Sonder’s common stock begins trading on the Nasdaq under the “SOND” index on January 19
Approximately $310 million in PIPE capital from major investors including subsidiaries of Gores Metropoulos II, Fidelity Management & Research LLC, and funds and accounts managed by affiliates of BlackRock, Inc. and Atreides Management, LP and Senator Investment Group
Sonder withdraws $165 million from the principal amount of deferred bond notes after closing of the business combination
San Francisco and Los Angeles, January 18, 2022–(BUSINESS WIRE)– Today Sonder Holdings Inc. (“Sonder” or “the Company”), the leading next-generation hospitality company that is redefining the guest experience through technology and design, has completed its pre-announced business merger with Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, GMIIU) (“GM II”), a special purpose acquisition company sponsored by the subsidiaries of the Gores Group, LLC and Metropoulos & Co. Approved at a special meeting of Gores Metropoulos II shareholders on January 14, 2022.
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The combined company will operate as Sonder Holdings Inc. It will begin trading its common stock and publicly traded warrants on the designated Nasdaq Global Market (“NASDAQ”) tomorrow under the “SOND” and “SONDW” ticker symbols, respectively.
“While the travel industry has faced headwinds with the ongoing pandemic, Sonder has continued to grow at a rapid pace, proving the resilience of our business model and demonstrating our ability to pivot quickly to address emerging trends and travellers’ needs. We delivered record quarterly revenue,” said Francis Davidson, Co-Founder and CEO of Sonder. In both the second and third quarters, we remain strongly optimistic about the future of travel.” Today marks a historic moment for the entire Sonder team and a testament to how we have revolutionized the hospitality industry by reimagining and delivering what the modern traveler demands. We are really proud of what we have achieved so far 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 through our offerings backed by the technology, inspiring design, consistent quality and captivating value that are the hallmarks of a great modern hospitality experience,” said Sanjay Banker, President and Chief Financial Officer of Sonder. “We value our close partnership with the Gores team and with our portfolio of businesses complete, Sonder now has a very strong balance sheet to aggressively pursue our ambitious growth strategy, revolutionize hospitality, and deliver long-term shareholder value.”
“We are proud of our partnership with Sonder and look forward to supporting the next chapter of growth,” said Ted Vick, Senior Managing Director, Gorges Group. “With a premium technology-driven platform and a unique value proposition, we are confident that going public will enable Sonder to establish itself as the leading hospitality brand of the future.”
Justin Wilson, Senior Managing Director, The Gores Group, added, “Sonder is a true travel disruptor, with a proven ability to deliver and deliver despite a very challenging period for the hospitality industry as a whole. We are excited that watch them continue to expand and reshape guest accommodations. on a global level.”
Sonder will maintain the 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 officially celebrate its public listing.
Goldman Sachs & Co. worked. LLC as the exclusive financial advisor to Sonder. Wilson Sonsini Goodrich & Rosati, PC served as legal counsel for Sonder.
The work of Morgan Stanley & Co., LLC. Moelis & Company LLC acted as an additional financial advisor to the second General Motors. Weil, Gotshal & Manges LLP acted as legal counsel for GM II.
The work of Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, Citigroup, Deutsche Bank Securities Inc. as joint lead underwriting agents for PIPE. Latham & Watkins LLP acts as legal counsel to the joint underwriting agents.
Sonder revolutionizes hospitality with innovative technology-driven service and inspiring, thoughtfully designed accommodations in one seamless experience. Launched in 2014 and headquartered in San Francisco, Sonder offers a variety of accommodation options – from spacious rooms to fully-equipped suites and apartments – located in more than 35 markets in ten countries and three continents. The Sonder app gives guests complete control over their stay. Complete with self-catering features, simple check-in and 24/7 on-the-ground support, Sonder amenities and services are just a click 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, GMIIU) is a special purpose acquisition company sponsored by a subsidiary of the Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores and through a subsidiary of Metropoulos & Co. They include Dean, Evan, and Daren Metropoulos. Gores Metropoulos II is formed for the purpose of entering into a merger, capital exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more companies. Together, Messrs. Gores and Metropoulos have more than 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industries, technology, media, entertainment, business services, healthcare, consumer products and services. Over the course of their careers, Messrs. Gores, Metropoulos and their team have invested in more than 180 companies across a variety of macro environments with a consistent, process-oriented investment strategy. For more information, please visit www.gores.com.
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, expectations and beliefs, as well as a number of assumptions regarding future events. When used in this press release, the words “estimate,” “expect,” “expect,” “expect,” “expect,” “plan,” “intend,” “believe,” “seek,” “may,” will , “should”, “future”, “suggest” and variations of these words or similar expressions (or negative versions of such words or expressions) are intended to identify forward-looking statements. Forward-looking statements in this release include, without limitation, the closing of the draw on Sonder deferred notes in the draw, commencement of trading of Sonder common stock and publicly traded notes on Nasdaq, Sonder’s beliefs regarding its current and future financial position, Sonder’s beliefs regarding financial and operating results future growth, the impact of the COVID-19 pandemic, the timing of the recovery, and the impact of the pandemic on Sonder’s business and financial condition. 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 significant factors, many of which are outside the control of Sonder management, which could cause actual results to differ materially from the results discussed in the forward-looking statements. . These risks, uncertainties, assumptions, and other significant factors include, but are not limited to: (a) the ability to recognize the expected benefits from the proposed group of business, which may be affected, among other things, by competition, the ability of a combined company to grow and manage growth profitably, and to maintain on relationships with property owners, developers, guests and suppliers and the retention of its management and key personnel; (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 relating to special purpose acquisitions); (c) the possibility that Sonder will be adversely affected by other economic, commercial and/or competitive factors; (d) risks related to the impact of the COVID-19 pandemic, including Omicron and other variables, government restrictions and other potential restrictions (including travel restrictions) resulting therefrom; and (e) other risks and uncertainties described in the Final Prospectus/Prospectus/Approval Application Statement, including those under the heading “Risk Factors” therein, and other documents the Company may from time to time provide to the Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Except as required by law, Sonder undertakes no 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 Reports submitted to the SEC and available on the SEC website at www.sec.gov.
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Finsbury Glover Hering
Chris Mamouni, Blueshirt Group
For the Gores Group and its subsidiaries:
Jennifer Kwon Choo
John Christiansen/Cassandra Pojarski/Kate Georgie
Sard Verbenen & Co