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

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 Rain