secwatch.observer — SEC 8-K summary
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Issuer:     Sonder Holdings Inc. (—)
CIK:        0001819395
Form:       8-K
Filed at:   2025-08-07T23:59:59+00:00
Accession:  0001753926-25-001256
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 1.02, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819395/000175392625001256/0001753926-25-001256-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819395/000175392625001256/g084909_8k.htm
  HTML page:      https://secwatch.observer/filing/0001753926-25-001256

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer