SoundHound AI, Inc. announced that it reached an agreement with its lenders to prepay its outstanding $100 million debt in full. This agreement significantly reduces the early payment costs and enables SoundHound to save over $55 million of interest and fees that would have been due over the remaining duration of the loan. The transaction also frees up approximately $14 million of restricted cash.

After paying off the existing debt, SoundHound has a cash balance of about $180 million and no outstanding debt, giving the company ample flexibility and a strong liquidity position.