Archimedes Tech SPAC Partners Co. (NASDAQ:ATSPT) has added $2 million to their PIPE for its combination with voice AI firm SoundHound, bringing the deal’s total PIPE proceeds to $113 million.
The SPAC entered into a subscription agreement with an accredited investor on April 9, to which the new subscriber agreed to purchase 200,000 shares of Class A Common Stock of Archimedes, at a purchase price of $10.00 per share. The original PIPE of $111 million already covered the deal’s $111 million minimum cash condition, but today’s additional investment will provide extra cushion in a high redemption environment.
The PIPE drew a mix of strategic and institutional investors including Oracle (NYSE:ORCL), Koch Industries, MKaNN Ventures, Cota Capital, VIZIO, HTC, Foxconn subsidiary FIH Mobile, Structural Capital, Provco Group, Sompo, and Pejman Nozad.
Archimedes also announced today that it has amended the lock-up agreement with the CEO of SoundHound, Keyvan Mohajer, to extend the period from six months to one year from the date of the closing of the merger.
The SPAC initially announced the $2.1 billion combination with Sound Hound in November of last year. Santa Clara, California-based SoundHound provides AI-powered voice engagement tools for a wide range of companies including car manufacturers and device-makers.
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