Audioboom has seen shifts in leadership over the past year, and now it is looking for an even bigger change. The podcast company confirmed that it is open to finding a buyer. It has hired Raine Advisors to help them “deliver maximum value for its shareholders” and that it will consider options including a potential sale.
In addition to looking for new business directions, Audioboom also secured $4 million last week. The joint-loan came from Candy Ventures, an existing backer, and from Audioboom Chairman Michael Tobin.
“Historically, the growth of Audioboom has been financed by the issue of equity with consequential dilution to the company’s shareholders, and the board believes that the expectation of potential equity issues has had a negative impact on the company’s share price,” the company said in a statement. “The board is increasingly confident in management’s ability to forecast performance and growth prospects, as demonstrated by the recently announced 2019 year-end trading update, in which market expectations were exceeded for the first time in the company’s history.”