Sonder Holdings Inc. Provides Update on Preferred Equity Transaction and Announces Executive Leadership Transitions

Core Insights - Sonder Holdings Inc. has completed a convertible preferred equity transaction, raising approximately $43 million, which will enhance its liquidity profile by about $146 million to support long-term profitable growth [1][2][3] Financial Developments - The company has met all closing conditions for the preferred equity transaction, with $14.7 million purchased on August 13, 2024, and $12.8 million on November 7, 2024, with the remainder expected to be purchased soon [1] - The additional liquidity will support integration efforts under a strategic licensing agreement with Marriott International [2] Executive Leadership Changes - Dominique Bourgault, CFO, and Katherine Potter, Chief Legal and Administrative Officer, will step down from their positions, with a search process underway for successors [4] - Adam Bowen, Chief Accounting Officer, will also depart the company [4] Compliance and Reporting - Sonder is now current on all financial reporting following the restatement of its 2022 and 2023 financial information and is in full compliance with Nasdaq requirements [5]