4/A: SoundHound AI Executive James Hom Corrects Form 4 Filing, Reports Class A Common Stock Sale
SEC Form 4/A
James Hom, Chief Product Officer at SoundHound AI, files an amended Form 4 to correct a previous report, detailing the sale of 50,416 shares of Class A common stock on March 11, 2024.
Summary
- James Hom, Chief Product Officer of SoundHound AI, filed an amended Form 4 on March 21, 2024, to correct a previous filing from March 13, 2024.
- The amendment clarifies that Mr. Hom sold 50,416 shares of Class A common stock on March 11, 2024, at a weighted-average price of $5.972 per share.
- The original filing incorrectly reported a sale of Class B common shares.
- The sale was executed under a Rule 10b5-1 trading plan adopted in December 2023.
- Additionally, on March 13, 2024, a 10b5-1 transaction executed and sold 200,000 shares of this reporting person's Class B Common Stock, resulting in the automatic conversion of such shares into Class A Common Stock upon execution of the sale at a weighted average price of $8.0089.
- Following the reported transactions, Mr. Hom beneficially owns 512,732 shares of Class A Common Stock, which includes 5,853 shares acquired through the Employee Stock Purchase Plan in November 2023, and 2,012,588 shares of Class B Common Stock.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing correcting a previous error. It doesn't inherently convey positive or negative sentiment about the company's prospects.
Industry Context
This filing is a routine disclosure related to insider trading activities, which are common in publicly traded companies. Investors monitor these filings to understand management's perspective on the company's stock and future prospects.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their insiders.
- The information disclosed is consistent with regulatory requirements for reporting changes in beneficial ownership.
- Similar filings are made by executives at companies like Palantir, C3.ai, and other AI-focused firms.
Stakeholder Impact
- Shareholders are informed about the transactions of a key executive, providing transparency into insider activity.
- The filing ensures compliance with SEC regulations, maintaining investor confidence.
Key Dates
| Date | Description |
|---|---|
| 2022-05-04 | Date of Limited Power of Attorney for Reporting under Section 16(a) of the Securities Exchange Act of 1934, as amended. |
| 2023-11 | James Hom acquired 5,853 shares of common stock through the SoundHound AI, Inc. 2022 Employee Stock Purchase Plan. |
| 2023-12 | Reporting person adopted a Rule 10b5-1 trading plan. |
| 2024-03-11 | James Hom sold 50,416 shares of Class A common stock. |
| 2024-03-13 | Original Form 4 filed incorrectly reporting a sale of Class B common shares. |
| 2024-03-13 | A 10b5-1 transaction executed and sold 200,000 shares of this reporting person's Class B Common Stock, resulting in the automatic conversion of such shares into Class A Common Stock upon execution of the sale. |
| 2024-03-21 | Amended Form 4 filed to correct the previous report. |
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