Sonder Holdings Inc. Receives Nasdaq Staff Determination Letter; Has Requested Hearing Before Hearings Panel
Sonder Holdings Inc. (NASDAQ: SOND) has received a letter from Nasdaq's Listing Qualifications Department stating the company's non-compliance with Nasdaq Listing Rule 5250(c)(1) due to delinquent filings of Forms 10-Q for Q1 and Q2 2024. The company's common stock and warrants face potential suspension and delisting on October 10, 2024. Sonder has appealed and requested a hearing before a Hearings Panel, automatically suspending potential delisting through October 23, 2024.
Sonder has also requested a stay of suspension and delisting pending the hearing and panel decision. The company intends to file the delinquent Forms 10-Q within 30-45 days. A panel will notify Sonder by October 18, 2024, regarding continued trading on Nasdaq. There is no assurance that the panel will grant the company's request or that Sonder will file the Forms 10-Q by the hearing date.
Sonder Holdings Inc. (NASDAQ: SOND) ha ricevuto una lettera dal Dipartimento delle Qualifiche di Quotazione di Nasdaq che indica la non conformità della società alla Regola di Quotazione Nasdaq 5250(c)(1) a causa di ritardi nella presentazione dei Moduli 10-Q per il primo e il secondo trimestre del 2024. Le azioni ordinarie della società e i warrant rischiano di essere sospesi e delistati il 10 ottobre 2024. Sonder ha fatto appello e richiesto un'udienza davanti a un Panel di Udienza, sospendendo automaticamente la possibile delistazione fino al 23 ottobre 2024.
Sonder ha anche richiesto una sospensione della delistazione in attesa dell'udienza e della decisione del panel. La società intende presentare i Moduli 10-Q in ritardo entro 30-45 giorni. Un panel notificherà a Sonder entro il 18 ottobre 2024 riguardo al proseguimento della negoziazione su Nasdaq. Non vi è alcuna garanzia che il panel accetterà la richiesta della società o che Sonder presenterà i Moduli 10-Q entro la data dell'udienza.
Sonder Holdings Inc. (NASDAQ: SOND) ha recibido una carta del Departamento de Calificaciones de Cotización de Nasdaq que indica el incumplimiento de la empresa con la Regla de Cotización Nasdaq 5250(c)(1) debido a la presentación tardía de los Formularios 10-Q para el primer y segundo trimestre de 2024. Las acciones ordinarias de la empresa y los warrants enfrentan una posible suspensión y deslistado el 10 de octubre de 2024. Sonder ha apelado y solicitado una audiencia ante un Panel de Audiencia, lo que suspende automáticamente el deslistado potencial hasta el 23 de octubre de 2024.
Sonder también ha solicitado una suspensión del deslistado en espera de la audiencia y la decisión del panel. La empresa tiene la intención de presentar los Formularios 10-Q atrasados dentro de 30-45 días. Un panel notificará a Sonder antes del 18 de octubre de 2024 sobre la continuación de la negociación en Nasdaq. No hay garantía de que el panel acepte la solicitud de la empresa o de que Sonder presente los Formularios 10-Q antes de la fecha de la audiencia.
Sonder Holdings Inc. (NASDAQ: SOND)는 Nasdaq의 상장 자격 부서로부터 2024년 1분기 및 2분기 재무 보고서인 10-Q 양식의 적기 제출 실패로 인해 Nasdaq 상장 규칙 5250(c)(1)에 비준수한다고 통보받았습니다. 이로 인해 회사의 보통주와 워랜트는 2024년 10월 10일에 잠재적으로 정지 및 상장 폐지될 위험이 있습니다. Sonder는 항소를 제기하고 청문위원회 앞에서 청문회를 요청했습니다, 이에 따라 2024년 10월 23일까지 잠재적인 상장 폐지가 자동으로 정지됩니다.
Sonder는 청문회 및 위원회 결정을 기다리는 동안 정지 및 상장 폐지의 연기를 요청했습니다. 회사는 30-45일 내에 지각된 10-Q 양식을 제출할 계획입니다. 위원회는 2024년 10월 18일까지 Sonder에 대해 Nasdaq에서의 거래 계속 여부를 통지할 것입니다. 위원회가 회사의 요청을 수용하거나 Sonder가 청문회 날짜까지 10-Q 양식을 제출할 것이라는 보장은 없습니다.
Sonder Holdings Inc. (NASDAQ: SOND) a reçu une lettre du Département des Qualifications de Cotation de Nasdaq indiquant que la société n'est pas en conformité avec la Règle de Cotation Nasdaq 5250(c)(1) en raison de dépôts en retard des Formulaires 10-Q pour le premier et le deuxième trimestre de 2024. Les actions ordinaires de l'entreprise et les warrants risquent d'être suspendus et radiés le 10 octobre 2024. Sonder a fait appel et demandé une audience devant un Panel d'Audience, suspendant automatiquement la radiation potentielle jusqu'au 23 octobre 2024.
Sonder a également demandé une suspension de la radiation en attendant l'audience et la décision du panel. L'entreprise a l'intention de déposer les Formulaires 10-Q en retard dans un délai de 30 à 45 jours. Un panel informera Sonder d'ici le 18 octobre 2024 concernant la poursuite des échanges sur Nasdaq. Il n'y a aucune garantie que le panel accordera la demande de la société ou que Sonder déposera les Formulaires 10-Q avant la date de l'audience.
Sonder Holdings Inc. (NASDAQ: SOND) hat ein Schreiben von der Abteilung für Zulassungsqualifikationen von Nasdaq erhalten, in dem festgestellt wird, dass das Unternehmen gegen die Nasdaq-Zulassungsregel 5250(c)(1) wegen verspäteter Einreichung der 10-Q-Formulare für das 1. und 2. Quartal 2024 verstoßen hat. Die Stammaktien des Unternehmens und die Warrants stehen vor einer möglichen Suspendierung und Delistung am 10. Oktober 2024. Sonder hat Berufung eingelegt und eine Anhörung vor einem Anhörungsgremium beantragt, was die potenzielle Delistung bis zum 23. Oktober 2024 automatisch aussetzt.
Sonder hat außerdem um eine Aussetzung der Suspendierung und Delistung während der anhängigen Anhörung und der Entscheidung des Gremiums gebeten. Das Unternehmen beabsichtigt, die verspäteten 10-Q-Formulare innerhalb von 30-45 Tagen einzureichen. Ein Gremium wird Sonder bis zum 18. Oktober 2024 über die Fortsetzung des Handels an Nasdaq informieren. Es gibt keine Garantie, dass das Gremium der Anfrage des Unternehmens zustimmt oder dass Sonder die 10-Q-Formulare bis zum Datum der Anhörung einreicht.
- Sonder has filed its 2023 Form 10-K, complying with that requirement
- The company has appealed and requested a hearing, temporarily suspending potential delisting
- Sonder intends to file the delinquent Forms 10-Q within 30-45 days
- Sonder is non-compliant with Nasdaq Listing Rule 5250(c)(1) due to delinquent Q1 and Q2 2024 filings
- The company's common stock and warrants face potential suspension and delisting from Nasdaq
- There is no assurance that Nasdaq will grant Sonder's request for continued listing or stay of delisting
Insights
The Nasdaq staff determination letter and potential delisting represent a significant challenge for Sonder Holdings. The company's failure to file its Q1 and Q2 2024 10-Q forms on time raises concerns about its financial reporting capabilities and overall operational stability. This situation could have severe implications:
- Potential loss of investor confidence and negative impact on stock price
- Reduced access to capital markets if delisted
- Increased scrutiny from regulators and stakeholders
The company's appeal and request for a hearing demonstrate proactive steps to address the issue. However, the tight timeline to file the delinquent reports (30-45 days) and uncertainty around the Hearings Panel's decision create significant risk. Investors should closely monitor the situation, as the outcome could dramatically affect Sonder's market position and financial flexibility.
Given Sonder's relatively small market cap of
SAN FRANCISCO, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Sonder Holdings Inc. (NASDAQ: SOND, “Sonder” or the “Company”) today announced that it has received a letter from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that since it remains delinquent in filing its Forms 10-Q for the periods ended March 31 and June 30, 2024 (the “Forms 10-Q”), respectively (the “Delinquent Filings”), the Staff has determined that the Company is non-compliant with Nasdaq Listing Rule 5250(c)(1). Previously, the Staff granted the Company an exception until September 30, 2024, to file all delinquent periodic reports. Additionally, the Company was previously deemed delayed on the filing of the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”); however, the Company has since filed the 2023 Form 10-K on September 27, 2024, and the Staff determined that the Company complies with respect to the 2023 Form 10-K. As a result of the Delinquent Filings, the Company’s common stock and warrants are subject to suspension in trading on October 10, 2024, and delisting from Nasdaq unless the Company appeals and requests a hearing before a Hearings Panel (“Hearings Panel”) by 4:00 Eastern Time on October 8, 2024.
On October 2, 2024, the Company submitted an appeal to Nasdaq requesting a hearing before a Hearings Panel at which it intends to present its plan to regain and thereafter maintain compliance with all applicable Nasdaq listing requirements. The appeal automatically suspends any potential delisting through at least October 23, 2024, 15 calendar days from the date the request for hearing was due. In connection with its request for a hearing, however, the Company has also requested a stay of the suspension of trading and delisting of its common stock and warrants, pending the later hearing and decision of the Hearings Panel. The Company has been informed that hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. The Company intends to file the Forms 10-Q in the next 30-45 days. A panel will notify the Company by October 18, 2024, of its decision to allow the Company to continue to trade on Nasdaq pending the later hearing and a decision by the Hearings Panel. There can be no assurance that the panel will grant the Company’s request for continued listing or stay the delisting of its common stock and warrants and there can be no assurance that the Company will file the Forms 10-Q by the hearing’s scheduled date.
About Sonder
Sonder (NASDAQ: SOND) is a leading global brand of premium, design-forward apartments and intimate boutique hotels serving the modern traveler. Launched in 2014, Sonder offers inspiring, thoughtfully designed accommodations and innovative, tech-enabled service combined into one seamless experience. Sonder properties are found in prime locations in over 40 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 Instagram, LinkedIn or X.
Download the Sonder app on Apple or Google Play.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” or “will” or similar expressions and the negatives of those terms. These statements include but are not limited to, statements relating to the Company’s plans and expectations about the completion and filing of its delayed SEC reports, its submission of a request for a hearing, its estimation of the Nasdaq’s scheduling of such hearing, its submission of a request to stay the suspension of trading and delisting of its common stock and warrants on the Nasdaq. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to uncertainties about the timing and outcomes of the Company’s request for a hearing, Nasdaq’s acceptance of the hearing request and scheduling of the hearing, and the outcome of the request to stay the suspension of trading and delisting on the Nasdaq, duration of any extension that Nasdaq may grant, the potential inability to meet Nasdaq’s requirements; uncertainties associated with the Company’s preparation of the delayed SEC reports and the related financial statements, including the possibility that additional accounting errors or corrections will be identified; the possibility of additional delays in the filing of the Forms 10-Q; and the other risks and uncertainties described in the Company’s SEC reports, including its Current Report on Form 8-K filed on October 7, 2024, and under the heading “Risk Factors” in its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which are available at www.sec.gov. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.
Contacts
Media:
press@sonder.com
Investor:
ir@sonder.com
FAQ
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