Sonder raises $18M in Series A preferred, cuts debt principal 15%, targets $50M annual cost savings

Sonder Holdings Inc.

Sold 17.98M Series A preferred shares at $1.00 each for ~$17.98M gross; CEO Davidson bought $595K.
Amended Note Purchase Agreement: 15% principal reduction, ~50% interest rate cut; issued warrants for up to 5M shares at $1.00.
Reduced SVB revolving line from $60M to $35M; received $7.5M key money from Marriott on April 11.
Marriott integration (Sonder by Marriott Bonvoy) expected complete by end of Q2 2025; $50M annualized cost savings targeted.
Stockholders with ~58% voting power agreed to vote for share issuance and authorized share increase.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Sonder Holdings Inc.: Amendment to Certificate of Designation to increase authorized shares of Series A Preferred Stock from 43.3 million to 61.28 million (effective 2025-04-11).

Change: charter amendment
Effective: 2025-04-11

Exact text from the filing

the Company filed a Certificate of Amendment to the Certificate of Designation to increase the number of authorized shares of Series A Preferred Stock from 43.3 million to 61.28 million.

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Source: SEC EDGAR

accession 0001753926-25-000627

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