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juannomore / Flickr CC

Tomorrow is do or die for SoundCloud, the struggling streaming music company that recently laid off 40% of its staff despite having raised over $230 million in venture capital.

Axios has obtained a circular sent to existing shareholders on Tuesday, which requires them to accept or reject a reorganization proposal by the end of Friday. If accepted, then the new investment -- $169.5 million at a $150 million pre-money enterprise valuation -- also closes tomorrow. If rejected, then CEO Alexander Ljung suggests the company would not be able "to continue as a going concern."

  • Investors: Raine Group and Temasek would be new backers, with the latter requiring anti-trust clearance. Return backers would include Union Square Ventures, Doughty Hanson and Atlantic Technology. All investors would receive Series F stock, which sits atop the preference stack.
  • Dilution: Series E investors would have their liquidity preference slashed by over 40%.
  • Code name: The investment is referred to as Project Sonic.
  • Why now: "Financing of this size will enable to Company to pay off its remaining debt, while ensuring a strong, independent future... In the event that the transaction does not close and in the vent SoundCloud does not otherwise obtain additional funding, based on current cashflow forecasts, SoundCloud faces liquidity concerns in the near term."

Go deeper

New Zealand prime minister announces vaccine mandate for businesses

New Zealand Prime Minister Jacinda Ardern during an October COVID-19 briefing in Wellington, New Zealand. Photo: Robert Kitchin - Pool/Getty Images

New Zealand Prime Minister Jacinda Ardern announced Tuesday a new COVID-19 vaccine mandate for businesses as the government pushes to reach a 90% vaccination target for the country.

Why it matters: Under the new COVID-19 Protection Framework, businesses in close contact with customers must require a vaccine certificate from them. Ardern said at a briefing Tuesday that in order for these venues, which include hair salons, bars, restaurants and gyms, along with events, to operate staff must also be vaccinated.

State Department to set up new cyber bureau to combat hack attacks

Secretary of State Tony Blinken speaks on the challenges during an October conference in Quito, Ecuador. Photo:y Felipe Stanley/Agencia Press South/Getty Images

Secretary of State Tony Blinken announced Monday plans for the State Department to create a new bureau of cyberspace and digital policy.

Why it matters: The establishment of the bureau and plans for a new envoy to oversee critical and emerging technology come after a series significant hack attacks and other online crimes, notably ransomware assaults on U.S. infrastructure.

Biden rejects Trump's latest executive privilege claims

Photo: Jim Watson and Saul Loeb/AFP via Getty Images

The White House on Monday rejected two more of former President Trump's claims of executive privilege over documents that the House select committee investigating the Jan. 6 Capitol riot requested, CNN first reported.

Why it matters: Trump's legal team is seeking to block some of the panel's requests for records by invoking executive privilege, which can allow presidents and their aides to sidestep congressional scrutiny. The Biden administration has maintained that it will evaluate on a case-by-case basis.