Auddia Inc. (AUUD) Prices 3.99M Unit Upsized IPO at $4.125/Unit

February 17, 2021 6:13 AM EST

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Auddia Inc. (NASDAQ: AUUD) (NASDAQ: AUUDW) announced today the pricing of its upsized initial public offering of 3,991,818 units, with each unit consisting of one share of common stock and one Series A warrant to purchase one share of common stock, at a combined price of $4.125 per unit. The units will immediately and automatically separate upon issuance, and the shares of common stock and Series A warrants have been approved for listing on the Nasdaq Capital Market under the symbols "AUUD" and "AUUDW", respectively, and are expected to begin trading on February 17, 2021. Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $16.5 million. The warrants will be exercisable immediately at an exercise price of $4.5375 per share and will expire five years from the date of issuance.

Maxim Group LLC is acting as sole book-running manager for the offering.

The Company has granted the underwriters a 45-day option to purchase up to an additional 598,772 shares of common stock and/or Series A warrants to purchase 598,772 shares of common stock, or any combination thereof, to cover over-allotments, if any. The offering is expected to close on or about February 19, 2021, subject to the satisfaction of customary closing conditions.

The offering is being conducted pursuant to the Company's registration statement on Form S-1 (File Nos. 333-235891 & 333-253180 previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC").

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