Auddia (AUUD) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Auddia Inc. has entered into an Asset Purchase Agreement with AppSmartz and RadioFM to acquire assets and assume liabilities of their mobile application, internet radio, and streaming business for $13 million in cash and an additional $2 million earnout contingent on meeting certain milestones. The deal is guaranteed by the owners of the Seller entities, and while the Purchase Agreement details are disclosed in the Current Report, they are not intended to provide factual updates about the Company nor should they be relied upon as such by investors or security holders. The representations and warranties are for allocation of risk and may not reflect the current state of facts or the condition of the Company post-agreement.
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For a comprehensive understanding of the announcement, you can read the full document here.
