Summary by Moomoo AI
On August 6, 2024, SoundHound AI, Inc. entered into a Stock Purchase Agreement with IPSoft Global Holdings, Inc. and BuildGroup, LLC to acquire Amelia Holdings, Inc. The deal, valued at $80 million, includes $10 million in cash and over 13 million shares of SoundHound AI's Class A common stock. Additional shares may be issued based on revenue targets for 2025 and 2026. Concurrently, SoundHound AI assumed the Monroe Term Loan Facility from Amelia Holdings and paid $70 million to retire a majority of it, leaving a balance of $39.69 million. The loan facility, maturing on June 30, 2026, is secured by a first lien on substantially all of SoundHound AI's assets. The acquisition was completed on August 7, 2024, when Amelia Holdings merged into Firehorse Merger Sub, LLC, making it a wholly owned subsidiary of SoundHound AI. The transaction also involved the issuance of 8,902,967 shares exempt from registration under the Securities Act of 1933, as amended.
