Auddia Inc. Announces $4 million Investment from Founder in IPO

Rhea-AI Summary

Auddia Inc. (NASDAQ: AUUD, AUUDW) announced a $4 million investment from founder Jeff Thramann in its recent IPO completed on February 19, 2021. This investment reflects Thramann's confidence in Auddia's growth prospects. Following the IPO, Thramann holds 1,681,652 shares of common stock. Auddia aims to revolutionize audio media consumption through its AI-powered Auddia app, allowing users to subscribe to streaming AM/FM radio without commercials, and Vodacast, which enhances podcast monetization capabilities.

Positive

• Jeff Thramann invested $4 million in the IPO, indicating strong confidence in the company's prospects.
• Thramann now holds 1,681,652 shares post-IPO, aligning his interests with shareholders.
• The Auddia app provides a unique subscription model for streaming radio without commercials.

Negative

• None.

BOULDER, CO / ACCESSWIRE / February 25, 2021 / Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), a technology company and developer of consumer apps and content platforms that change how audio media is consumed, interacted with and monetized, announced today that Jeff Thramann, Auddia's founder and Executive Chairman, has invested $4 million into the Company's IPO that was completed on February 19^th, 2021.

Mr. Thramann commented, "Based on my strong belief in Auddia's growth prospects, I am happy to demonstrate my ongoing support and participate alongside our investors in the Company's IPO."

Following the IPO, Mr. Thramann holds 1,681,652 shares of Auddia's common stock.

About Auddia Inc.

Auddia develops technology, consumer products and content platforms that change how audio media is consumed, interacted with and monetized. The Company has developed an Artificial Intelligence (AI) powered platform and mobile application called Auddia™ ("the Auddia app") to give consumers the first commercially available opportunity to subscribe to any streaming AM/FM radio station without commercials. Subscribers will also be able to personalize their listening experience through "skips" and on-demand capabilities.

The Company also has a podcasting platform and mobile app called Vodacast. Vodacast allows podcasters to build digital feeds that supplement the audio of any podcast episode. With supplemental digital feeds listeners can enjoy a broader and deeper content experience, which in turn allows podcasters to generate additional revenue from direct response digital ads that are synched to the podcast audio ads. The platform also introduces a flexible monetization capability that provides options to podcasters on how they monetize their content, and listeners on how they consume and pay for content.

Starting with the Auddia app and Vodacast, the Company expects to evolve its technology to become the preferred audio listening platform for consumers across all forms of audio content.

For more information, go to: www.auddia.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the company's current expectations about future results, performance, prospects and opportunities, including, without limitation, statements regarding the anticipated use of proceeds from the offering. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
(646) 823-8656
www.pcgadvisory.com

SOURCE: Auddia Inc.

View source version on accesswire.com:
https://www.accesswire.com/631942/Auddia-Inc-Announces-4-million-Investment-from-Founder-in-IPO

FAQ

What is the significance of Jeff Thramann's $4 million investment in Auddia's IPO?

Jeff Thramann's $4 million investment in Auddia's IPO demonstrates his strong belief in the company's growth prospects.

How many shares does Jeff Thramann hold after the IPO?

After the IPO, Jeff Thramann holds 1,681,652 shares of Auddia's common stock.

What is the main function of the Auddia app?

The Auddia app allows consumers to subscribe to streaming AM/FM radio stations without commercials and offers personalized listening experiences.

What revenue opportunities does Vodacast provide for podcasters?

Vodacast allows podcasters to create digital feeds for their episodes, enabling additional revenue through synchronized digital ads.