SoundHound AI Announces Early Debt Pay Off Saving $55M Of Interest Fees And Freeing Up $14M Of Restricted Cash, $180M Cash Position, No Outstanding Debt, Giving The Co A Strong Liquidity Position
Portfolio Pulse from Benzinga Newsdesk
SoundHound AI, Inc. (NASDAQ:SOUN) has prepaid its $100 million debt, saving over $55 million in interest and fees, and freeing up $14 million of restricted cash. The company now has a cash balance of $180 million and no outstanding debt, providing strong liquidity and flexibility.
June 10, 2024 | 1:13 pm
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SoundHound AI has prepaid its $100 million debt, saving over $55 million in interest and fees, and freeing up $14 million of restricted cash. The company now has a cash balance of $180 million and no outstanding debt, providing strong liquidity and flexibility.
The prepayment of debt significantly improves SoundHound AI's financial position by saving $55 million in interest and fees and freeing up $14 million in restricted cash. This results in a strong liquidity position with $180 million in cash and no outstanding debt, which is likely to positively impact the stock price in the short term.
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