Sonder issues $24.5M in 15% PIK notes + dilutive warrants; terminates SVB credit line

Sonder Holdings Inc.

Issued $24.54M in units: senior secured notes (15% PIK, due 7/4/2026) + warrants for 21.2M shares at $1.50.
Warrants exercisable for 4 years after stockholder approval; if approval not obtained, certain conditions apply.
Also entered loan agreement with Marriott: Lender Notes replace fees, same maturity, prime+3% PIK.
Terminated existing SVB credit facility; event of default if fails to raise $32.5M by Nov 15, 2025.
Voting support agreement from majority shareholders to approve Nasdaq proposal and increase authorized shares.

item 1.01item 1.02item 2.03item 3.02item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.