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Continuing to pursue the two AM/FM streaming radio targets under LOI that are more favorably priced
Expects to reengage with Radio FM after other targets are acquired and conditions improve for a larger transaction
BOULDER, CO, March 07, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire - Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), a proprietary AI platform for audio identification, classification and related technologies, reinventing how consumers engage with AM/FM radio, podcasts, and other audio content, today announced the withdrawal of the S-1 on file to secure the financing to acquire Radio FM, a leading AM/FM radio streaming app.
"We have been pursuing an aggressive AM/FM streaming app acquisition strategy by negotiating with three targets simultaneously," said Jeff Thramann, Executive Chairman of Auddia. "It is now clear that market conditions are unfavorable for securing the largest acquisition as our first target. As such, to optimize shareholder value we are withdrawing the current S-1 on file that contemplates the Radio FM acquisition."
The Company expects to continue to advance discussions with the remaining two targets under LOI and reiterates that a purchase agreement for target #2 is expected to be signed in Q2.
John Mahoney, CFO of Auddia, added, "As we executed the purchase agreement for Radio FM and began to explore financing options in the current market, it became clear that a far more capital efficient process would be to proceed with acquiring target #2 followed by target #3, both of which require substantially less cash at closing. Once these targets are successfully integrated and synergies are demonstrated, we will be in a stronger position to pursue larger opportunities in our space."
Both parties have agreed to terminate the current purchase agreement and the Company plans to reengage with Radio FM in the future should the opportunity arise.
