Legible Inc. Expands into the Audiobook Market and Announces Private Placement

The company aims to enhance user experience by onboarding thousands of audiobooks and securing funds through a Unit Offering

VANCOUVER, British Columbia–Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) has announced plans to introduce audiobooks on its platform, broadening its content offerings and capitalizing on the growth in the global audiobook market. The market is expected to reach $19.7 billion by 2028 and grow annually by 26.4% between 2023 and 2030. Audiobook integration in the Legible Wander app aims to enhance user experience and accessibility, aligning with the company’s vision of making books available to everyone. The expansion is projected to drive significant revenue through both customer and B2B business partnerships.

“Audiobooks provide a convenient and enjoyable way for people to access books on the go,” said Kaleeg Hainsworth, Legible Founder and CEO. “We are excited to introduce this immersive experience to our platform, in line with our vision of making books accessible to everyone, regardless of their reading preferences.”

The company will be onboarding audiobooks from its existing network of publishers and distributors across various genres. It will continue to innovate and improve its audiobook offering by exploring new features such as personalized recommendations, bookmarking, and synchronization between text and audio versions.

In addition to its expansion, Legible has announced a non-brokered private placement of Units for gross proceeds of up to $540,000, to be issued pursuant to exemptions from applicable Canadian securities laws. Each Unit consists of one Common Share and one Common Share purchase warrant, with the offering expected to close around June 1, 2023. The funds raised will be used for general working capital purposes, including technology development, product and feature releases, marketing awareness, and conversion campaigns.

About Legible Inc.

Legible Inc. is a book entertainment and media company focused on providing innovative eReading experiences globally. With its B2C eBook entertainment platform, Legible.com, and B2B eBook conversion and production service, Legible Publishing, the company is transforming the digital publishing industry and gaining market share via innovative publishing and global reading experiences while promoting sustainability, accessibility, and global literacy.