Summary by Moomoo AI
On April 9, 2024, SoundHound AI, Inc. announced the entry into an Equity Distribution Agreement with multiple financial institutions, including Citigroup Global Markets Inc., Barclays Capital Inc., and others, to initiate an at-the-market equity program. The program allows SoundHound AI to offer and sell up to $150 million of its Class A common stock through the appointed sales managers. The managers will receive a 2.5% commission on the gross sales price of the shares sold. The sales may occur through various market transactions, and the company has the discretion to sell the shares and may suspend or terminate the offering at any time. The offering is made under a previously filed Registration Statement on Form S-3 and is supplemented by a prospectus filed with the SEC. SoundHound AI has also agreed to indemnify the managers against certain liabilities.