Auddia Inc, (“Auddia” or the “Company”), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, announced that it has closed on $3.5M of new financing by selling 1.3M common shares from its previously announced equity line.

“We have a number of product enhancements to faidr that are in our pipeline in addition to the innovative Seamless Play and Forward+ capabilities we announced as part of our Enhanced Podcasts suite last week,” said Theo Romeo, Chief Product Marketing Officer for Auddia. “This financing allows us to lock these products into our roadmap in an ongoing effort to improve the user experience and performance metrics.”

Management believes that by strengthening the balance sheet and improving on the premium listening experience available on faidr, which includes commercial free AM/FM listening with the ability to skip content and the enhanced podcast listening experiences facilitated by Seamless Play and Forward+, that the Company is better positioned to execute on its M&A strategy.

“One of the key synergies that makes our M&A strategy so attractive is upselling premium subscriptions to consumers already listening to standard AM/FM streams and podcasts,” said Michael Lawless, Auddia CEO. “We expect that everything we do to enhance the premium experience on faidr will translate directly to increased subscriptions not only from our own user base but from the user bases we are able to acquire and those we are able to reach through our upcoming SAAS offerings.”

Following the equity line activity described above, the Company has 2,150,337 common shares outstanding as of March 15, 2024.

About Auddia Inc.

Auddia, through its proprietary AI platforms for audio is reinventing how consumers engage with AM/FM radio, podcasts, music, and other audio content. Auddia’s flagship audio superapp, called faidr, brings three industry firsts to the audio-streaming landscape: subscription-based, ad-free listening on any AM/FM radio station; podcasts with interactive digital feeds that support deeper stories and create new revenue streams for podcasters; and a proprietary chat interface for music. faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curator and DJs. All differentiated offerings address large and rapidly growing audiences.

Auddia Inc. (“Auddia” or the “Company”), developer of a proprietary AI platform for innovative technologies for podcasts that is reinventing how consumers engage with audio, announced the appointment of Tim Ackerman to the role of Chief Financial officer (CFO). Mr. Ackerman succeeds Brian Hoff, who resigned November 4, 2022, and has been serving as a consultant since his departure.

Mr. Ackerman brings over twenty years of finance and operational experience in the software and services industry spanning both publicly traded and private held companies. His Auddia appointment follows Premier Crop Systems, LLC, a venture capital backed and leading precision agronomy data processing and analytics software and services company, where he served as Chief Financial Officer and board member prior to its sale in 2022.

Prior to Premier Crop, Mr. Ackerman served as Vice President of Finance with CSG International, a leading multinational SaaS software and services company. While at CSG, Mr. Ackerman spent time building and leading diverse and high performing FP&A teams and gaining deep multidisciplinary experience across every organizational function.

“We’re excited to add Tim to the Auddia team following our recent launches of faidrRadio and our proprietary streaming system,” said Chief Executive Officer Michael Lawless. “Tim’s ability to tackle broad operational issues as well as zero in on the key metrics and micro conversations integral to the success and growth of our flagship product make him a perfect fit for this organization not only at the stage it’s in today, but also for the future. We have aggressive goals in 2023, and Tim will be the lynchpin in helping Auddia scale and hit our necessary metrics-inflection point later in the year.”

In connection with Mr. Ackerman’s appointment, the compensation committee of Auddia’s board of directors granted Mr. Ackerman (i) an inducement stock option to purchase an aggregate of 150,200 shares of Auddia common stock, and (ii) 37,500 restricted stock units for Auddia common stock. These stock options and RSU’s were agreed to and granted as an inducement material to Mr. Ackerman entering into employment with Auddia in accordance with Nasdaq Listing Rule 5635(c) (4).

The option have an exercise price of $1.12 per share, which was equal to the closing price of Auddia’s common stock on the grant date. One-fourth of the options vest on the one-year anniversary of the vesting commencement date and the remained vest in equal annual installments over the next three years, subject to continued service with the Company. The options have a 10-year term. The RSUs will vest in 12 monthly increments over one (1) year and shall settle (to the extent then outstanding and vested) on February 6, 2024. The options and RSUs will become fully vested if Mr. Ackerman is terminated without cause or he terminates for good reason during the 12-month period following a change in control.

About Auddia Inc.

Auddia, through its proprietary AI platform for audio identification and classification and related technologies, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia’s flagship audio superapp, called faidr, brings two industry firsts to the audio-streaming landscape: subscription-based, ad-free listening on any AM/FM radio station and podcasts with interactive digital feeds that support deeper stories and open untapped revenue streams to podcasters. faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. Both differentiated offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.com