Auddia downgraded to Hold from Buy at Maxim

Maxim analyst Allen Klee downgraded Auddia to Hold from Buy. The analyst cites the company’s upcoming capital needs and uncertainty on closing of potential acquisitions. While Auddia has access to a $10M equity line of credit with White Lion, it also has limitations on how much can be accessed, the firm tells investors in a research note. Maxim added that while company has letters-of-intent to purchase 2 companies that have mobile users and cash flow, which could be synergistic and positive, the likelihood of these deals closing, the cost, and how each will be financed are not clear, and if funded with stock, it would likely be significantly dilutive.