StockMarketWire.com - Podcast company Audioboom ended plans to sell the company, citing limited interest. The news came as the company reported narrower third-quarter losses as a slate of new content bolstered revenue in the third quarter.

'In the current climate, there has been limited interest in paying the level of premium to the prevailing share price that the board considers would represent appropriate value for shareholders and, as such, the board has not taken these discussions [to sell the company] further,' Audioboom said.

The company also announced plans to raise £3.15 million at price of 225 pence, representing a significant premium of 26.8% to the last closing share price on 13 October.

In the three months to 30 September, the company reported an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of US$0.4 million representing an improvement of 59% year-on-year as revenue rose 15% to $6.5 million.

Brand advertiser count stood at 252 as at 30 September 2020, up 3% on 30 September 2019.

'New content partnerships with major tier one podcasts such as Rotten Mango and Skeptic Tank, plus strategic initiatives with Nielsen and Rogers Sports & Media will provide good momentum as we move into the final quarter, traditionally our strongest performing period,' the company said.






At 8:51am: [LON:BOOM] Audioboom Group share price was +10p at 187.5p



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