BOULDER and SAN FRANCISCO — A vote to approve the merger between investment firm and special-purpose acquisition company The Gores Group and Sonder Holdings Inc. is set for Jan. 14, 2022.
Boulder-based Gores, through its SPAC Gores Metropoulos II Inc. (Nasdaq: GMII, GMIIW and GMIIU) aims to take the Bay Area hospitality technology company public.
A SPAC is a publicly traded shell company with a built-in two-year lifespan that exists solely to merge with another company in order to take that second company public, representing an alternative to the traditional initial public offering process.
If the merger is approved, Sonder will trade on the Nasdaq exchange under ticker symbol SOND.
“We successfully navigated the initial challenges of the pandemic and our momentum has only increased,” Sonder CEO Francis Davidson said in a prepared statement. “We’ve hit company-record revenue levels for the last two quarters, raised our total revenue and Adjusted EBITDA outlook for full year 2021, entered multiple new markets across the world and expanded rapidly in existing ones. In the last year alone, we’ve seen shifts in travel preferences and new categories of travelers emerge that choose us for their stays. As travelers demand change, we’ll keep innovating and relentlessly pursuing our mission to revolutionize hospitality and make a world of better stays open to all.”
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