BOULDER, CO, Dec. 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, today announced the appointment of John Mahoney to the role of Chief Financial Officer. Mr. Mahoney succeeds Tim Ackermann, who resigned June 30, 2023.

Mr. Mahoney brings over twenty years of finance and operational experience in the services industry spanning both publicly traded and privately held companies. His Auddia appointment follows roles with Quality Biomedical, Inc., a private equity backed and leading service provider in the home medical equipment industry, where he served as CFO. While at Quality Biomedical, Mr. Mahoney spent time raising funds, scaling the business through a national expansion and driving financial discipline and efficiencies across the organization. Prior to Quality Biomedical, Mr. Mahoney served as Principal and Chief Financial Officer, at CFO Leadership Services, LLC, a fractional CFO consulting firm. Prior to CFO Leadership Services, he spent nearly a decade at First Data Corporation in various leadership roles in the finance organization, including supporting investor relations, audit, SEC reporting and SOX compliance.

"John is a fantastic addition to the Auddia team. His experience as a CFO combined with the energy he brings to take on broader operational projects is a perfect fit for our dynamic company,” said CEO Michael Lawless. "John will play a key role in helping us achieve 2024 goals which require broad and deep experience.  Given that we are targeting key acquisitions in the coming months, he’s the right person to help the company succeed with those initiatives and scale successfully thereafter. We’re excited to have him on the team.”

In connection with Mr. Mahoney's appointment, the compensation committee of Auddia's board of directors granted Mr. Mahoney (i) an inducement stock option to purchase an aggregate of 275,000 shares of Auddia common stock, and (ii) a second inducement option to purchase an aggregate 192,500 shares of Auddia common stock. These stock options were agreed to and granted as an inducement material to Mr. Mahoney entering into employment with Auddia in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $0.25 per share, which was equal to the closing price of Auddia's common stock on the grant date. The first option grant vests in four equal annual installments, subject to continued service with the Company. The second option grants vests 50% at two years, and then two 25% annual installments thereafter, subject to continued service with the Company. The options have a 10-year term. The options will become fully vested if Mr. Mahoney is terminated without cause or if he terminates for good reason during the 12-month period following a change in control.