On June 7, 2024, SoundHound AI, Inc. completed the prepayment of its outstanding debt under a Senior Secured Term Loan Credit Agreement, originally entered into on April 14, 2023. The company paid a total of $105 million, which included a $5 million prepayment premium, to settle the $100 million term loan in full. This transaction also involved the termination of the Credit Agreement and the release of all liens and encumbrances on the company's assets. As a result of this repayment, SoundHound AI's cash balance stands at approximately $180 million with no outstanding debt. The company anticipates a one-time charge of about $16 million related to debt extinguishment to be recorded in its Q2 financial statements for 2024. The payoff letter, confirming the fulfillment of these obligations and the termination of the related loan documents, was filed with the SEC as part of a Current Report on Form 8-K.

On June 7, 2024, SoundHound AI, Inc. completed the prepayment of its outstanding debt under a Senior Secured Term Loan Credit Agreement, originally entered into on April 14, 2023. The company paid a total of $105 million, which included a $5 million prepayment premium, to settle the $100 million term loan in full. This transaction also involved the termination of the Credit Agreement and the release of all liens and encumbrances on the company's assets. As a result of this repayment, SoundHound AI's cash balance stands at approximately $180 million with no outstanding debt. The company anticipates a one-time charge of about $16 million related to debt extinguishment to be recorded in its Q2 financial statements for 2024. The payoff letter, confirming the fulfillment of these obligations and the termination of the related loan documents, was filed with the SEC as part of a Current Report on Form 8-K.