SoundHound AI Announces Early Debt Pay Off, Robust Cash Position, and Strengthened Financial Profile
SoundHound AI, Inc. (SOUN)
Company Research
Source: Business Wire
SANTA CLARA, Calif.--(BUSINESS WIRE)--SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today announced that it reached an agreement with its lenders to prepay its outstanding $100 million debt in full.This agreement significantly reduces the early payment costs and enables SoundHound to save over $55 million of interest and fees that would have been due over the remaining duration of the loan. The transaction also frees up approximately $14 million of restricted cash.After paying off the existing debt, SoundHound has a cash balance of about $180 million and no outstanding debt, giving the company ample flexibility and a strong liquidity position.“With the massive opportunity to deliver innovative AI around the world, our strong net cash position has meaningfully improved our financial profile," said Nitesh Sharan, CFO at SoundHound AI. “We now have a capital structure free of debt, which will allow us to move even more nimbly to capture the inc
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SOUN
Earnings
- 5/9/24 - Beat
SOUN
Sec Filings
- 6/24/24 - Form 4
- 6/24/24 - Form 4
- 6/24/24 - Form 4
- SOUN's page on the SEC website