Sonder Holdings Inc. Receives Notification of Deficiency from Nasdaq
Sonder Holdings Inc. (NASDAQ: SOND, referred to as "Sonder" or the "Company") has announced that it received a notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq"). This letter indicated that the Company is currently not in compliance with Nasdaq Listing Rule 5250(c)(1) because it failed to file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2024, in a timely manner. This issue was previously mentioned in the Company’s Form 12b-25 Notification of Late Filing submitted to the Securities and Exchange Commission (the "SEC"). According to the Listing Rule, companies listed on Nasdaq must file all required periodic reports with the SEC on time.
Deadline for Compliance Plan Submission
The notification specifies that the Company has until a certain date to provide an update to its original plan aimed at regaining compliance with the Listing Rule concerning its overdue filings. This includes the Q2 2024 Form 10-Q, the Quarterly Report on Form 10-Q for the quarter ending March 31, 2024, and the Annual Report on Form 10-K for the year ending December 31, 2023. The Company is committed to promptly submitting an updated compliance plan to Nasdaq and taking all necessary actions to restore compliance with Nasdaq’s listing requirements.
Reasons for Delay in Filing Reports
The Company has disclosed that the delays in filing the Quarterly Reports were caused by various issues outlined in the related Forms 12b-25 and the Company’s Current Report on Form 8-K. Although the Company cannot guarantee a precise timeline, it is dedicated to completing and filing the outstanding SEC reports as soon as it is feasible.
About Sonder
Sonder (NASDAQ: SOND) is a global brand that offers premium, design-forward apartments and boutique hotels tailored for the modern traveler. Since its inception in 2014, Sonder has been delivering thoughtfully designed accommodations along with innovative, tech-enabled services to ensure a seamless experience. With properties spanning over 40 markets across ten countries, Sonder's app empowers guests with self-service features, easy check-ins, and 24/7 support.
Company Contacts
Media: press@sonder.com
Investor: ir@sonder.com
Frequently Asked Questions
What led to the notification from Nasdaq to Sonder?
The notification was issued due to Sonder's failure to file its Quarterly Report on Form 10-Q on time.
What steps is Sonder taking in response to the deficiency notice?
Sonder plans to submit an updated compliance plan to ensure it meets Nasdaq’s listing rules.
How much time does Sonder have to achieve compliance?
The Company has a specified deadline to revise its compliance plan regarding its overdue filings.
What caused the delays in filing the reports?
The delays were attributed to various issues mentioned in the Company’s Forms 12b-25 and the Current Report on Form 8-K.
Is Sonder working to complete the delayed SEC reports?
Yes, the Company is actively working to finalize and file the delayed SEC reports as soon as possible.