Sonder’s common stock to commence trading on
the Nasdaq under ticker “SOND” on January 19
Approximately $310 million PIPE capital from
leading investors including affiliates of Gores Metropoulos II,
Fidelity Management & Research LLC, funds and accounts managed
by subsidiaries of BlackRock, Inc., Atreides Management, LP, and
Senator Investment Group
Sonder to draw on $165 million in principal
amount of Delayed Draw Notes following the closing of the business
combination
Sonder Holdings Inc. (“Sonder'' or the “Company”), a leading
next-generation hospitality company that is redefining the guest
experience through technology and design, today announced that it
completed its previously announced business combination with Gores
Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) (“GM II”), a
special purpose acquisition company sponsored by affiliates of The
Gores Group, LLC, and Metropoulos & Co. The business
combination was approved at a special meeting of Gores Metropoulos
II stockholders on January 14, 2022.
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the full release here:
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The combined company will operate as Sonder Holdings Inc. and
will commence trading its common stock and publicly traded warrants
on the Nasdaq Global Select Market (“Nasdaq”) tomorrow under the
ticker symbols “SOND” and “SONDW”, respectively.
“While the travel industry has faced headwinds with the ongoing
pandemic, Sonder has continued to grow at a rapid clip, proving the
resiliency of our business model and demonstrating our ability to
pivot quickly to address emerging trends and traveler needs. We
delivered record quarterly revenue in both Q2 and Q3 and we remain
aggressively optimistic on the future of travel,” said Francis
Davidson, Co-Founder and Chief Executive Officer of Sonder. “Today
is a historic moment for the entire Sonder team and a testament to
how we’ve revolutionized the hospitality industry by reimagining
and delivering what the modern traveler demands. We are really
proud of what we’ve achieved to date and want to recognize the
dedication of all Sonderites. We have an exceptional team in place
to drive the next chapters of growth for our organization.”
“We continue to lead and innovate with our tech-enabled
offering, inspiring design, consistent quality, and compelling
value that are the hallmarks of a great modern hospitality
experience,” said Sanjay Banker, President and Chief Financial
Officer of Sonder. “We appreciate our close partnership with the
Gores team and with our business combination completed, Sonder now
has a very strong balance sheet to aggressively pursue our
ambitious growth strategy, revolutionize hospitality, and deliver
long-term value to shareholders.”
"We’re proud to have partnered with Sonder and look forward to
supporting their next chapter of growth," said Ted Fike, Senior
Managing Director at The Gores Group. “With a differentiated,
tech-driven platform and unique value proposition, we’re confident
that becoming a public company will enable Sonder to solidify its
leading position as the hospitality brand of tomorrow.”
Justin Wilson, Senior Managing Director at The Gores Group,
added, "Sonder is a true disruptor in the travel space, with a
proven ability to execute and deliver despite a very challenging
period for the hospitality industry as a whole. We’re excited to
watch them continue to expand and reshape guest stays at a global
level.”
Sonder will retain its experienced management team. Mr. Davidson
will continue to serve as Co-Founder and CEO and Mr. Banker will
continue to serve as President and CFO.
Sonder will be scheduling a bell ringing ceremony with Nasdaq at
a later date to formally celebrate its public listing.
Advisors
Goldman Sachs & Co. LLC served as exclusive financial
advisor to Sonder. Wilson Sonsini Goodrich & Rosati, P.C.
served as legal advisor to Sonder.
Morgan Stanley & Co. LLC served as lead financial advisor
and Deutsche Bank Securities Inc. and Citigroup served as capital
markets advisors to GM II. Moelis & Company LLC acted as
additional financial advisor to GM II. Weil, Gotshal & Manges
LLP served as legal advisor to GM II.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC,
Citigroup, and Deutsche Bank Securities Inc. served as joint lead
placement agents on the PIPE. Latham & Watkins LLP is serving
as legal advisor to the co-placement agents.
About Sonder
Sonder is revolutionizing hospitality through innovative,
tech-enabled service and inspiring, thoughtfully designed
accommodations combined into one seamless experience. Launched in
2014 and headquartered in San Francisco, Sonder provides a variety
of accommodation options — from spacious rooms to fully-equipped
suites and apartments — found in over 35 markets spanning ten
countries and three continents. The Sonder app gives guests full
control over their stay. Complete with self-service features,
simple check-in and 24/7 on-the-ground support, amenities and
services at Sonder are just a tap away, making a world of better
stays open to all.
To learn more, visit www.sonder.com or follow Sonder on
Facebook, Twitter or Instagram. Download the Sonder app on Apple or
Google Play.
About Gores Metropoulos II, Inc.
Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) is a
special purpose acquisition company sponsored by an affiliate of
The Gores Group, LLC, a global investment firm founded in 1987 by
Alec Gores, and by an affiliate of Metropoulos & Co. whose
Principals are Dean, Evan and Daren Metropoulos. Gores Metropoulos
II was formed for the purpose of entering into a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses.
Messrs. Gores and Metropoulos together have over 100 years of
combined experience as entrepreneurs, operators and investors
across diverse sectors including industrials, technology, media and
entertainment, business services, healthcare and consumer products
and services. Over the course of their careers, Messrs. Gores and
Metropoulos and their respective teams have invested in more than
180 portfolio companies through varying macroeconomic environments
with a consistent, operationally-oriented investment strategy. For
more information, please visit www.gores.com.
Forward-Looking Statements
This press release contains a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on Sonder’s
management’s current expectations, estimates, projections and
beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. Forward-looking statements in
this release include, but are not limited to, the closing of the
drawdown on Sonder’s Delayed Draw Notes, the commencement of
trading of Sonder’s common stock and publicly traded warrants on
Nasdaq, Sonder’s beliefs regarding its current and future financial
position, Sonder’s beliefs regarding its future financial and
operating results and growth and the effect of the COVID-19
pandemic, its timing of recovery and the pandemic’s impact to
Sonder’s business and financial position. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Sonder’s management’s control, that could cause
actual results to differ materially from the results discussed in
the forward-looking statements. These risks, uncertainties,
assumptions and other important factors include, but are not
limited to: (a) the ability to recognize the anticipated benefits
of the proposed business combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with real estate owners and developers, guests and
suppliers and retain its management and key employees; (b) changes
in applicable laws or regulations, including legal or regulatory
developments (such as changes in local laws affecting hotels,
apartments and other accommodation and regulatory developments
related to special purpose acquisition companies); (c) the
possibility that Sonder may be adversely affected by other
economic, business and/or competitive factors; (d) risks related to
the impact of the COVID-19 pandemic, including the Omicron and
other variants and potential governmental and other restrictions
(including travel restrictions) resulting therefrom; and (e) other
risks and uncertainties described in the final proxy
statement/prospectus/consent solicitation statement, including
those under the heading “Risk Factors” therein, and other documents
filed by the Company from time to time with the SEC. You are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Except as
required by law, Sonder does not undertake any obligation to update
or revise its forward-looking statements to reflect events or
circumstances after the date of this report. Additional risks and
uncertainties are identified and discussed in Sonder’s reports
filed and to be filed with the SEC and available at the SEC’s
website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220118005853/en/
For Sonder: Media Contacts Finsbury Glover Hering
press@sonder.com
Investor Contacts Chris Mammone, The Blueshirt Group
ir@sonder.com
For The Gores Group and affiliates: Jennifer Kwon Chou
Managing Director The Gores Group 310-209-3010 jchou@gores.com
OR
John Christiansen/Cassandra Bujarski/Kate Gorgi Sard Verbinnen
& Co GoresGroup-SVC@sardverb.com
Gores Metropoulos II (NASDAQ:GMIIU)
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