Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
AUDDIA INC. entered into Purchase Agreement with M/s APPSMARTZ and M/s RADIOFM valued at $13,000,000 in cash plus an earnout payment of $2,000,000 (effective 2024-01-26).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- M/s APPSMARTZ and M/s RADIOFM
- Value
- $13,000,000 in cash plus an earnout payment of $2,000,000
- Effective
- 2024-01-26
Exact text from the filing
On January 26, 2024, Auddia Inc., a Delaware corporation (the “Company”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with (i) M/s APPSMARTZ, a Partnership Firm constituted under Indian Partnership Act of 1912 and organized under the laws of India (“AppSmartz”) and (ii) M/s RADIOFM, a Partnership Firm constituted under Indian Partnership Act of 1912 and organized under the laws of India (“RadioFM”, together with AppSmartz, each a “Seller” and collectively the “Sellers”), pursuant to which the Company has agreed to acquire certain assets, and assume certain liabilities, comprising Sellers’ mobile application, internet radio and streaming business (the “Business”) for a purchase price of $13,000,000 in cash plus an earnout payment of $2,000,000 if certain milestones are reached (the “Asset Purchase”).
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