Auddia closes $2.3M PIPE to eliminate debt, regain Nasdaq compliance

Auddia announced that it has closed a private placement of $2.3 million of convertible preferred stock and common stock warrants. “When I joined the Company at the end of last year, a primary objective was to strengthen our balance sheet by eliminating debt and better positioning the Company to meet Nasdaq’s stockholders’ equity requirement,” said John Mahoney, CFO for Auddia. “This financing retires all existing debt on our balance sheet. We believe that the closing of this private placement, together with other recent financing activities, will bring the Company back into compliance with the Nasdaq stockholders’ equity requirement for continued listing.”