Auddia Inc (NASDAQ:AUUD) jumped 6% after announcing that its net loss for the quarter ended June 30, 2021, narrowed from $1.3 million a year ago to $753,000. The artificial intelligence podcast platform didn’t report any revenue for the quarter relative to revenue of $45,000 YoY, but it booked a $269,000 paycheck protection program loan forgiveness accounting for the improvement.
In addition, the company ended the quarter with cash and equivalents of around $6.5 million relative to $118,000 a year ago but down from $9.4 million in Q1. In July, the company raised around $4.9 million and also repaid its credit line.
Last week the company awarded stock options and inducements to officers and directors. In addition, the company’s compensation committee granted recently hired CFO Brian Hoff an inducement stock purchase option to buy around 185,000 comma shares of the company. The inducement option was agreed on following Goff’s acceptance to join Auddia, and it has an exercise share price of $2.79. With reducing net loss, AUDD is worth watching in months to come.
Market Reaction:
On Monday, AUUD stock jumped 6.21% at $3.08 with more than 14.74 million shares, compared to its average volume of 3.27 million shares. The stock has moved within a range of $2.8200 – 3.9300 after opening the trade at $2.95.
