Sonder Holdings Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
Sonder Holdings (NASDAQ: SOND) has received a deficiency notification from Nasdaq on November 20, 2024, due to its failure to timely file its Q3 2024 Form 10-Q. The company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports. Sonder has 60 calendar days to submit a compliance plan and may receive an extension until May 19, 2025, to regain compliance. The delay in filing is attributed to the need for additional time to complete accounting and internal control processes. The company states it will work to complete and file the Q3 Form 10-Q as soon as possible.
Sonder Holdings (NASDAQ: SOND) ha ricevuto una notifica di carenza da Nasdaq il 20 novembre 2024, a causa del mancato invio tempestivo del modulo 10-Q per il terzo trimestre del 2024. L'azienda non è conforme alla Regola di quotazione 5250(c)(1) di Nasdaq, che richiede la presentazione tempestiva dei rapporti periodici. Sonder ha 60 giorni di calendario per presentare un piano di conformità e potrebbe ricevere un'estensione fino al 19 maggio 2025 per ristabilire la conformità. Il ritardo nella presentazione è attribuito alla necessità di ulteriore tempo per completare i processi contabili e di controllo interno. L'azienda afferma che lavorerà per completare e presentare il modulo 10-Q del Q3 il prima possibile.
Sonder Holdings (NASDAQ: SOND) ha recibido una notificación de deficiencia de Nasdaq el 20 de noviembre de 2024, debido a su falta de presentación puntual del Formulario 10-Q del tercer trimestre de 2024. La empresa no cumple con la Regla de Cotización 5250(c)(1) de Nasdaq, que requiere la presentación oportuna de informes periódicos. Sonder tiene 60 días calendario para presentar un plan de cumplimiento y puede recibir una extensión hasta el 19 de mayo de 2025 para recuperar el cumplimiento. La demora en la presentación se atribuye a la necesidad de más tiempo para completar los procesos contables y de control interno. La empresa declara que trabajará para completar y presentar el Formulario 10-Q del tercer trimestre lo antes posible.
Sonder Holdings (NASDAQ: SOND)는 2024년 11월 20일 Nasdaq으로부터 결함 통지를 받았습니다. 이는 2024년 3분기 10-Q 양식을 적시에 제출하지 않았기 때문입니다. 이 회사는 정기 보고서의 적시 제출을 요구하는 Nasdaq 상장 규칙 5250(c)(1)를 준수하지 않습니다. Sonder는 60일의 기간을 두고 준수 계획을 제출해야 하며, 2025년 5월 19일까지 준수를 회복할 수 있는 연장을 받을 수 있습니다. 제출 지연의 원인은 회계 및 내부 통제 프로세스를 완료하기 위한 추가 시간이 필요하기 때문입니다. 회사는 가능한 한 빨리 3분기 10-Q 양식을 완료 및 제출하겠다고 밝힙니다.
Sonder Holdings (NASDAQ: SOND) a reçu une notification de non-conformité de la part de Nasdaq le 20 novembre 2024, en raison de son incapacité à soumettre à temps son formulaire 10-Q pour le troisième trimestre 2024. L'entreprise n'est pas en conformité avec la règle de cotation 5250(c)(1) de Nasdaq, qui exige la soumission rapide des rapports périodiques. Sonder a 60 jours calendaires pour soumettre un plan de conformité et peut recevoir une prolongation jusqu'au 19 mai 2025 pour retrouver la conformité. Le retard dans la soumission est attribué à la nécessité de temps supplémentaire pour compléter les processus comptables et de contrôle interne. L'entreprise indique qu'elle travaillera pour compléter et soumettre le formulaire 10-Q du troisième trimestre dès que possible.
Sonder Holdings (NASDAQ: SOND) hat am 20. November 2024 eine Mangelbenachrichtigung von Nasdaq erhalten, da das Unternehmen seinen 10-Q-Bericht für das 3. Quartal 2024 nicht rechtzeitig eingereicht hat. Das Unternehmen erfüllt nicht die Anforderungen der Nasdaq-Listing-Regel 5250(c)(1), die die rechtzeitige Einreichung von regelmäßigen Berichten vorschreibt. Sonder hat 60 Kalendertage, um einen Plan zur Einhaltung einzureichen, und kann bis zum 19. Mai 2025 eine Verlängerung erhalten, um die Konformität wiederherzustellen. Die Verzögerung bei der Einreichung wird auf den Bedarf an zusätzlicher Zeit zur Fertigstellung der Buchhaltungs- und internen Kontrollprozesse zurückgeführt. Das Unternehmen erklärt, dass es daran arbeiten wird, den 10-Q-Bericht für das 3. Quartal so schnell wie möglich abzuschließen und einzureichen.
- None.
- Received Nasdaq deficiency notice for delayed Q3 2024 filing
- Risk of potential delisting if compliance is not achieved
- Internal control and accounting process issues causing reporting delays
Insights
The delayed 10-Q filing and subsequent Nasdaq deficiency notice represents a significant compliance issue for Sonder. The company now faces a critical timeline - 60 days to submit a compliance plan and potentially up to 180 days to regain compliance by May 19, 2025. This development raises serious concerns about internal controls and financial reporting processes. The need for "customary accounting and internal control processes" suggests potential underlying issues that warrant investor attention.
The situation could lead to several outcomes: potential delisting if compliance isn't achieved, increased scrutiny from regulators and possible impact on investor confidence. With a small market cap of
SAN FRANCISCO, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Sonder Holdings Inc. (NASDAQ: SOND) (“Sonder” or the “Company”) today announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on November 20, 2024 (the "Notice"). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 (the “Q3 Form 10-Q”), as described more fully in the Company's Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the "SEC") on November 14, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
In accordance with Nasdaq’s listing rules, the Company has 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule. Following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the Q3 Form 10-Q’s due date, or until May 19, 2025, for the Company to regain compliance. The Company intends to submit a compliance plan to Nasdaq and take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable.
As previously disclosed, the filing of the Q3 Form 10-Q was delayed due to the matters described in the Form 12b-25, including to allow the Company sufficient time to complete its customary accounting and internal control processes and procedures. While the Company can provide no assurances as to timing, the Company will continue to work diligently to complete and file the Q3 Form 10-Q as soon as practicable. The Nasdaq also provided the Company with an amended compliance letter that does not include a requirement that it be subject to a Panel Monitor.
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 the Q3 Form 10-Q, its submission of a plan to regain compliance with respect to the Listing Rule, and the timing thereof. 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 of the Company’s submission of a compliance plan, Nasdaq’s acceptance of any such plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq’s requirements; uncertainties associated with the Company’s preparation of the Q3 Form 10-Q and the related financial statements; the possibility of additional delays in the filing of the Q3 Form 10-Q and the Company’s other SEC filings; and the other risks and uncertainties described in the Company’s SEC reports, 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
Why did Sonder Holdings (SOND) receive a Nasdaq deficiency notice in November 2024?
How long does Sonder (SOND) have to submit a compliance plan to Nasdaq?
What is the maximum extension Nasdaq can grant Sonder (SOND) to regain compliance?
