SoundHound AI drops on $250 mln stock sale plans

Bgc

28/01/2025 14:24

**  Shares of SoundHound AI  SOUN.O  down 4.6% at $13.42
before the bell after artificial intelligence voice provider
files up to $500 mln mixed shelf
  
    ** As part of the shelf, Santa Clara, California-based firm
may sell up to $250 mln of shares in ATM (at-the-market)
program, per the 
  
    ** Co says on Jan 27, it entered into equity sales agreement
with Cantor Fitzgerald, Guggenheim, Oppenheimer, Wedbush,
Ladenburg and Northland Secs for the ATM
  
    ** Says intends to use net proceeds from sales for general
purposes, including investments or acquisitions, though adds it
currently has no specific acquisition contemplated
  
    ** 
  
    ** SOUN shares on Mon closed down 11.2% at $14.07 as China's
 AI model hammered tech stocks, including record market-cap loss
for NVDA
  
    ** Through Mon, SOUN shares off 29% YTD. Stock was trading
just below $2 a year ago
  

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