SoundHound AI Completes Conversion of Preferred Equity into Class A Common Stock
27 Juni 2024 - 3:00PM
Business Wire
SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice
artificial intelligence, today announced that all existing shares
of series A preferred stock will automatically convert to class A
common stock.
In January 2023, the company raised preferred equity financing
from a diverse set of financial and strategic investors. According
to the terms of the series A preferred, SoundHound had the right to
have all investors automatically convert their shares after the
one-year anniversary of issuance if certain conditions were met.
Driven by strong performance that overachieved the stock price
condition for the automatic conversion, the majority of the
preferred stock had already been voluntarily converted to common
stock by holders. With the announced automatic conversion of the
remaining shares, the preferred stock will no longer be outstanding
and all rights with respect to the preferred stock will cease.
This automatic conversion of the remaining shares of series A
preferred stock follows SoundHound AI's full repayment of $100
million of outstanding debt, announced earlier this month.
Refer to the Current Report on Form 8-K filed on June 27, 2024
for more information regarding the terms of the preferred equity
agreement and automatic conversion of the preferred stock.
About SoundHound AI
SoundHound AI (Nasdaq: SOUN), a global leader in conversational
intelligence, offers voice AI solutions that let businesses offer
incredible conversational experiences to their customers. Built on
proprietary technology, SoundHound’s voice AI delivers
best-in-class speed and accuracy in numerous languages to product
creators across automotive, TV, and IoT, and to customer service
industries via groundbreaking AI-driven products like Smart
Answering, Smart Ordering, and Dynamic Drive-Thru, an AI-powered
multimodal food ordering solution. Along with SoundHound Chat AI, a
powerful voice assistant with integrated Generative AI, SoundHound
powers millions of products and services, and processes billions of
interactions each year for world class businesses.
www.soundhound.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240627900670/en/
Investors: Scott Smith 408-724-1498 IR@SoundHound.com
Media: Fiona McEvoy 415-610-6590 PR@SoundHound.com
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