BOULDER – Auddia Inc. (Nasdaq: AUDD), a Boulder-based audio and podcast technology company, plans to sell more than 4.7 million shares of its stock in an at-the-market offering expected to raise $3.1 million.
At-the-market offerings, or ATMS, occur when a company incrementally sells off newly issued or company-owned shares through a broker at market prices.
Each share sold to institutional investors in the ATM offering will be priced at 65 cents.
Auddia regulatory disclosures don’t specify what the company plans to do with the proceeds.
The company’s stock price finished trading Wednesday at 55 cents per share, down 11.81% on the day.
In late March, the company offered the public the opportunity to buy more than 6.8 shares of its common stock, in a bid to raise $6 million.
Auddia has developed a proprietary AI platform for audio and technologies for podcasts and is leveraging those technologies in what it calls a “superapp” called “faidr.” The app lets consumers listen to any AM or FM radio station with no commercials while personalizing the
Last August, Auddia avoided delisting from the stock exchange after regaining compliance with the bid-price rule, according to documents filed with the SEC. It had received a notification from Nasdaq on July 14 that it was in violation of the bid-price rule because its share price traded below $1 per share for 30 consecutive days.