Auddia announces non-binding LOI for business combination and restructuring

Auddia (AUUD) announced that in follow up to the leadership and strategic changes announced last month the companys Board, acting upon the recommendation of the Special Committee of Independent Directors, has approved a non-binding letter of intent for a business combination between Auddia and Thramann Holdings. Holdings is a privately held holding company that controls LT350, Influence Healthcare, and Voyex, three early stage AI-native companies founded by Jeff Thramann. Thramann is a serial entrepreneur and inventor named on over 130 U.S. and international patents. He has taken Auddia and Aclarion (ACON) public, sold Lanx and US Radiosurgery to public companies, sold ProNerve and American Physicians to private equity, and sold Denver CyberKnife to a private company. Thramann is the founder of each of these companies except Aclarion. 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. 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. Following closing of the business combination, the holding companys board of directors will initially consist of Auddias current board of directors, who expect to appoint a new CEO for the Auddia business. Jeff Thramann, Auddias current CEO, will continue as CEO of the public holding company while John Mahoney, Auddias current CFO, will continue in his position as CFO of the public holding company and oversee the finances of all subsidiaries.