Auddia Inc. (AUUD) Prices $3.1 Million Registered Direct Offering of Common Stock

Auddia Inc. (Nasdaq: AUUD) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, today announced that it has entered into a securities purchase agreement with institutional investors to purchase 4,735,000 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. The offering price for each share of common stock will be $0.65.

The gross proceeds to the Company from the registered direct are estimated to be approximately $3.1 million before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about June 15, 2023, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent and Ladenburg Thalmann & Co. Inc. is acting as financial advisor for the offering.

The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-264227), which was declared effective by the United States Securities and Exchange Commission ("SEC") on April 18, 2022.

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