Sonder Holdings provides update on preferred equity transaction

Sonder Holdings (SOND) announced that the Company has met all required closing conditions and is actively in the process of completing the convertible preferred equity transaction whereby a consortium of investors purchased approximately $43 million of a newly designated series of convertible preferred equity. $14.7 million of the $43 million Preferred Equity was purchased on or about August 13, 2024, $12.8 million was purchased on or about November 7, 2024, and the Company expects that the remainder of the Preferred Equity will be purchased in the near term. The additional liquidity will support the Company’s long-term profitable growth and the integration efforts under the recently announced strategic licensing agreement with Marriott International. With this Preferred Equity transaction, as well as the previously announced balance sheet actions taken, Sonder will enhance its liquidity profile by approximately $146 million to support its long-term profitable growth.