09:57 AM EDT, 06/10/2024 (MT Newswires) -- SoundHound AI ( SOUN ) said Monday it agreed with its lenders to prepay its $100 million debt in full.

The agreement enables the company to save more than $55 million of interest and fees and free up about $14 million of restricted cash, SoundHound said.

The company said it now has a cash balance of about $180 million after paying the debt.

Shares of the company were up 2.6% in recent trading.

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