Summary by Moomoo AI
SoundHound AI, Inc. (SoundHound AI), a leader in conversational intelligence, has entered into an Equity Distribution Agreement with several financial institutions, including Barclays Capital Inc., Piper Sandler & Co., D.A. Davidson & Co., H.C. Wainwright & Co., LLC, and Joseph Gunnar & Co., LLC, collectively known as the Managers. Under this agreement, SoundHound AI may offer and sell up to $120,000,000 of its Class A common stock. The stock is listed on the Nasdaq Global Market under the symbol 'SOUN.' The agreement allows for sales through the Managers acting as agents or principals, and includes provisions for 'at the market' offerings as defined by the Securities Act of 1933. The Managers will receive a fixed commission rate of 2.5% of the gross sales price per share sold. This move is part of SoundHound AI's strategy to strengthen its financial position and support its growth initiatives.
