lyn Lear, Lori and Michael Milken, and Debbie Allen and Norm Nixon, among others. Attendees were welcomed with gourmet hors d'oeuvres and curated beverages as they mingled with civic and cultural leaders. The highlight of the evening came during the award presentation to Dominic Ng, whose leadership at East West Bank has been defined by visionary growth and unwavering community support. Ng transformed the institution from a small savings and loan association into a $76 billion full-service commercial bank with a global footprint. His service extends beyond finance, with board roles at USC, Mattel, and the Council on Foreign Relations, and a legacy of cultural philanthropy spanning major Los Angeles his remarks, Robert van Leer reflected on The Wallis' broader mission: 'Contributing to the civic and cultural life of Greater Los Angeles is an essential component of The Wallis' mission… Through the arts, we can share hope for a path to better times ahead.' The evening also marked a significant milestone: the fifteenth anniversary of the groundbreaking for The Wallis. Originally envisioned by Wallis Annenberg, who funded its transformation from the historic 1934 Beverly Hills Post Office into a state-of-the-art arts center, The Wallis has become a cornerstone of Los Angeles' cultural scene. Since opening its doors in 2013, it has hosted nearly 500 productions and received acclaim for both its diverse programming and its architectural the stars lit the sky over Beverly Hills, The Wallis Delivers fulfilled its promise: uniting hearts, minds, and resources to rebuild communities, restore hope, and celebrate the enduring power of the arts.
Yahoo
18-04-2025
- Business
- Yahoo
Spearmint Energy secures $250m for two battery storage projects in Texas
Spearmint Energy has successfully closed financing of more than $250m for two battery energy storage systems in the US state of Texas. The projects, Tierra Seca and Seven Flags, each have a capacity of 100MW/200 megawatt hours (MWh) and are currently under construction in Del Rio and Laredo respectively. The package includes $59m in construction-to-term loan facilities from Manulife, $95m in tax equity bridge loan (TEBL) facilities from East West Bank and Investec, and $98m in tax equity commitments from Sugar Creek Capital. East West Bank and Investec coordinated the TEBL facilities, with Investec as the administrative agent and East West Bank as the collateral agent and depository bank. Spearmint founder, president and CEO Andrew Waranch stated: 'We are thrilled to secure this financing for Tierra Seca and Seven Flags, which demonstrates the confidence world-class investors have in Spearmint's ability to develop and efficiently operate grid-scale energy storage infrastructure. 'As rapidly increasing power demand continues to put pressure on grid stability, we are pleased to accelerate the development of these two projects to facilitate increased energy availability in ERCOT.' The MA Mortenson Company is handling the construction of both projects. The projects will use the PowerTitan 2.0 energy storage platform from Sungrow Power Supply. Tierra Seca and Seven Flags will contribute more than 200MW/400MWh of storage capacity to the Electric Reliability Council of Texas (ERCOT) grid, aiming to provide reliable and affordable power across the state. Both projects will commence operations towards the end of 2025. Legal representation for the financing was provided by Paul Hastings for Spearmint, Day Pitney for Manulife, Milbank for East West Bank and Investec, and Leverage Law Group for Sugar Creek. Spearmint chief financial officer Cory Magnuson stated: 'Manulife, East West Bank, Investec and Sugar Creek Capital are globally recognised investors with strong expertise in energy and infrastructure. We are proud that they have elected to partner with Spearmint in our mission of providing safe, stable and affordable power to the grid.' "Spearmint Energy secures $250m for two battery storage projects in Texas" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
Cineverse Expands Existing Line of Credit Facility with East West Bank to $15 Million with a Three-Year Term
Additional Capital Ensures Cineverse will be Well-Positioned Moving Forward as it Continues to Invest in Content to Build Off its Recent Box Office Success LOS ANGELES, April 9, 2025 /PRNewswire/ -- Cineverse Corp. (Nasdaq: CNVS) ("Cineverse", "us", "our", "we", and the "Company"), a next-generation entertainment studio, today announced that it has expanded the size of its existing line of credit facility with Pasadena-based East West Bank from $7.5 million to $12.5 million, expandable to $15 million, and extended the term from one-year to three-years at an interest rate of Prime plus 1.25% (8.75% currently with a $0 current balance). "Closing this expanded credit facility with our long-term collaborators at East West Bank allows us to make content and other investments that are critical to our top-line revenue growth," said Chris McGurk, Cineverse Chairman and CEO. "The team at East West Bank, including Managing Director David Acosta, have been great to work with and we greatly appreciate their help and support over these past several years." This further strengthens the Company's balance sheet without equity dilution. It comes following Cineverse's recent reporting of a successful fiscal third quarter. About Cineverse Cineverse (Nasdaq: CNVS) is a next-generation entertainment studio that empowers creators and entertains fans with a wide breadth of content through the power of technology. It has developed a new blueprint for delivering entertainment experiences to passionate audiences and results for its partners with unprecedented efficiency, and distributes more than 71,000 premium films, series, and podcasts. Cineverse connects fans with bold, authentic, independent stories. Properties include the highest-grossing non-rated film in U.S. history; dozens of streaming fandom channels; a premier podcast network; top horror destination Bloody Disgusting; and more. Powering visionary storytelling with cutting-edge innovation, Cineverse's proprietary streaming tools and AI technology drive revenue and reach to redefine the next era of entertainment. For more information, visit Contacts: For MediaThe Lippin Group, cineverse@ For InvestorsJulie Milstead, investorrelations@ View original content to download multimedia: SOURCE Cineverse Corp.
