Item 5. Market for Registrant’s Common Equity
Item 5.
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock has
been traded on the Nasdaq Stock Market under the symbol “AUUD” since our IPO on February 17, 2021. Our Series A Warrants have
been traded on the Nasdaq Stock Market under the symbol “AUUDW” since our IPO on February 17, 2021. As of March 29, 2024,
there were approximately 138 holders of record of our common stock and 1 holder of record of our Series A warrants. These numbers are
based on the actual number of holders registered at such date and does not include holders whose shares are held in “street name”
by brokers and other nominees.
Dividends
We have never paid any
cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for use in the operation
of our business and do not anticipate paying any cash dividends on our common stock in the foreseeable future. Any future determination
to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results,
capital requirements, general business conditions and other factors that our board of directors may deem relevant.
Recent Sales of Unregistered Securities
During the year ended December 31, 2023, all sales
of unregistered securities by the Company have been previously reported on a Form 8-K or Form 10-Q.
Use of Proceeds
On February 16, 2021, the U.S. Securities and
Exchange Commission declared effective our registration statement on Form S-1 (File No. 333-235891), as amended, filed in connection with
our IPO. There has been no material change in the planned use of proceeds from our IPO from that described in the related prospectus dated
February 16, 2021, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act. As described in such IPO prospectus, we have
used IPO proceeds to reduce our bank debt by $4.0 million, to fund a $2.0 million cash reserve to serve as collateral for our remaining
$2.0 million of bank debt that replaced collateral previously provided by a related party, to pay down a significant percentage of our
accounts payable as of December 31, 2020, and to pay deferred compensation owed to a related party.
In July 2021, certain holders of our
publicly traded Series A Warrants exercised approximately 44,000 warrants for approximately 1.1 million shares of common stock at
the cash exercise price of $113.4375 per share and as a result, we received additional cash proceeds of approximately $5.0 million.
In addition, we paid the remaining $2.0 million, out of our restricted cash, to pay off and terminate our line of credit.
Issuer Purchases of Equity Securities
We did not repurchase any of our equity securities during the period
covered by this Annual Report.
Item 6.
[Reserved]
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