Auddia raises cash, pays down debt

BOULDER — Audio software company Auddia Inc. (NYSE: AUUD) raised $4.9 million in cash and paid off its line of credit, according to documents filed with the U.S. Securities and Exchange Commission. 

On Tuesday, holders of the company’s warrants exercised more than 1 million warrants at a price of $4.54 per share, which raised the cash. 

On Wednesday, Auddia used $2 million to pay off the balance of its credit line with Bank of the West. Auddia had previously paid that down from $6 million to $2 million after its February initial public offering.

After the warrant exercise and debt payment, Auddia has approximately $9.4 million cash on hand, none of which is restricted. About 12.3 million shares of the company’s stock are outstanding, with about 3.5 million warrants remaining to be exercised.

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