Facility materially reduces interest rate with added flexibility
TUCSON, Ariz., April 1, 2025 /PRNewswire/ — AudioEye, Inc. (Nasdaq: AEYE) (“AudioEye” or the “Company”), the industry-leading digital accessibility company, today announced a new $20 million loan facility with Bridge Bank, a division of Western Alliance Bank, Member FDIC (NYSE: WAL), a financial institution with over $80 billion of assets.
The new facility comprises a $12 million term loan, a $3 million revolver, and a $5 million delayed draw term loan for potential “tuck in” acquisitions. The rate of the new facility represents a significant reduction on the existing facility. The new facility will mature on the fifth anniversary of the facility’s closing. The initial $12 million term loan will fully repay AudioEye’s existing term loan, dated November 30, 2023, and further strengthen the Company’s cash position. The revolver and delayed draw term loan feature the same interest rate as the term loan and remain available for further strategic opportunities.
“Over the last few quarters, our operating leverage has become clear with material improvements in our credit profile. We expect further improvements in operating leverage this year, with adjusted EBITDA expected to increase by 42% year-over-year using the mid-point of the guidance previously issued. The new facility features a reduction of interest rate of approximately 6.5% and added flexibility for strategic opportunities,” said Kelly Georgevich, CFO of AudioEye. “We look forward to partnering with Bridge Bank and Western Alliance Bank through our next growth phase.”
Francesco Corradino, Director, Technology & Innovation Banking at Bridge Bank, added, “Bridge Bank is proud to be AudioEye’s banking partner as they continue in their mission of making the digital world more accessible for everyone. We believe in their market opportunity and unique approach to solving for accessibility. This loan reflects our team’s ongoing commitment to banking relationships with best-in-class companies like AudioEye.”
Bridge Bank’s Technology & Innovation Banking Group supports technology companies at all stages of their life cycles with customized banking services and credit solutions to help them navigate rapidly changing environments.
About AudioEye
AudioEye exists to ensure the digital future we build is accessible. The gold standard for digital accessibility, AudioEye’s comprehensive solution combines industry-leading AI automation technology with expert fixes informed by the disability community. This powerful combination delivers industry-leading protection, ensuring businesses of all sizes – including over 127,000 customers like Samsung, Calvin Klein, and Samsonite – meet and exceed compliance standards. With 24 US patents, AudioEye’s solution includes 24/7 accessibility monitoring, automated WCAG issue testing and fixes, expert testing, developer tools, and legal protection, empowering organizations to confidently create accessible digital experiences for all.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored commercial banking solutions with specialized expertise focused on life sciences and technology and innovation companies at every stage in their life cycle, from startup to IPO and beyond. With offices in major tech hubs across the country, Bridge Bank delivers the reach, resources, and market expertise that make a difference for its clients. Bridge Bank also serves the private equity and venture capital communities by providing banking solutions for portfolio companies and funds, plus banking solutions for small to mid-size businesses in the Bay Area. Bridge Bank is part of Western Alliance Bancorporation, which has more than $80 billion in assets. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director. For more information, visit Bridge Bank.
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. Forward-looking statements are often, but not always, made through the use of words or phrases such as “believe”, “anticipate”, “should”, “confident”, “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 contained herein include, but are not limited to, statements regarding future cash flows of the Company, acquisition opportunities, long-term growth prospects, and our adjusted EBITDA guidance. These 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 variability of AudioEye’s revenue and financial performance; sales channels and offerings; product development and technological changes; the acceptance of AudioEye’s products in the marketplace; the effectiveness of our integration efforts; competition; inherent uncertainties and costs associated with litigation; and general economic conditions. These and other risks are described more fully in AudioEye’s filings with the Securities and Exchange Commission. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Forward-looking statements reflect management’s view 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 update such forward-looking statements to reflect events or uncertainties after the date hereof.
Media Contact
Sierra Thomas
AudioEye PR
sierra.thomas@audioeye.com
Investor Contact
Tom Colton
Gateway Group, Inc.
AEYE@gateway-grp.com
949-574-3860
SOURCE AudioEye, Inc.