SoundHound AI rises on $100 mln strategic financing

AI

17/04/2023 14:28

** SoundHound AI Inc's  SOUN.O  shares up 7.2% at $2.83
premarket after conversational artificial intelligence firm
secures financing
    ** SOUN announces $100 mln in strategic financing from
Houston-based Atlas Credit Partners, including ability to upsize
to $125 mln
    ** Transaction completes plans announced at beginning of
2023 to refinance current debt, further solidify balance sheet,
co says
    ** New facility replaces existing $30 mln debt with more
favorable structure that reduces cash outflows and extends the
maturity date to 2027, co says
    ** Through Fri close, SOUN shares up 49% YTD. Stock has
gotten a boost by retail investors piling into AI names after
Microsoft's  MSFT.O  multi-billion dollar investment in OpenAI,
startup behind the sensational ChatGPT chatbot

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))