Home Login RADIO ONLINE RSS Facebook
Find Radio Online
AM FM HD

Advertisement

Auddia Inc. Announces 1-for-25 Reverse Stock Split


Auddia Inc.
Auddia Inc.

Auddia Inc., an AI platform for audio identification and classification has announced that effective before market open on Tuesday, February 27 it will complete a 1-for-25 reverse stock split of its common stock. On December 29, 2023, the company's stockholders approved an amendment to affect a reverse stock split with the exact ratio to be set by its board of directors. The board resolved to set the reverse stock split at the ratio of 1-for-25.

The company filed an amendment to its certificate of incorporation with the Secretary of State in Delaware effective February 26, at 5pm. As a result, every twenty five (25) issued shares of common stock will automatically be combined into one share of common stock.

The company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, Auddia expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq's minimum bid price rule.

Shares of the Company's common stock will be assigned a new CUSIP number (05072K 206) and are expected to begin trading on a split-adjusted basis on Tuesday, February 27.

The reverse stock split will not change the authorized number of shares of common stock. No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Therefore, stockholders with less than 25 shares will receive one share of stock.

The reverse stock split will apply to the company's outstanding warrants, stock options and restricted stock units. The number of shares of common stock into which these outstanding securities are convertible or exercisable will be adjusted proportionately as a result of the reverse stock split. The exercise prices of any outstanding warrants or stock options will also be proportionately adjusted in accordance with the terms of those securities and the Company's equity incentive plans.

Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-25 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Auddia's transfer agent, Vstock Transfer, with specific instructions regarding the exchange of shares.

Auddia expects to have its issued and outstanding common shares decrease from approximately 20.47 million pre-split shares to approximately 818,000 post-split shares outstanding as a result of the reverse stock split.

Advertisement

Latest Radio Stories

iHM/San Francisco Names Hunt, Loughran as Program Director
Dan Hunt and Travis Loughran
Dan Hunt and Travis Loughran
iHeartMedia in San Francisco names Dan Hunt (far left) as Program Director for CHR KYLD (WiLD 94.9) and Travis Loughran as Program Director of Hot AC KIOI (Star 101.3), effective May 15. Hunt joins the Bay Area cluster from co-owned WWPW (Power More

Nueva Network and Zeno Media Teams for Digital Platform
Nueva Network and Zeno Media
Nueva Network and Zeno Media
Spanish-language media company Nueva Network inks a partnership with Zeno Media to unveil the new digital platform, Nueva Plus. Since its inception in March, 2021, Nueva Network has delivered Spanish-language media content, reaching Latinos across More

Triton Digital Issues March 2024 U.S. Podcast Ranker
Triton Digital
Triton Digital
Triton Digital has released its March 2024 (February 26-March 31), U.S. Podcast Ranker. SiriusXM Podcast Network remained in the #1 spot on the Top Sales Networks Report for the month of March, with 42.5 million Average Weekly Downloads and 13.2 More
Advertisement

MediaCo Acquires Hispanic Broadcaster Estrella Media
Estrella Media
Estrella Media
MediaCo, which owns WQHT-FM (Hot 97) and WBLS-FM in New York, has agreed to acquire Hispanic broadcaster Estrella Media, encompassing all network, content, digital and commercial operations but excluding its local radio and television stations for More

Adam Carolla Show Podcast Celebrates 15 Year Anniversary
PodcastOne
PodcastOne
PodcastOne's podcast "The Adam Carolla Show," hosted by comedian Adam Carolla, is celebrating its 15th Anniversary. Carolla, who was inducted into the 6th Annual Podcast Hall of Fame during Podfest Expo earlier this year, launched his eponymous show More

Premiere, Elvis Duran Add ''Give It A Chance'' Podcast
''Give It A Chance''
''Give It A Chance''
Premiere Networks and syndicated radio personality Elvis Duran have announced the addition of "Give It A Chance with Kevin Devine and Casey Jost" to the Elvis Duran Podcast Network. The new weekly podcast will launch Thursday, April 25 on the More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement