Oracle Corp ORCL:NYSE

Last Price$82.22NYSE Previous Close - Last Trade as of 7:00PM ET 1/21/22

Today's Change-0.50(0.60%)
Bid (Size)$81.80 (3)
Ask (Size)$81.99 (1)
Day Low / High$82.03 - 83.39
Volume11.6 M

Voice AI Company SoundHound to Become Publicly Listed in Merger Deal With Archimedes Tech SPAC

3:47PM ET 11/16/2021 MT Newswires
Archimedes Tech SPAC Partners (ATSPT) and SoundHound have struck a deal that will take the audio and speech recognition company public, giving it a roughly $2.1 billion pro forma enterprise valuation, the companies said Tuesday.

The merger with the blank-check company will accelerate SoundHound's "mission to voice-enable the world with conversational intelligence," said Keyvan Mohajer, SoundHound's chief executive.

The combined entity will be called SoundHound AI and expects to list its shares on Nasdaq under the SOUN ticker. As part of the deal, SoundHound's outstanding equity will be converted into equity of the combined company.

"Much like Apple (AAPL) disrupted and revolutionized human-machine interaction via the perfection of touch, SoundHound is poised to disrupt and revolutionize human-machine interaction via voice," said Archimedes Chair Eric Ball.

The transaction would provide gross proceeds of up to $244 million, including $111 million from a fully committed common equity private investment in public equity at $10 per share, anchored by Oracle (ORCL), Koch Industries and MKaNN Ventures, Archimedes and SoundHound said.

SoundHound's management team will remain intact, following closing.

The deal has received approval from boards of each company and is expected to close in the first quarter of 2022, subject to shareholder approval and other conditions.

Price: 9.89, Change: +0.07, Percent Change: +0.71