Auddia Inc. announced the completion of a $2.3 million private placement of convertible preferred stock and common stock warrants. John Mahoney, CFO of Auddia, emphasized that the funding eliminates all existing debt and aims to meet Nasdaq’s equity requirements for shareholders. This effort, along with other financial activities, is intended to help Auddia maintain its listing on the Nasdaq.
The proceeds from this private placement, along with other available funds, are designated for repaying $2.75 million of the company’s outstanding debt. Additionally, Auddia recently converted approximately $900,000 of accrued interest and original issue discount on existing debt into equity.
Since January 1, 2024, Auddia has raised $4.5 million through its equity line. As of April 26, 2024, the company has 2,594,196 common shares outstanding.