Uncategorized

SoundCloud CEO says that continuing to operate is a ‘concern’ without more money

2wxAsjp

Axios reports that it has obtained a memo that was sent to SoundCloud’s current shareholders on Tuesday, indicating that a pending reorganization proposal is “do or die” for the music streaming platform.

According to Axios, the memo requires shareholders to accept or reject a reorganization proposal by the end of Friday. If the proposal is accepted, then a new cash infusion ($169.5 million at a $150 million valuation prior to the investment) from boutique merchant bank The Raine Group and Singapore’s state investment firm Temasek will close tomorrow. Axios says CEO Alexander Ljung infers in the memo that if the proposal is rejected, SoundCloud’s ability to continue would be “a going concern.”

“Financing of this size will enable to…

Continue reading…

via GeekNews http://ift.tt/2fwEdSa

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s