BOULDER, CO, Dec. 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("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 the appointment of John Mahoney to the role of Chief Financial Officer. Mr. Mahoney succeeds Tim Ackermann, who resigned June 30, 2023.
Mr. Mahoney brings over twenty years of finance and operational experience in the services industry spanning both publicly traded and privately held companies. His Auddia appointment follows roles with Quality Biomedical, Inc., a private equity backed and leading service provider in the home medical equipment industry, where he served as CFO. While at Quality Biomedical, Mr. Mahoney spent time raising funds, scaling the business through a national expansion and driving financial discipline and efficiencies across the organization. Prior to Quality Biomedical, Mr. Mahoney served as Principal and Chief Financial Officer, at CFO Leadership Services, LLC, a fractional CFO consulting firm. Prior to CFO Leadership Services, he spent nearly a decade at First Data Corporation in various leadership roles in the finance organization, including supporting investor relations, audit, SEC reporting and SOX compliance.
"John is a fantastic addition to the Auddia team. His experience as a CFO combined with the energy he brings to take on broader operational projects is a perfect fit for our dynamic company," said CEO Michael Lawless. "John will play a key role in helping us achieve 2024 goals which require broad and deep experience. Given that we are targeting key acquisitions in the coming months, he's the right person to help the company succeed with those initiatives and scale successfully thereafter. We're excited to have him on the team."
In connection with Mr. Mahoney's appointment, the compensation committee of Auddia's board of directors granted Mr. Mahoney (i) an inducement stock option to purchase an aggregate of 275,000 shares of Auddia common stock, and (ii) a second inducement option to purchase an aggregate 192,500 shares of Auddia common stock. These stock options were agreed to and granted as an inducement material to Mr. Mahoney entering into employment with Auddia in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $0.25 per share, which was equal to the closing price of Auddia's common stock on the grant date. The first option grant vests in four equal annual installments, subject to continued service with the Company. The second option grants vests 50% at two years, and then two 25% annual installments thereafter, subject to continued service with the Company. The options have a 10-year term. The options will become fully vested if Mr. Mahoney is terminated without cause or if he terminates for good reason during the 12-month period following a change in control.
About Auddia Inc.
Auddia, through its proprietary AI platform for audio identification and classification and related technologies, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia's flagship audio superapp, called faidr, brings two industry firsts to the audio-streaming landscape: subscription-based, ad-free listening on any AM/FM radio station and podcasts with interactive digital feeds that support deeper stories and open untapped revenue streams to podcasters. faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. Both differentiated offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other disclosures contained in the Annual Report and subsequent filings made with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
[email protected]
www.pcgadvisory.com
