Summary by Moomoo AI
SoundHound AI has triggered the mandatory conversion of its remaining Series A Convertible Preferred Stock after meeting the required stock price conditions. The conversion was initiated as the company's Class A common stock maintained a daily volume-weighted average closing price of at least $2.50 for 90 trading days during a 120-day period starting February 14, 2024.The conversion will affect 58,574 shares of Series A Preferred Stock, resulting in the issuance of approximately 2.13 million shares of Class A common stock to the holders. Following this mandatory conversion, no Series A Preferred Stock will remain outstanding, simplifying the company's capital structure.
