Sonder Holdings Inc.

Sonder Holdings has voluntarily filed for Chapter 7 bankruptcy and expects NASDAQ to notify it of the common stock’s unsuitability and the anticipated delisting due to the filing. The company reports loan defaults under multiple financing agreements with outstanding claims of US$205.6 million (2021 Agreement), US$24.54 million (2025 Agreement) and US$5.3 million (Marriott loan), and rising contractual interest. Marriott and Global Hospitality Licensing terminated the licensing agreement for listing as “Sonder by Marriott Bonvoy.” The board and finance leadership submitted resignations, the annual general meeting was postponed, and a new CEO and a permanent board chair are to be sought by the end of 2025. » More on de.investing.com

Sonder halted operations immediately after Marriott terminated their licensing agreement, leaving guests told to vacate properties on short notice. The company said integration delays and unexpected costs from aligning technology with Marriott's Bonvoy system led to a sharp revenue decline. Sonder expects to file for Chapter 7 bankruptcy to liquidate U.S. assets and said liquidation was the only viable path forward. » More on cbsnews.com

The board of directors of Sonder Holdings has postponed the ordinary 2025 annual general meeting, scheduled for Thursday at 11:00 a.m. ET, indefinitely; a new date has not yet been set and shareholders will be notified as required. The company recently reported personnel changes: Sean Aggarwal resigned from the board effective Sept. 19, and CFO Michael Hughes departed effective Aug. 15. Sonder is searching for a new CEO and aims to appoint a permanent chair by the end of 2025. » More on de.investing.com