PodcastOne (PODC) said Wednesday it is holding discussions with multiple parties after receiving acquisition interest from them.

The company said its board has created a special committee to oversee the process, with plans to hire a financial advisor to assess proposals and other options. There is no assurance that the process will lead to a deal, the company said.

PodcastOne said its current stock price undervalues its business and that the market has not fully recognized the value of its scale, audience reach and proprietary data.

PodcastOne shares were up 12.2% in Wednesday trading.

Price: 2.02, Change: +0.22, Percent Change: +12.22