Archimedes Tech SPAC Partners filed a prelim proxy on Form S-4 outlining its proposed merger with voice AI Tech Company SoundHound. The deal values the combined enterprise at $2.1 billion.
If approved, SoundHound AI would list on the Nasdaq under SOUN.
SoundHound has developed an independent voice AI platform that allows businesses across industries to integrate intelligent conversational voice assistants into their products.
As announced in November, the transaction is expected to deliver up to $244 million, including up to $133 million of cash held in Archimedes’ trust account, assuming no redemptions, and $111 million from a fully-committed PIPE.
The PIPE is anchored by Oracle, Koch Industries, and MKaNN Ventures as well as investments by Cota Capital, VIZIO, HTC, FIH Mobile (a Foxconn Technology Group company), Structural Capital, Provco Group, Sompo, Pejman Nozad, and others.
Although a shareholder meeting date was not set in the proxy, the SPAC has said the transaction is expected to close in the first quarter of 2022. Read more.
