Axios said that he had received a letter that was sent to current shareholders SoundCloud on Tuesday, stating that the company needs restructuring otherwise it will die.
This letter requires shareholders to make a decision on reorganization by the end of Friday, otherwise the existence of the company may be called into question. In the case of consent to changes, the company will invest about $ 150 million, which will allow you to repay the debts and to evolve independently. The main investor is The Raine Group.
In recent months, the company had an uncertain future because of unsuccessful negotiations on the purchase of Spotify and Twitter, issues with the platform and reduce the workforce by forty percent in July.