SOUN - Why SoundHound AI Stock Is Moving Lower Wednesday | Benzinga
SoundHound AI Inc (NASDAQ:SOUN) shares are trading lower Wednesday morning after the company filed for an offering of up to $150 million of its common stock.
What Happened: In a new regulatory filing, SoundHound said it entered into an equity distribution agreement in which the company may offer and sell up to $150 million of its Class A common stock from time to time in an at-the-market equity program.
Managers for the offering include Citigroup Global Markets, Barclays Capital, Wedbush Securities, Northland Securities and Ladenburg Thalmann & Co. Under the Agreement, the managers will be entitled to a commission at a fixed rate of 2.5% of the gross ...