Why Auddia Stock Is Trading Down Today

Auddia Inc. AUUD shares are lower Tuesday after the company announced that it has entered into a securities purchase agreement with institutional investors to purchase 4,735,000 shares of common stock in a registered direct offering priced at-the-market.

What To Know: The gross proceeds to the company are estimated to be approximately $3.1 million before deducting the placement agent's fees and other estimated offering expenses.

The offering price for each share of common stock will be $0.65 and the offering is expected to close on or about June 15, 2023.

Auddia shares are also trading lower on an abnormally-high volume.

Related Link: What's Going On With Netflix Shares

AUUD Price Action: Shares of AUUD were down 52.1% at $0.58 at the time of publication, according to Benzinga Pro.

Image by Jan Vašek from Pixabay