secwatch.observer — SEC 8-K summary
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Issuer:     SOUNDHOUND AI, INC. (SOUN)
CIK:        0001840856
Form:       8-K
Filed at:   2023-04-17T23:59:59+00:00
Accession:  0001213900-23-030044
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 3.02, 3.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SoundHound AI closes $100M term loan from Atlas Credit Partners, repays $30M prior debt
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- New $100M senior secured term loan from Atlas Credit Partners, funded at closing; upsizable to $125M.
- Proceeds used to repay ~$30M of existing facilities (Structural & SVB) and add over $100M cash to balance sheet.
- Loan bears interest at SOFR+8.50% or ABR+7.50%, matures April 2027, no scheduled amortization.
- Issued warrant for 3,301,536 shares at $2.59 per share to the agent.
- Company expects >$100M cash after closing; backlog $332M as of Dec 31, 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840856/000121390023030044/0001213900-23-030044-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840856/000121390023030044/ea176992-8k_soundhound.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-030044

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