Auddia (AUUD) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 26, 2024, Auddia Inc. agreed to acquire assets and take on certain liabilities of AppSmartz and RadioFM’s mobile application, internet radio, and streaming business for $13 million, plus a potential $2 million earnout. The deal, which includes customary terms and conditions such as operation in the ordinary course of business, regulatory approvals, and non-compete clauses, is backed by guarantees from the owners of the seller entities. Subject to standard closing conditions and financing acquisition by Auddia Inc., the transaction is expected to close by May 1, 2024, with additional ancillary agreements to facilitate a smooth transition of the business post-closing.
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