Auddia announces withdrawal of S-1 to finance Radio FM acquisition

Auddia 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 and reiterates that a purchase agreement for target #2 is expected to be signed in Q2. Both parties have agreed to terminate the current purchase agreement and the Company plans to reengage with Radio FM in the future should the opportunity arise.