Dive Brief:
- Timothy Ackerman, CFO of proprietary AI developer Auddia, announced his resignation from his role on Monday, according to a filing with the Securities and Exchange Commission.
- Ackerman’s resignation marks the end of a very brief stint at the company’s top financial seat — he started the role in February — and he has agreed to stay with the firm for the next several months in a consulting capacity. The company’s CEO Michael Lawless will be taking over on an interim basis, effective June 30, the filing said.
- The outgoing CFO’s departure did not result “from any disagreement or difference of opinion with the Company with respect to its internal controls, financial statements, audit scope limitations, audit reports, or management representations nor was it otherwise connected in any way with the Company’s financial controls or audit procedures,” the filing said.
Dive Insight:
Boulder, Colorado-based Auddia, which developed a proprietary AI platform for podcasts, has hired an executive search firm to find a permanent CFO, according to the SEC filing. When Ackerman joined the company earlier this year, he succeeded Brian Hoff who had resigned from the company in November of 2022, according to a company statement.
Prior to coming to Auddia, Ackerman held another CFO position at a venture capital-backed data processing and analytics SaaS company called Premier Crop Systems. Before that, he was vice president of finance at CSG International, another SaaS company.
“We're excited to add Tim to the Auddia team following our recent launches of faidrRadio and our proprietary streaming system," said CEO Lawless in the company statement announcing Ackerman’s appointment.
Auddia completed its initial public offering in February 2021. The company is now focusing on developing technologies for audio media companies and consumers of audio media instead of technologies for the broadcast radio industry. However, Auddia is struggling financially and has expressed doubts about its future.
”As a result of the company’s recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern,” the company said in a May 19 SEC filing signed by Lawless and Ackerman.
Auddia recently raised $1.87 million in funding for the quarter ending March 31, 2023, which the company estimates will allow them to fund its operations into the third quarter of this year. However, these assumptions may be faulty, the company acknowledged in its May 19 filing.
