Archimedes Tech (NASDAQ:ATSPT) announced this morning that its shareholders have voted to approve its combination with voice AI firm SoundHound in a special meeting held yesterday.
The press release gave limited details on the transaction, including redemptions, but ATSPT traded below its trust value throughout its redemption deadline on Friday, April 22.
Archimedes Tech recently added $2 million to their PIPE for its combination with 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 the additional investment will provide extra cushion in a high redemption environment.
The transaction closed today and the combined company, called SoundHound AI, Inc., will begin trading on Nasdaq under the new ticker symbol “SOUN” on April 28, 2022.
The parties initially announced the $2.1 billion combination on November 16, 2021. Santa Clara, California-based SoundHound provides AI-powered voice engagement tools for a wide range of companies including car manufacturers and device-makers.
SoundHound was recently named Frost & Sullivan Best Practices Company of the Year in North American Automotive Connected Voice Assistance Industry and expanded its leadership team with new executive appointments, including Nitesh Sharan, Chief Financial Officer, and Zubin Irani, Chief Revenue Officer.
ADVISORS
- Guggenheim Securities, LLC is serving as exclusive financial advisor and capital markets advisor to SoundHound.
- Ellenoff Grossman & Schole, LLP is serving as legal advisor to SoundHound.
- EarlyBirdCapital, Inc. is serving as financial advisor and Loeb & Loeb is serving as legal advisor to Archimedes.
Churchill Capital Corp X (NASDAQ:CCCXU) announced the pricing of its upsized $360 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCCXU”, Wednesday, May 14, 2025. The new SPAC aims to conduct a broad search for a business combination target leveraging its teams existing network and expertise. Churchill...
Jena II (NYSE:JENAU) has filed for a $200 million SPAC that brings serial SPAC leader William P. Foley II and his team back into the ring. This pedigree is clear in the terms the team has been able to command with just one right to a 1/20 share in each unit and 24 months to...
At the SPAC of Dawn Investors are set to get an update on Core CPI inflation readings this morning as de-SPACs continue to report on operational advances alongside their first quarter earnings. Among them, eVTOL developer Archer (NYSE:ACHR) noted that it is on track to deliver its first Midnight aircraft to the UAE in the...
Perimeter Acquisition Corp. I (NASDAQ:PMTRU) announced the pricing of its upsized $210 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PMTRU”, Tuesday, May 13, 2025. The new SPAC aims to combine with a target company with that can contribute to the re-industrialization of the United States economy,...
Horizon Space II (NASDAQ:HSPT) has signed a definitive agreement to combine with clinical stage biotech firm SL Bio Ltd. for $5.57 billion in equity consideration. Taipei, Taiwan-based SL Bio is developing drug candidates to treat several cancer types while also selling over-the-counter beauty products derived from natural extracts. The combined company is expected to trade...