TUCSON, Ariz., Aug. 7, 2018 /PRNewswire/ -- AudioEye, Inc.
(OTCQB: AEYE) ("AudioEye" or the "Company"), the leader in cloud-based software-as-a-service (SaaS) digital content accessibility
solutions, today closed the previously announced private placement of 26,000,000 shares of common stock to certain eligible
investors for an aggregate purchase price of approximately $6,500,000, or $0.25 per share, with the first tranche of 24,800,000 shares being issued on the date hereof for an aggregate
purchase price of $6,200,000 funded immediately and the second tranche of 1,200,000 shares being
issued on or about August 20, 2018 for an aggregate purchase price of $300,000.
AudioEye Executive Chairman, Dr. Carr Bettis, commented, "We are pleased to announce the
closing of this financing as we look to an exciting future for AudioEye. This financing will enable AudioEye to further its
progress on a number of fronts, including our business growth strategies and anticipated uplisting to Nasdaq."
B. Riley FBR, Inc. acted as sole placement agent for the offering.
The securities described above have not been registered under the Securities Act of 1933, as amended (the "Securities Act"),
or any state or other jurisdiction's securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration requirements of the Securities Act and
applicable state or other jurisdictions' securities laws. The Company has agreed to file a registration statement with the
Securities and Exchange Commission registering the resale of the shares of common stock to be issued and sold in the private
placement. If any shares are unable to be included on the initial registration statement, AudioEye has agreed to file subsequent
registration statements until all the shares have been registered. The registration rights agreement imposes certain customary
cash penalties on AudioEye for, among other things, its failure to file the initial registration statement within 30 days of
closing.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About AudioEye, Inc.
AudioEye is a technology company serving businesses committed to providing equal access to their digital content. Through
patented technology, subject matter expertise and proprietary processes, AudioEye is transforming how the world experiences
digital content. Leading with technology, AudioEye identifies and resolves issues of accessibility and enhances the user
experience, making digital content more accessible and more usable for more people.
Forward-Looking Statements
Any statements in this press release about AudioEye's expectations, beliefs, plans, objectives, prospects, financial
condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term
is defined under the federal securities laws. These statements are often, but not always, made through the use of words or
phrases such as "believe", "anticipate", "should", "intend", "plan", "will", "expects", "estimates", "projects", "positioned",
"strategy", "outlook" and similar words. You should read the statements that contain these types of words carefully. Such
forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to
differ materially from what is expressed or implied in such forward-looking statements, including the effectiveness of the
reverse stock split, including FINRA's and NASDAQ's approval thereof, the Company's plans to list its common stock on NASDAQ and
the impact the reverse stock split or any such listing may have on the Company's business, prospects and/or stock price. There
may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Other risks
are described more fully in AudioEye's filings with the Securities and Exchange Commission. Forward-looking statements reflect
management's analysis as of the date of this press release and AudioEye urges you not to place undue reliance on these
forward-looking statements. AudioEye does not undertake any obligation to release publicly any revisions to such forward-looking
statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.
For Further information, please contact:
Matt Kreps, Darrow Associates Investor Relations
Email: mkreps@darrowir.com
Phone: (214) 597-8200
Todd Bankofier, AudioEye Chief Executive Officer
Email: tbankofier@audioeye.com
Phone: (520) 308-6140
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SOURCE AudioEye, Inc.