What's Going On With SoundHound AI Stock?

SoundHound AI, Inc. SOUN shares traded lower Tuesday after the company filed for a mixed shelf offering.

What To Know: SoundHound filed a three year shelf registration statement on Form S-3 for up to $400 million. The filing will enable efficient access to capital if the company needs additional liquidity over the next few years.

SoundHound said it had approximately $130 million of total cash as of June 30 and noted that the filing does not obligate the company to raise additional capital.

SoundHound also announced that it will report its 2023 second-quarter financial results on Aug. 8. The company will host a conference call at 5:30 p.m. ET on the same day to review the results.

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SOUN Price Action: Shares of SOUN closed Tuesday down 20.2% at $2.33, according to Benzinga Pro.

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