Auddia announces 1-for-25 reverse stock split

Auddia announced that effective before market open on Tuesday February 27, 2024, it will complete a 1-for-25 reverse stock split of its common stock. On December 29, 2023, the company’s stockholders approved an amendment to the company’s Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-25. The company filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective February 26, 2024, at 5:00 p.m. Eastern Time. As a result, every 25 issued shares of common stock will automatically be combined into one share of common stock. The company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, the company expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.