For full disclosures, please go to our Terms & Conditions page. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. 2018, US$ 68 million, Net Income On the supply side, the new deals that we struck with real-estate owners meaningfully improved. In the next three to five years, we expect to be truly global with presence in Latin America and the Asia-Pacific region., RELATED: All signs point to Montral as home of Sonders second headquarters. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. However, the company reported up a loss of $54.6 million for its second quarter, on an adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] basis. The Registration Statement is not yet effective. Last year, OpenSpaces maps more than came in handy. Porchs Matt Ehrlichmans total compensation was $16.8 million, with a base salary of $420,000. And their 2021 SPAC merger investor presentation here. The content should not be considered investment advice and is for educational purposes only. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. The San-Francisco-based company was in talks with Gores about going public in The travel and hospitality industry has been hit hard by the ongoing pandemic, which has led many to cancel, postpone, or scale down their travel plans, impacting both traditional hotels and tech companies like Sonder and Airbnb. 310-209-3010 Hypothetical strategies and indices presented are unmanaged, do not reflect any fees, expenses, transaction costs, commissions or taxes, and one cannot invest directly in any of these. The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, when it is declared effective by the SEC, will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of Gores Metropoulos IIs stockholders to be held to approve the proposed Business Combination and other matters (the Special Meeting) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Let's find people who need to relocate. "If travel demand dries up, let's find traveling nurses. 2022. Also, securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk.The content on this site is not intended to serve as financial advice nor should it be the sole basis for any investment decisions. Arguably, business is going to take longer to recover. 1, will be provided in a Current Report on Form 8-K which will be filed by Gores Metropoulos II with the SEC and will also be available at www.sec.gov. This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed Business Combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. We sat down with Francis Davidson, Sonder's cofounder and CEO who founded the company by renting out his college apartment to discuss the deal and the future of travel. This document may contain a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. WebReports & Presentations. Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. ir@sonder.com Moelis & Company LLC acted as additional financial advisor to GM II. 1)) and the proposed Business Combination contemplated thereby; (b) the inability to complete the proposed Business Combination due to the failure to obtain approval of the stockholders of Gores Metropoulos II or other conditions to closing in the Merger Agreement (as amended by Amendment No. On top of that, I think the benefit of our technology here is that it allows us to provide a really elevated stay at a much more affordable price point. Volt does not purport to provide any legal, tax, or accounting advice. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. 2021. It operates over 300 properties in 35 markets, with plans to invest in tech, expand to news regions, and sign more properties. Wilson Sonsini Goodrich & Rosati, P.C. Thank you! Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. 2020, US$ 240.663 million (LOSS) Leading up to Sonder's SPAC merger with Gores Metropoulos II, Sonder gave an investor presentation in November 2021 laying out the narrative and future of their company with amazing clarity and transparency. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Metropoulos II. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. The deal will give the combined entity an enterprise value of about $2.2 billion, according to a statement Friday that confirmed an earlier Bloomberg News report. SPACs are shell companies that raise funds to take a private company public through a merger at a later date. New PIPE Investment, US$ 200 million A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. The combined company will operate as Sonder Holdings, while Sonders common stock and publicly traded warrants will trade on the Nasdaq Global Select Market today under the ticker symbols SOND and SONDW, respectively. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group. For The Gores Group and affiliates: CoStars profit machine is back in action. SAN FRANCISCO & LOS ANGELES--(BUSINESS WIRE)--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality company that is redefining the guest experience through technology and design, today announced that it completed its previously announced business combination with Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) (GM II), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC, and Metropoulos & Co. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Form. We're not acquiring these assets, but we're running a process that's just as thorough. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. Content is subject to change without notice. Sonder had to lay off or furlough one-third of its workforce last spring, while some of its highest-profile competitors were forced to shutter (Lyric) or pivot their business models after layoffs (Zeus Living). There are a lot of organizations that put out forecasts, like Smith Travel Research and CBRE. Filing date. Why are you in such a good position to go public now when it's been a challenge across the board for your competitors? Second-home startup Pacaso hired as head of industry relations. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. The Sonder app gives guests full control over their stay. served as legal advisor to Sonder. CEO Francis Davidson co-founded Sonder as a college student in Montreal in 2014. In 2020, Sonder had 5,000 units (with contracts for another 7,000). Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. And it's typical for the landlord to fund it. Any and all subjective claims and statements made on this site regarding companies or securities are strictly the beliefs and views held by Volt and are in no way meant to be an endorsement by Volt of any company or security and nor is it meant to be a recommendation by Volt to buy, sell, or hold any security.Past performance is no guarantee of future returns. It's a growing share for sure. Gores Metropoulos II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Metropoulos II in Gores Metropoulos IIs registration statement on Form S-1 (File No. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Utilizing an option overlay strategy involves the risk that as the buyer of a put or call option, the buyer risks losing the entire premium invested in the option if the buyer does not exercise the option. Hypothetical strategies and indices presented are unmanaged, do not reflect any fees, expenses, transaction costs, commissions or taxes, and one cannot invest directly in any of these. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. The father and son were also co-founders of BlueTail, a social media marketing startup acquired by Salesforce in 2012. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. GMII dropped 5.5% today and closed at $8.86. The The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. It operates over 300 properties in 35 markets, with plans to invest in tech, expand In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. What it does: The five-year-old company uses cell phone data to track pedestrian foot traffic in order to give retail and office landlords feedback on how stores and assets are doing. We're not cutting a check 90% of the time now when a property opens. And Adj. press@sonder.com One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. Were excited to watch them continue to expand and reshape guest stays at a global level.. 1 to Agreement and Plan of Merger, dated as of October 27, 2021, by and among Gores Metropoulos II, Sonder and the other parties to the Merger Agreement (such amendment, Amendment No. Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Metropoulos & Co. whose Principals are Dean, Evan and Daren Metropoulos. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Metropoulos II, that values the newly combined company at $2.2 billion, Sonder announced Friday.. Chris Mammone, The Blueshirt Group Proptech was no exception, with 15 new SPACs in February followed by 16 in March and just one so far in April, according to TRDs SPAC tracker. Additional risks and uncertainties are identified and discussed in Gores Metropoulos IIs reports filed with the SEC and available at the SECs website at www.sec.gov. We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. Additionally, the parties agreed to extend the Merger Agreement end date from October 28, 2021 to January 31, 2022 after which Gores Metropoulos II and Sonder would have the right to terminate the Merger Agreement if the proposed business combination has not been consummated by January 31, 2022. Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. Three is demographics. 0001819395-23-000056.pdf. April 30 (Reuters) - Lodging startup Sonder, which offers refurbished properties for short-term rentals, has agreed to go public through merging with a blank-check firm backed by billionaire investors Alec Gores and Dean Metropoulos that values the combined company at around $2.2 billion. And their expected growth rate is also head and shoulders above the median of each of those industries. Volt does not seek to solicit or offer any of its products or services to any persons to whom doing so would otherwise be prohibited under the laws applicable to their place of citizenship, domicile or residence.Some of the content on this site may contain forward-looking statements, including but not limited to statements related to future expectations, based on Volts current outlook and assumptions. The company expects the deal to close in the second half of 2021. The Series D was led by Apax Digital Fund and brings Guestys total funding to more than $110 million. Gores Metropoulos II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We think that the combination of this incremental capital and our proactive response to changing market dynamics will put us in the best position to drive long-term value creation for our shareholders and employees., Alec Gores, the buyout sponsor of the deal, told New York Times that the market has shifted and we totally get that[a]s long as you have a great company, the market is going to go in 100 different ways, and we just have to be smart enough to recognize where the market is..