Sonder Holdings Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
Sonder Holdings Inc. (NASDAQ: SOND) has received a deficiency notification from Nasdaq due to its failure to timely file its Q2 2024 Form 10-Q. This follows delays in filing its Q1 2024 Form 10-Q and 2023 Form 10-K. The company has until August 30, 2024, to submit an updated compliance plan and faces a maximum deadline of September 30, 2024, to regain compliance with all delinquent filings. Sonder intends to take necessary steps to address these issues and file the delayed reports as soon as possible. The company, which operates in the hospitality sector offering premium apartments and boutique hotels, is working to resolve the matters causing the filing delays.
Sonder Holdings Inc. (NASDAQ: SOND) ha ricevuto una notifica di carenza da parte di Nasdaq a causa della sua mancata presentazione tempestiva del modulo 10-Q per il secondo trimestre del 2024. Questo segue ai ritardi nella presentazione del modulo 10-Q per il primo trimestre del 2024 e del modulo 10-K per il 2023. L'azienda ha tempo fino al 30 agosto 2024 per presentare un piano di conformità aggiornato e ha una scadenza massima del 30 settembre 2024 per riguadagnare la conformità con tutte le presentazioni in ritardo. Sonder intende prendere le misure necessarie per affrontare queste problematiche e presentare i rapporti in ritardo il prima possibile. L'azienda, che opera nel settore dell'ospitalità offrendo appartamenti di lusso e boutique hotel, sta lavorando per risolvere le questioni che causano i ritardi nella presentazione.
Sonder Holdings Inc. (NASDAQ: SOND) ha recibido una notificación de deficiencia de Nasdaq debido a su falta de presentación oportuna del formulario 10-Q del segundo trimestre de 2024. Esto sigue a los retrasos en la presentación del formulario 10-Q del primer trimestre de 2024 y del formulario 10-K de 2023. La empresa tiene hasta el 30 de agosto de 2024 para presentar un plan de cumplimiento actualizado y enfrenta una fecha límite máxima del 30 de septiembre de 2024 para recuperar el cumplimiento con todas las presentaciones atrasadas. Sonder tiene la intención de tomar las medidas necesarias para abordar estos problemas y presentar los informes atrasados lo antes posible. La empresa, que opera en el sector hotelero ofreciendo apartamentos premium y hoteles boutique, está trabajando para resolver los asuntos que han causado los retrasos en la presentación.
소ندر 홀딩스 인크(이름: SOND, NASDAQ)는 2024년 2분기 10-Q 양식을 제때 제출하지 않아 나스닥으로부터 결함 통지를 받았습니다. 이는 2024년 1분기 10-Q 양식과 2023년 10-K 양식 제출의 지연에 따른 것입니다. 해당 회사는 2024년 8월 30일까지 업데이트된 준수 계획을 제출해야 하며, 모든 미제출 서류에 대한 준수를 회복하기 위한 최대 마감일은 2024년 9월 30일입니다. 소ندر는 이러한 문제를 해결하고 지연된 보고서를 가능한 한 빨리 제출하기 위해 필요한 조치를 취할 계획입니다. 프리미엄 아파트와 부티크 호텔을 제공하는 환대 산업에 종사하는 이 회사는 제출 지연을 초래한 문제들을 해결하기 위해 노력하고 있습니다.
Sonder Holdings Inc. (NASDAQ: SOND) a reçu une notification de carence de la part de Nasdaq en raison de son incapacité à déposer en temps voulu son formulaire 10-Q pour le deuxième trimestre 2024. Cela fait suite à des retards dans le dépôt de son formulaire 10-Q pour le premier trimestre 2024 et de son formulaire 10-K pour 2023. L'entreprise a jusqu'au 30 août 2024 pour soumettre un plan de conformité mis à jour et fait face à un délai maximum jusqu'au 30 septembre 2024 pour retrouver la conformité avec tous les dépôts en retard. Sonder a l'intention de prendre les mesures nécessaires pour résoudre ces problèmes et déposer les rapports en retard dès que possible. L'entreprise, qui opère dans le secteur de l'hospitalité en offrant des appartements haut de gamme et des hôtels-boutiques, travaille à résoudre les problèmes qui causent les retards de dépôt.
Sonder Holdings Inc. (NASDAQ: SOND) hat eine Mangelbenachrichtigung von Nasdaq erhalten, weil die fristgerechte Einreichung des Formulars 10-Q für das zweite Quartal 2024 versäumt wurde. Dies folgt auf Verzögerungen bei der Einreichung des Formulars 10-Q für das erste Quartal 2024 sowie des Formulars 10-K für 2023. Das Unternehmen hat bis zum 30. August 2024 Zeit, einen aktualisierten Compliance-Plan einzureichen und hat eine maximale Frist bis zum 30. September 2024, um die Einhaltung aller überfälligen Einreichungen wiederherzustellen. Sonder beabsichtigt, die notwendigen Schritte zu unternehmen, um diese Probleme zu beheben und die verspäten Berichte so schnell wie möglich einzureichen. Das Unternehmen, das im Gastgewerbe tätig ist und hochwertige Apartments sowie Boutique-Hotels anbietet, arbeitet daran, die Probleme zu lösen, die zu den Einreichungsverzögerungen führen.
- Sonder intends to submit an updated compliance plan to Nasdaq
- The company is working diligently to complete and file the delayed SEC reports
- Sonder received a deficiency notification from Nasdaq for failing to file its Q2 2024 Form 10-Q on time
- The company has also delayed filing its Q1 2024 Form 10-Q and 2023 Form 10-K
- Sonder faces a maximum deadline of September 30, 2024, to regain compliance with all delinquent filings
- Risk of potential delisting if compliance is not achieved within the given timeframe
Insights
Sonder's delayed filing of multiple financial reports is a significant red flag for investors. This non-compliance with Nasdaq listing rules could lead to a potential delisting, severely impacting the company's access to capital markets. The extended delay in financial reporting raises concerns about potential accounting irregularities or internal control issues.
The company has until September 30, 2024, to regain compliance, a tight timeline considering the backlog of reports. This situation may indicate deeper operational or financial challenges, possibly affecting Sonder's cash flow and growth prospects. Investors should exercise caution and closely monitor any updates on the company's compliance efforts and eventual financial disclosures.
The notification from Nasdaq puts Sonder in a precarious legal position. Failure to file timely reports violates SEC regulations and could lead to enforcement actions. The company faces a tight deadline to submit an updated compliance plan, risking delisting if unsuccessful.
This situation may trigger shareholder lawsuits, especially if material information has been withheld. The delay in multiple filings suggests potential systemic issues in financial reporting processes. Sonder must navigate carefully to avoid further regulatory scrutiny and maintain investor confidence. The coming months will be important in determining the company's ability to meet its legal and regulatory obligations.
Sonder's reporting delays could significantly impact its market perception and investor confidence. In the competitive hospitality tech sector, transparency is crucial. This situation may give competitors an edge in attracting both customers and investors.
The lack of current financial data makes it challenging to assess Sonder's performance and market position, potentially leading to increased volatility in its stock price. If the company fails to meet the September 30 deadline, it risks losing its Nasdaq listing, which could result in reduced liquidity and institutional investment. This uncertainty may also impact Sonder's ability to secure favorable terms in future financing rounds or strategic partnerships.
SAN FRANCISCO, Aug. 20, 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 August 15, 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 quarter ended June 30, 2024 (the “Q2 2024 Form 10-Q”), as described more fully in the Company's Form 12b-25 Notification of Late Filing filed with the Securities and Exchange Commission (the "SEC") on August 9, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
The Notice indicates that the Company has until August 30, 2024 to submit an update to its original plan to regain compliance with the Listing Rule with respect to its delinquent filings, including the Q2 2024 Form 10-Q and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Q1 2024 Form 10-Q”) and Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), and indicates that any additional Nasdaq Staff exception to allow the Company to regain compliance with all delinquent filings will be limited to a maximum of 180 calendar days from the due date of the 2023 Form 10-K, or September 30, 2024. The Company intends to submit an updated 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 Q2 2024 Form 10-Q, Q1 2024 Form 10-Q and 2023 Form 10-K were delayed due to the matters described in the Company’s related Forms 12b-25 and the Company’s Current Report on Form 8-K filed with the SEC on March 15, 2024. While the Company can provide no assurances as to timing, the Company will continue to work diligently to complete and file the delayed SEC reports as soon as practicable.
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 plan to regain compliance with respect to the Listing Rule and the timing and outcome 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 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 2023 Form 10-K and the Company’s other SEC filings; and the other risks and uncertainties described in the Company’s SEC reports, including its Current Report on Form 8-K filed on March 15, 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
Why did Sonder Holdings Inc. (SOND) receive a deficiency notification from Nasdaq?
What is the deadline for Sonder (SOND) to submit an updated compliance plan to Nasdaq?
What is the maximum timeframe given to Sonder (SOND) to regain compliance with Nasdaq listing rules?
Which financial reports are currently delayed for Sonder Holdings Inc. (SOND)?
