AI voice tech provider SoundHound stock plunges 46% – Seeking Alpha
zimmytws/iStock via Getty Images
zimmytws/iStock via Getty Images
Newly public SoundHound AI (SOUN) stock plunged 46% in afternoon trading Monday.
Shares of SoundHound (SOUN), a provider of voice AI technology that allows customers to interact with products through speech, opened at $7.95. The stock bumped up to a high of $8.12 in early trading before tumbling, recently changing hands at $4.30, down 46%, at approximately 2:55 p.m. ET.
The company’s clients include Hyundai, Mercedes-Benz, Pandora, Deutsche Telekom, Snap, Vizio, Kia and Stellantis.
SoundHound (SOUN) went public on April 28 through a merger with Archimedes Tech SPAC partners. The deal, which was announced in November, had pegged the company at a pro forma enterprise value of $2.1B.
For a closer look at SoundHound (SOUN), check out SA contributor Donovan Jones’s “Archimedes Completes SPAC Merger with SoundHound A.I.”