Auddia Inc. Announces Inducement Grant to New Chief Financial Officer

Rhea-AI Summary

Auddia Inc. (NASDAQ:AUUD, AUUDW) announced the grant of an inducement stock option to new CFO Brian Hoff, allowing him to purchase 185,000 shares at an exercise price of $2.79 per share. The option, aligned with Nasdaq Listing Rule 5635(c)(4), vests over four years, with one-fourth vesting after one year and the rest annually. Auddia focuses on transforming audio engagement through innovative podcast technologies and personalized radio services, appealing to growing audiences with a strong purchase intent.

Positive

• Inducement stock option of 185,000 shares granted to new CFO, enhancing management retention.
• Stock option aligns with Nasdaq rules, suggesting compliance and transparent governance.

Negative

• None.

BOULDER, CO / ACCESSWIRE / August 13, 2021 / Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("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, today announced that the compensation committee of Auddia's board of directors granted Brian Hoff, the Company's recently-hired Chief Financial Officer, an inducement stock option to purchase an aggregate of 185,000 shares of Auddia's common stock on August 11, 2021. This stock option was agreed to as an inducement material to Mr. Hoff entering into employment with Auddia. The option was agreed to and granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The option has an exercise price of $2.79 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 remainder vest in equal annual installments over the next three years, subject to the new employee's continued service with the Company. The stock option has a 10-year term and is subject to the terms and conditions of an inducement stock option agreement covering the grant.

About Auddia Inc.

Auddia is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. Auddia offers two industry firsts -- the ability to listen to any AM/FM radio station with added personalized content and no commercials as well as podcasts with an interactive digital feed that supports deeper stories and delivers digital revenue to podcasters. Both offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: 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 discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as well as other disclosures contained in the Annual Report and subsequent filings made 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.

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https://www.accesswire.com/659670/Auddia-Inc-Announces-Inducement-Grant-to-New-Chief-Financial-Officer

FAQ

What stock option was granted to Auddia's new CFO on August 11, 2021?

Auddia granted CFO Brian Hoff an inducement stock option to purchase 185,000 shares at an exercise price of $2.79.

What is the vesting schedule for the stock option granted to Auddia's CFO?

One-fourth of the options vest on the one-year anniversary, with the remainder vesting annually over the next three years.

What is Auddia, and what services does it offer?

Auddia is developing an AI platform for audio, providing personalized AM/FM radio and innovative podcast technologies.

How does Auddia's new stock option affect investors?

The inducement stock option aims to retain key management, potentially benefiting long-term company performance.