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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

Crypto industry faces $30 billion tax threat from infrastructure bill

Illustration: Sarah Grillo/Axios

It's finally "Infrastructure Week" and Congress is hammering out the details of a $1 trillion bill inching closer to the finish line. But one area that could face unpleasant consequences from the bill is cryptocurrencies.

Why it matters: Nearly $30 billion in taxes from cryptocurrency transactions, as part of the bill's "pay-fors," is at stake.

Square to acquire "buy now, pay later" company Afterpay

Illustration: Brendan Lynch/Axios

Square has agreed to acquire Afterpay, an Australian company in the "buy now, pay later" (BNPL) category, for $29 billion.

Why it matters: This is Square's second big-ticket acquisition this year (after Tidal), showing that it's not shy when it comes to bold moves to expand its business lines.

Updated 3 hours ago - Sports

Olympics dashboard

Team USA's Simone Biles watching the women's uneven bars final at the Olympic Games in Tokyo, Japan, on Sunday. Photo: Jamie Squire/Getty Images

🚨: Simone Biles will compete in her final Olympic event

⚽: U.S. women's soccer team falls to Canada in semifinals, ending chances at gold

πŸ‹οΈβ€β™€οΈ: Laurel Hubbard becomes first openly trans woman to compete at Olympics

🀸: U.S. gymnast Jade Carey wins Olympic gold in floor exercise final

πŸͺ§: IOC "looking into" American Raven Saunders' Olympic podium protest gesture

πŸ“·In photos: Day 10 Olympics highlights

πŸ³οΈβ€βš§οΈ: Axios at the Olympics: Games grapple with trans athletes β€” Trans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage