SEC Form 8-K Summary
Business context and reporting period
SoundHound AI, Inc. filed a Current Report on Form 8-K dated July 31, 2023, with the filing signed August 4, 2023. The filing reports a change involving the company’s independent registered public accounting firm. It does not provide quarterly or annual financial results.
Financial metrics and liquidity
The filing does not provide clear values for revenue, profit, cash flow, margins, debt, liquidity, or other operating metrics.
Material change versus the prior comparable period
- Armanino LLP informed SoundHound that it would resign as the company’s independent registered public accounting firm, effective upon the earlier of the company’s engagement of a replacement firm or the filing of its Form 10-Q for the quarter ending September 30, 2023.
- Armanino stated that its resignation resulted from an internal decision to stop providing financial statement audit services to public companies and was not due to any disagreement or company-related factor.
- The Audit Committee began a process to select a new auditor for the audit of the consolidated financial statements for the year ending December 31, 2023.
Management commentary, risks, contingencies, and unusual items
- Armanino’s audit reports for the years ended December 31, 2022 and 2021 contained no adverse opinion, disclaimer, qualification, or modification relating to uncertainty, audit scope, or accounting principles.
- The company reported no disagreements with Armanino regarding accounting principles, financial statement disclosure, or audit scope and procedures during 2021, 2022, or subsequent interim periods through the filing date.
- The company also reported no reportable events under Item 304(a)(1)(v) of Regulation S-K.
- Armanino provided a letter to the SEC dated August 4, 2023 regarding the company’s disclosures; the letter was filed as Exhibit 16.1.
Key facts investors should verify
- Whether and when SoundHound engaged a replacement independent registered public accounting firm.
- Whether the auditor transition affected the timing or filing of the September 30, 2023 Form 10-Q or the 2023 annual audit.
- The identity and audit history of the successor auditor.
- Subsequent filings for any changes to the company’s accounting conclusions, internal controls, financial statements, or audit opinions.