AUUDW - Auddia Announces Withdrawal of S-1 to Finance Acquisition of Radio FM | Benzinga
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 ...