Latest news with #JaniceSears
Business Wire
08-08-2025
- Business
- Business Wire
Sonder Holdings Inc. Secures $24.54 Million Note and Enters Agreements to Strengthen Liquidity
SAN FRANCISCO--(BUSINESS WIRE)--Sonder Holdings Inc. (Nasdaq: SOND) ('Sonder' or the 'Company') today announced a series of actions to raise additional liquidity. Issued and sold $24.54 million of units on August 5, 2025 (the 'Financing'). Each unit comprises (i) a senior secured promissory note (the 'Investor Notes') and (ii) a warrant to purchase shares of Sonder's common stock at an exercise price of $1.50 per share (the 'Warrants'). The Investor Notes mature on July 4, 2026 and accrue interest on the unpaid principal amount at a rate of 15.0% per annum, payable in kind quarterly in arrears. Sonder is required to solicit stockholder approval of matters related to the issuance of the Warrants to be further described in a proxy statement delivered to the stockholders. Entered into an agreement with certain stockholders that hold equity interests of Sonder representing a majority of Sonder's outstanding voting power prior to the Financing to obtain stockholder approval on matters related to the Financing. Entered into the Third Amendment to the License Agreement and a related Loan Agreement with Marriott International, Inc. ('Marriott'), under which certain fees and other amounts owed to Marriott for up to one year are replaced by payment obligations under senior secured notes. Modified its relationship with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company ('SVB'), by terminating its Loan and Security Agreement with SVB and maintaining letters of credit. 'The additional liquidity is intended to help Sonder execute our strategic plan and position the Company for long-term growth and value creation,' said Janice Sears, Interim Chief Executive Officer. 'We appreciate the engagement with our investors and partners.' Additional information regarding the Financing can be found in a Form 8-K to be filed with the Securities and Exchange Commission (the 'SEC'). 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 nine 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 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 regarding Sonder's ability to obtain stockholder approval on matters related to the issuance of the Warrants; improvements in liquidity and profitability; the debt and equity financing and other sources of liquidity; improvements to Sonder's balance sheet; Sonder's partnership with Marriott; and other information concerning Sonder's financial and operating goals and estimated, possible, or assumed future financial or operating results and measures, cash flow, or liquidity. These forward-looking statements are based on management's current expectations, estimates, and beliefs, as well as a number of assumptions concerning future events and are not guarantees of future performance, conditions, or results. 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 the risks and uncertainties described in the Company's reports filed with the SEC 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 These forward-looking statements are 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.
Yahoo
27-06-2025
- Business
- Yahoo
Sonder CEO steps down following Marriott integration
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Sonder co-founder Francis Davidson stepped down from his role as CEO of the company, the accommodations provider announced Wednesday. Davidson will also give up his position as a member of the company's board of directors. Sonder Chairperson of the Board Janice Sears is now interim CEO. The company's board intends to start its search for a permanent CEO immediately, according to Sonder. Over the course of his tenure, Davidson grew Sonder into a hospitality brand serving millions of guests across more than 40 markets in nine countries, but the company also encountered legal and operational challenges. The completion of the company's integration into Marriott International makes now the right time for a leadership transition, according to Sonder. While serving as interim CEO, Sears will continue to hold her role as chairperson of Sonder's board, which 'is focused on identifying an outstanding executive' to be Sonder's next CEO and 'capitalize on the positive trends we are seeing across the business,' Sears said in a statement. Sears has served on Sonder's board since 2021, and became chairperson earlier this year. Previously, Sears held a variety of roles over 20 years at Bank of America Securities, and concurrently served as the San Francisco market president for Bank of America. Sears said that Davidson's 'entrepreneurial spirit and visionary leadership have made Sonder into the global company and recognizable brand it is today.' Sonder entered into a strategic licensing agreement with Marriott last August that added some 9,000 of its rooms to Marriott's portfolio. Experts told Hotel Dive last year that the deal could offer relief to Sonder stakeholders after the company's stock price fell in March 2024 in the wake of 'accounting errors' identified in its 2022 and 2023 financial statements. The company also was the subject of a class action lawsuit filed on behalf of investors in June 2024. Since the partnership with Marriott was announced, Sonder has named Michael Hughes CFO to 'significantly strengthen' the company's balance sheet, as well as planned layoffs and cost-cutting measures. Sonder did not immediately respond to a Hotel Dive request for further comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
