BOULDER, CO - (NewMediaWire) - February 15, 2023 - 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 Tim Ackerman to the role of Chief Financial officer (CFO). Mr. Ackerman succeeds Brian Hoff, who resigned November 4, 2022, and has been serving as a consultant since his departure.
Mr. Ackerman brings over twenty years of finance and operational experience in the software and services industry spanning both publicly traded and privately held companies. His Auddia appointment follows Premier Crop Systems, LLC, a venture capital backed and leading precision agronomy data processing and analytics software and services company, where he served as Chief Financial Officer and board member prior to its sale in 2022. Prior to Premier Crop, Mr. Ackerman served as Vice President of Finance with CSG International, a leading multinational SaaS software and services company. While at CSG, Mr. Ackerman spent time building and leading diverse and high performing FP&A teams and gaining deep multidisciplinary experience across every organizational function.
"We're excited to add Tim to the Auddia team following our recent launches of faidrRadio and our proprietary streaming system," said Chief Executive Officer Michael Lawless. "Tim’s ability to tackle broad operational issues as well as zero in on the key metrics and micro conversions integral to the success and growth of our flagship product make him a perfect fit for this organization not only at the stage it’s in today, but also for the future. We have aggressive goals in 2023, and Tim will be the lynchpin in helping Auddia scale and hit our necessary metrics-inflection point later in the year."
In connection with Mr. Ackerman's appointment, the compensation committee of Auddia's board of directors granted Mr. Ackerman (i) an inducement stock option to purchase an aggregate of 150,200 shares of Auddia common stock, and (ii) 37,500 restricted stock units for Auddia common stock. These stock options and RSUs were agreed to and granted as an inducement material to Mr. Ackerman entering into employment with Auddia in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $1.12 per share, which was equal to the closing price of Auddia's common stock on the grant date. One-fourth of the options vest on the one-year anniversary of the vesting commencement date and the remainder vest in equal annual installments over the next three years, subject to continued service with the Company. The options have a 10-year term. The RSUs will vest in 12 monthly increments over one (1) year and shall settle (to the extent then outstanding and vested) on February 6, 2024. The options and RSUs will become fully vested if Mr. Ackerman is terminated without cause or 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
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.
Kirin Smith, President
PCG Advisory, Inc.