SoundHound AI Inc. SOUN, -48.36% shares were down 40% at $4.82 on a day with no apparent news or releases from the company.
The company’s stock hit its 52-week low of $4.34 on May 20, and its 52-week high of $18.14 on May 3.
On May 17, SoundHound AI said it signed a seven-year deal with Hyundai 005380, -1.87%, putting the company’s music recognition software and voice commerce solutions in a large variety of car models.
SoundHound AI shares began trading on Nasdaq in late April, after merging with a special purpose acquisition company.