Auddia to combine with CEO’s holding company

BOULDER – Auddia Inc. (Nasdaq: AUDD), a Boulder-based audio and podcast technology company, has inked a non-binding letter of intent to merge with Thramann Holdings.

Thramann “is a privately held holding company that controls LT350, Influence Healthcare, and Voyex, three early stage AI-native companies founded by Jeff Thramann,” Auddia’s chairman who added the role of CEO last month, the company said in a news release.

“As an innovator, I have spent the past 15 years securing patents in the AI infrastructure space, immersing myself in both the development and use of AI models, and developing blockchain and digital currency strategies aimed at empowering the value drivers of industries to reinvent their markets,” Thramann said in the release. “I believe there is an incredible opportunity for a holding company at the juncture of AI and web3 to harness these technologies and deliver them to portfolio companies.”

Auddia hired Thramann as its new CEO in July and swapped in a trio of new board members tasked with exploring opportunities for mergers and business restructuring.

“The LOI contemplates a business combination between Auddia and Holdings with Auddia becoming a public holding company trading under a new name and ticker symbol. The transaction would result in the portfolio companies of Holding and Auddia becoming subsidiaries of the public holding company,” the release said. “Under the proposed terms, Holdings’ equity holders are expected to receive an 80% ownership interest in the combined company, with Auddia equity holders owning a 20% interest.”

Once the merger is complete, the Auddia business unit intends to name a new CEO. Thramann will continue to lead the holding company.

Auddia posted its second-quarter earnings report last week, which showed that the company reduced its net loss in the most-recent period to $1.6 million from $2.3 million in the same period last year.

Share on Facebook on LinkedIn