AudioEye (NASDAQ:AEYE), a company based in Tucson, Arizona, specializes in providing digital accessibility solutions. The sale was completed under an agreement involving other selling stockholders and was previously disclosed by the company. InvestingPro subscribers can access 14 additional investment tips and a comprehensive Pro Research Report, offering deeper insights into AudioEye's financial health and growth prospects. InvestingPro subscribers can access 14 additional investment tips and a comprehensive Pro Research Report, offering deeper insights into AudioEye's financial health and growth prospects.
Following this sale, Jamil retains ownership of 195,000 shares indirectly through TurnMark Partners L.P., and 117,507 shares directly. The transaction was part of a secondary offering, as outlined in an underwriting agreement with Needham & Company, LLC, acting as the representative of the underwriters.
AudioEye, a company based in Tucson, Arizona, specializes in providing digital accessibility solutions. The sale was completed under an agreement involving other selling stockholders and was previously disclosed by the company.
In other recent news, AudioEye has reported strong financial growth in its third quarter of 2024 earnings call. The company experienced a 21% annualized increase in revenue, reaching $8.93 million, and an impressive adjusted EBITDA of $2 million, a 23% margin. AudioEye has adjusted its revenue projections for Q4 2024 to between $9.7 million and $9.8 million.
In addition, AudioEye has announced a secondary offering of its common stock, to be sold by certain stockholders. The offering is being conducted under a shelf registration statement, which was declared effective by the Securities and Exchange Commission (SEC). Needham & Company is serving as the Sole Book-Runner, with Roth Capital Partners (WA:CPAP) acting as Lead Manager for the transaction.
H.C. Wainwright maintained a Buy rating on AudioEye shares and upgraded the price target to $37.00 from $28.00, following the company's strong financial performance. The analyst at H.C. Wainwright noted AudioEye's high gross margin of approximately 80% and potential for further growth.
Lastly, AudioEye has fortified its balance sheet through its At-the-Market (ATM) offering program, providing flexibility for potential mergers and acquisitions. The company's recent acquisition of ADA Site Compliance and strategic partnerships with Finalsite and CivicPlus are expected to significantly boost revenue growth and enhance AudioEye's product offerings. These are the recent developments for AudioEye.
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