PodcastOne Inc. (NASDAQ: PODC) received approximately $5.5 million in cash from warrant exercises at $3 per share, according to a statement from parent company LiveOne Inc. (NASDAQ: LVO).

The proceeds will support podcast and podcast network acquisitions, expand LiveOne's TV Network and Celebrity Brands division, and accelerate AI initiatives across more than 250,000 hours of audio and video content, the company stated.

LiveOne and its bankers are evaluating strategic alternatives, including potential consolidation of PodcastOne and additional merger and acquisition opportunities. LiveOne currently owns approximately 20.5 million shares of PodcastOne common stock.

"Receiving this additional capital meaningfully strengthens our balance sheet and positions us to aggressively pursue strategic growth opportunities across podcasting, television, celebrity brands and AI," said Robert Ellin, Chairman and CEO of LiveOne.

PodcastOne operates as a podcast platform providing creators and advertisers with sales, marketing, public relations, production and distribution services. The company reports surpassing 3.9 billion total downloads with a community of 200 podcasters and a distribution network reaching over 1 billion monthly impressions across platforms including YouTube, Spotify, Apple Podcasts and iHeartRadio.

LiveOne is a Los Angeles-based music, entertainment and technology platform. Its subsidiaries include Slacker, PodcastOne, PPVOne, Custom Personalization Solutions, LiveXLive and DayOne Music Publishing.