What's Going On With SoundHound AI Stock?

SoundHound AI Inc SOUN shares are trading lower Thursday. The company announced it's unable to file its quarterly results as planned due to immaterial accounting errors.

What Happened: In a new regulatory filing, SoundHound AI said it determined it can't file its quarterly report for the third quarter without unreasonable effort or expenses. 

The company noted that it was unable to file because it identified immaterial accounting errors related to historical financing transactions. SoundHound AI said it expects to report in its Form 10-Q material weaknesses in its internal control over financial reporting.

The news comes a week after SoundHound AI reported preliminary third-quarter financial results that beat analyst estimates. The stock has rallied approximately 28% over the last week. 

See Also: What's Going On With Alibaba Stock Thursday?

SOUN Price Action: SoundHound AI shares were down 2.24% at $2.18 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.