SoundHound AI stock fell on Tuesday after the maker of conversational voice AI technology disclosed that it will be late in filing its annual report with the U.S. Securities and Exchange Commission. A highflier last year, SOUN stock has tumbled this year.
In a notification to the SEC on Tuesday, SoundHound said that it is unable to file its form 10-K by the due date. It blamed the complexity of accounting for two acquisitions last year for delayed filing. Those acquisitions were Synq3 and Amelia Holdings.
The late filing comes after SoundHound previously identified "material weaknesses in its internal control over financial reporting."
SoundHound said it expects to file its form 10-K no later than March 18.
On the stock market today, SoundHound stock dropped 5.9% to close at 9.72. Earlier in the session, it fell as much as 13.7% to 8.91. Year to date through Tuesday's close, SOUN stock is down 51%. Last year, SoundHound stock soared 836%.
On Feb. 27, SoundHound beat Wall Street's targets for the fourth quarter and raised its outlook for full-year 2025. SOUN stock jumped on the news.
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