Archimedes Tech SPAC restates IPO balance sheet; reclassifies all public subunits as temporary equity

SOUNDHOUND AI, INC.

Amends March 2021 8-K: all 12M public subunits reclassified from permanent to temporary equity at $120M redemption value.
Private warrants now recorded as derivative liabilities ($253K) instead of equity; cash position unchanged at $1.0M.
Audited balance sheet as of March 15, 2021 includes $120M in trust and $1.0M cash; total assets $121.7M.
Going concern warning: only $36K outside trust as of March 2022, may not sustain operations beyond 12 months.
Must complete business combination by September 15, 2022 or liquidate; no substantive discussions with targets as of IPO.

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