SoundHound AI (SOUN, Financials) stock dropped 10.1% to $9.28 as of 11:46 a.m. GMT-5 on Tuesday after the company announced a delay in filing its annual report for 2024.
The artificial intelligence company mentioned internal control flaws over financial reporting and the difficulty of accounting for two acquisitions as causes of concern. Within the 15-day extension time permitted by SEC rules, the business plans to turn in their Form 10-K by March 18.
In January 2024, the Santa Clara, California-based company bought Synq3, Inc.; in August 2024, Amelia Holdings, Inc. Completed via a mix of cash and stock transactions, the acquisitions have complicated financial reporting and added time to the process.
SoundHound AI underlined once again that, as of December 31, 2024, it has found substantial shortcomings in its internal controls over financial reporting. The corporation withheld specifics on the remedial actions being implemented.
The delay follows SoundHound AI's Feb. 27, fourth-quarter financial results disclosure. While its profits per share were at -$0.69, below analyst forecasts by $0.60, the firm earned $34.54 million in income, a 101.45% rise year-over-years.
Assuring investors that the business is trying to remedy the reporting issues and satisfy the new filing date, CEO Dr. Keyvan Mohajer signed off on the SEC notice.
This article first appeared on GuruFocus.免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。