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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

6 mins ago - World

Despite U.S. envoy's visit, Israel not ready for de-escalation in Gaza

Rockets are fired from Gaza and intercepted by Israel's Iron Dome aerial defense system. Photo: Fatima Shbair/Getty Images

Tel Aviv — With U.S. envoy Hady Amr set to arrive in Israel on Friday for de-escalation talks with Israeli, Palestinian and UN officials, Israeli officials are concerned the U.S. intervention will lead to increased pressure to stop their military operation.

Driving the news: Fighting continued overnight, with the Israeli military massing forces along the frontier with the Gaza Strip and briefing reporters about ground forces entering the fight. Anticipating a ground invasion, Hamas sent its elite forces to their defensive tunnels. The Israeli forces instead began to bomb those tunnels and did not cross into Gaza, Israeli officials say.

59 mins ago - Health

Young people demand vaccination requirements for reopening

Illustration: Sarah Grillo/Axios

Three-quarters of people between 18-29 say vaccination should be required to return to campus or work, according to new Generation Lab/Axios polling, and 37% would refuse to come back unless those conditions are in place.

Why it matters: Young workers have put pressure on CEOs to take action on social and political issues and have plenty of capital to exert it on reopening policy.

Internet prices kick off Washington brawl

Shoshana Gordon/Axios

President Biden's promise to cut the price of Americans' internet bills has provoked a fierce lobbying campaign by cable and telecom companies to prove that the cost of broadband has already dropped.

Why it matters: Internet providers are desperate to fend off any move to regulate the prices they charge, while the government is increasingly viewing connectivity as an essential service.