SPAC Cash in Trust, US$ 450 million There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. It's a really robust process to ensure that we're covered on the downside and that we only take on properties that are going to be really, really profitable and valued by our guests. WebInvestor Presentation (March 2023)21.8 MB 3Q22 Shareholder Letter5.8 MB 2Q22 Shareholder Letter6.5 MB Cash Flow Positive Plan Presentation1.4 MB 1Q22 Were thrilled to have a committed and creative partner in Gores and the amendments, and incremental investment announced today will allow us to pursue our ambitious growth and expansion strategy in full force. 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). 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. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. SAN FRANCISCO & LOS ANGELES-- ( BUSINESS WIRE )--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality SPACs are shell companies that raise funds to take a private company public through a merger at a later date. Let's find people who need to relocate. WebInvestor presentation The Gores SPAC franchise has a stellar track record Proven SPAC track record Alignment with key stakeholders An attractive opportunity for prospective targets Note: An investment in Gores Guggenheim or Polestar is not an investment in any other current or previous special purpose acquisition company sponsored by affiliates of 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. Sonder continues to generate impressive results amid the ongoing recovery of the travel industry and is well positioned for future growth given their unique value proposition. Sign up to our email list so you don't miss a thing. 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 investment firm founded in 1987 by Alec Gores, and by an affiliate of Dean Metropoulos of Metropoulos & Co., announced that they have entered into a definitive agreement to combine with Sonder. 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. The vast majority, around 80%, of our guests are less than 50 years old. All quotes delayed a minimum of 15 minutes. For full disclosures, please go to our Terms & Conditions page. How? The company scored a We appreciate our close partnership with the Gores team and with our business combination completed, Sonder now has a very strong balance sheet to aggressively pursue our ambitious growth strategy, revolutionize hospitality, and deliver long-term value to shareholders., "Were proud to have partnered with Sonder and look forward to supporting their next chapter of growth," said Ted Fike, Senior Managing Director at The Gores Group. 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. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. His coverage is more complete than his moustache. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. WebCombination with Gores Metropoulos II . 310-209-3010 Wilson Sonsini Goodrich & Rosati, P.C. Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. 2023. The new funding raised will help continue to focus on building the company and hopefully keep the economics in check enough to complete the deal. Sonder's TAM, the global lodging market, was $809B in 2019. Behind him was eXp World Holdings Glenn Sanford with $15.9 million and Zillows Rich Barton with $8.4 million. Past investors in Sonder include Atreides Management, LP, Bezos Expeditions, GreenOaks, Fidelity Management & Research, GreyLock Partners, iNovia, Spark Capital, Tao, Valor Equity Partners, Westcap, and the Wilson family. 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. Oops! Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. 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. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos II stockholders in connection with the proposed Business Combination and other matters to be voted upon at the Special Meeting will be set forth in the Registration Statement for the proposed Business Combination when available. In the past year alone, weve launched in three additional countries and expanded our operations in dozens of other markets, and we expect to continue to scale our business and innovate to adapt to the needs of emerging traveler segments like digital nomads.. Hospitality - SPAC - Current. Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity |, Sonder makes Nasdaq debut following close of SPAC deal, 0 replies on Sonder makes Nasdaq debut following close of SPAC deal, Support BetaKit and independent Canadian tech journalism, Sonder lowers valuation, expectations for SPAC deal amid market conditions, All signs point to Montral as home of Sonders second headquarters, Revisiting BlackBerrys extraordinary rise and spectacular fall, Banking apps Pillar and Billi shut down as funding dries up for FinTech businesses, As Bill C-11 passes, YouTube influencers, content creators express concern while Big Tech quiet. Volt does not purport to provide any legal, tax, or accounting advice. It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. Thank you! This kind of financial discipline, with a really rapid response to the pandemic, has meant that we've been able to outperform a lot of the competition and be in a relatively strong position. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments found in over 35 markets spanning ten countries and three continents. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. The combined company will operate as Sonder Holdings Inc. and will commence trading its common stock and publicly traded warrants on the Nasdaq Global Select Market (Nasdaq) tomorrow under the ticker symbols SOND and SONDW, respectively. SPACs can then merge with private companies, taking them public in the process. We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. We think the current online players are overly focused on capturing agents fees.. The amended terms revise the combined companys pro forma enterprise value to $1.925 billion. This was a theory back in 2018, and we tested it out for a few dozen properties, and it was proved that it's worked extremely well. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. 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. 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. Sonder will retain its experienced management team. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the Existing PIPE. is serving as legal advisor to Sonder. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos II. Last year, Sonder reached a valuation of $1.3 billion after a funding round. February 24, 2022 Updated: March 3, 2022 Leading up to Sonder's SPAC merger with Gores Metropoulos II, Sonder gave an investor presentation in November We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. And Adj. 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. 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. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with real estate owners and developers, guests and suppliers and retain its management and key employees; (b) changes in applicable laws or regulations, including legal or regulatory developments (such as changes in local laws affecting hotels, apartments and other accommodation and regulatory developments related to special purpose acquisition companies); (c) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (d) risks related to the impact of the COVID-19 pandemic, including the Omicron and other variants and potential governmental and other restrictions (including travel restrictions) resulting therefrom; and (e) other risks and uncertainties described in the final proxy statement/prospectus/consent solicitation statement, including those under the heading Risk Factors therein, and other documents filed by the Company from time to time with the SEC. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. The past 2 years have been a hard journey for the hospitality industry and Sonder not only survivedthey thrived, said ScaleUP Ventures Partner Matt Roberts, an early investor in Sonder through both BDC and later, ScaleUP. Download the Sonder app on Apple or Google Play. The announcement follows a grueling year for hospitality. Takeaway: Sonder is expecting insane levels of growth, and despite being in a capital-intensive business, sees a rapid path to profitability. Chris Mammone, The Blueshirt Group In this space you will find all of our financial reports, presentations, webcasts and relevant video material. 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. press@sonder.com jchou@gores.com, John Christiansen/Cassandra Bujarski/Kate Gorgi The business was heavily impacted when the global pandemic brought the travel industry to a halt last year, but has rebounded as it targets millennial leisure travelers, said Chief Executive and co-founder Francis Davidson. EBITDA margin going from (181%) in 2020 to 16% in 2025. And their 2021 SPAC merger investor presentation here. Additionally, the Company has put in place a non-binding term sheet for Delayed Draw Notes of $220 million with existing PIPE investors, to be available following closing of the proposed business combination. 2021. The pandemic was a challenge for the entire hospitality world. The Gores Group 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. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. The results presented should not be viewed as indicative of the adviser skill and do not reflect the performance results that were achieved by any particular client. See here for a complete list of exchanges and delays. April 19, 2023. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? Thank you! Sonder was last valued at $1.3 billion, after raising $170 million in June. Sanford also took a smaller salary $656,480 instead of $1.5 million. 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 results presented should not be viewed as indicative of the adviser skill and do not reflect the performance results that were achieved by any particular client. And their expected growth rate is also head and shoulders above the median of each of those industries. Filing date. 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. This document may contain a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. Last year, OpenSpaces maps more than came in handy. Sonder will be scheduling a bell ringing ceremony with Nasdaq at a later date to formally celebrate its public listing. For The Gores Group and affiliates: Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. Sonder illustrates the downfall of 3 different product offerings in the lodging and travel space today. 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. real estate targeting, warehouse and inventory management, logistics planning, etc.). 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. Moelis & Company LLC acted as additional financial advisor to GM II. Volt does not purport to provide any legal, tax, or accounting advice. Investors should be aware of the inherent risks involved in investing in the markets and that past performance is not an indication of future results. Additional Information and Where to Find It. Shares of Gores Metropoulos II rose 0.5% in afternoon trading on Friday. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. As part of the amended terms of the transaction, the combined companys implied pro forma enterprise value will be $1.925 billion. As part of the proposed business combination, the Company will receive approximately $110 million in incremental capital from affiliates of Gores Metropoulos II and other leading investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, and Senator Investment Group pursuant to the New PIPEs, in addition to the $200 million Existing PIPE, which continues to be led by affiliates of Gores Metropoulos II, with participation from top-tier institutional investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, funds and accounts managed by Principal Global Investors, LLC, and Senator Investment Group. Three is demographics. Sonder's evolving narrative (2019 Series D pitch deck vs. 2021 investor presentation) It's interesting to see how Sonder's narrative has evolved from when they Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. All this allows them to cut down on operating costs by as much as ~50%. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. Two is that the vast majority of our travelers are domestic, not international. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); We appear to be moving pastthe pandemic disruption. For Sonder: 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 the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores The content should not be considered investment advice and is for educational purposes only. The deal will give Sonder $650 million in cash to scale up. 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. 2022. Placer operates on a subscription model, and Ben-Zvi said it tripled its revenue in 2020 as customers sought data to guide decisions during the pandemic.
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