What's Going On With SoundHound AI Stock?
Portfolio Pulse from Ryan Gustafson
SoundHound AI, Inc. (NASDAQ:SOUN) shares traded lower after the company filed for a mixed shelf offering of up to $400 million. The filing will allow the company to access capital efficiently if needed over the next few years. SoundHound also announced its Q2 2023 financial results will be reported on Aug. 8. Shares of SOUN closed Tuesday down 20.2% at $2.33.
July 25, 2023 | 8:58 pm
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SoundHound's stock price dropped after the company filed for a mixed shelf offering. The company's Q2 2023 financial results will be reported on Aug. 8.
The filing for a mixed shelf offering indicates that SoundHound may need to raise additional capital in the future, which can dilute existing shareholders' equity. This news, combined with the upcoming earnings report, has likely contributed to the drop in the company's stock price.
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