Combined company to have an estimated pro forma enterprise value of approximately $2.2 billion
Business combination includes $650 million of cash proceeds from Gores Metropoulos II before expenses, including fully committed PIPE of $200 million from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group
Proceeds from the business combination will be used to continue global growth and expansion and increase investments in technology to drive an elevated guest experience
Sonder Holdings Inc. (“Sonder” or the “Company”), a leading next-generation hospitality company that is redefining the guest experience, and Gores Metropoulos II, Inc. (Nasdaq: GMIIU, GMII and GMIIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global i
Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC
Posted on 04/30/2021
San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin Picard, Global Head of Real Estate. Sonder is a hospitality company focused at short-term rentals. Sonder currently operates more than 300 properties across 35 markets in eight countries. Sonder works directly with real estate developers and property owners to lease, manage and operate spaces, providing guests with exceptionally designed accommodations at affordable prices on a nightly, weekly or monthly basis. Sonder is dependent on landlords to manage and maintain properties and maybe unable to negotiate attractive rates with new properties. Sonder’s leases are also subject to early termination.
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