Audie's executive chairman Jeff Suraman has replaced retired Michael Lawless.
A new independent board member with experience in AI infrastructure and an evaluation of entrepreneurial ventures added to form a special committee
Special Committee assessing the merits of the combination of opportunistic business restructuring with Ouddia as a subsidiary of AI native holding company
Boulder, Colorado, July 9, 2025 (Globe Newswire) – Audia Inc. (NASDAQ: AUUD) (NASDAQ: AUUDW) (“Auddia” or “Company”) today announced that Jeff Thramann has taken over Michael Lawless as CEO of Audia. Michael Lawless is retired after 13 years of major Audia and its predecessor, Clip Interactive.
The company has added three new independent board members with an evaluation of AI infrastructure experience and entrepreneurial opportunities. The new executives are Nick Valletta, Emmanuel de Booker and Josh Srog. They have replaced existing independent board members Steve Deitch, Tim Hanlon and Tom Burch. The new board will establish an independent member special committee to assess opportunities for transformative business combinations, rebuild it into an AI native holding company, and provide AI capabilities to portfolio companies.
Jeff Suraman will continue to serve as Chairman of Auddia and will oversee the proposed restructuring, directed by the Special Committee in his new role as CEO. If the restructuring is completed, Jeff Suraman will serve as CEO of the holding company and Audia will become a wholly owned subsidiary. It is expected that the new Ouddia CEO will be named around that time.
The holding company's mission, which is valued by the special committee, is to provide portfolio companies with enhanced AI capabilities through its own AI data center solutions and centralized AI leadership and development teams. The provision of AI data centers is expected to significantly reduce the cost of training and inference execution of these models for holding company portfolio companies.
The AI Leadership Team will work with portfolio companies to establish AI First Culture in terms of leveraging AI to improve operational efficiency, while the centralized AI development team aims to provide portfolio companies with world-class data analytics and machine learning expertise. By centralizing AI talent at the holding company level, management believes that portfolio companies have access to a higher level of talent than they can individually protect. Additionally, cross-pollination achieved by allocating central AI resources to multiple portfolio companies is expected to bring about greater innovation and superior AI model development.
The announced leadership changes and proposed restructuring are the results of a comprehensive analysis of strategic alternatives over the past nine months, in collaboration with Jeffs Raman and the board of directors, working with the management team and external consultants. This process has created an opportunity to evaluate the combination of FAIDR update plans and businesses that are expected to serve as catalysts to support the company's proposed restructuring.
“I would like to thank Michael Lawless for his commitment to the Clip Interactive and Audio missions over the past 13 years and for his support in supporting this potential restructuring position,” Jeff Suraman said.
The Special Committee cannot encourage the Company to proceed with a restructuring or other alternative strategic transactions, or if the Special Committee recommends an alternative strategic transaction, it cannot guarantee that it will be completed as described herein or at all.
About Audia Inc.
Audia is reinventing how consumers engage with AM/FM radio, podcasts and other audio content through its proprietary AI platform for audio identification and classification. Called Faidr, Audia's flagship Audio SuperApp brings the audio streaming landscape to the first of multiple industries.
- Subscription-based, free ad listening on AM/FM radio stations
- Content that skips across AM/FM stations
- One Skip of the Whole Podcast Ads Brokes
- Subscription-based, free ads listening to Podcast Partners
FAIDR also offers exclusive content and playlists, showing you exciting new artists picked by curators and DJs by hand. For more information, please visit www.auddia.com.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not historical facts such as “expected,” “believe,” “expected,” or similar expressions are forward-looking statements. These forward-looking statements are based on current management plans and expectations, including any proposed restructuring that includes completion, including statements relating to the company's strategic direction, if any, and are subject to many uncertainties and risks that could significantly affect the company's current plans and future outcomes, as well as future outcomes. These and other risks and uncertainties have been discussed more fully in their filings with the Securities and Exchange Commission. Readers are encouraged to review the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, and the annual report and subsequent subsequent filings made with the Securities and Exchange Commission. Any forward-looking statements contained in this announcement will be made as of this date and the Company has no obligation to publicly update or amend any forward-looking statements as a result of new information, future events, or other results.
Investor relations:
Kirin Smith, CEO
PCG Advisory, Inc.
ksmith@pcgadvisory.com
www.pcgadvisory.com
