Sonder Holdings Inc. (SOND)

Sonder Holdings Inc. was a hospitality company that leased and operated apartments and hotel-style rooms and rented them to guests through its own app and website and through third-party booking channels. It was founded in 2012 by Francis Davidson and Lucas Pellan in Montreal, and its headquarters later moved to San Francisco, California. The company positioned itself between traditional hotels and peer-to-peer rentals, offering units with consistent design, self check-in and round-the-clock remote guest support.

Sonder's portfolio included studios and one-, two- and three-bedroom apartments as well as hotel rooms in cities across North America, Europe, the Middle East and other regions. Its business model relied on long-term master leases or revenue-sharing arrangements with property owners, which gave it control over operations but also exposed it to fixed lease obligations. At the end of 2021 it reported roughly 7,600 live units in 38 markets across ten countries, with a larger pipeline of contracted units.

The company became public in January 2022 through a business combination with Gores Metropoulos II, a special purpose acquisition company, after which its common stock traded on the Nasdaq Global Market under the symbol SOND. Like many companies that listed through SPACs during that period, it faced pressure from higher interest rates, uneven travel demand and heavy cash burn. In the following years it undertook cost reductions, exited underperforming locations, renegotiated leases and carried out a reverse stock split.

In 2024 Sonder announced a long-term agreement with Marriott International under which its units would be offered through the Marriott Bonvoy platform as Sonder by Marriott Bonvoy. The arrangement was intended to broaden distribution and bring in a major loyalty program. In November 2025, however, the Marriott relationship was terminated, which removed a key source of future bookings and financing support for the business.

Following the termination, Sonder announced that it would carry out an immediate wind-down of its operations and that the company and its subsidiaries would file for liquidation under Chapter 7 of the U.S. Bankruptcy Code. Nasdaq staff determined that the company no longer qualified for listing under its public interest and related listing rules. The determination was communicated on November 17, 2025, and trading in the common stock was suspended on November 24, 2025, with the stock subsequently quoted over the counter under the symbol SONDQ.

Nasdaq then filed a Form 25 with the SEC to remove the shares from listing and registration under Section 12(b) of the Exchange Act. The Form 25 was filed in January 2026, and the removal took effect on January 30, 2026. Because the company is being liquidated under Chapter 7, no successor entity or acquisition consideration for shareholders was announced, and equity holders are generally not expected to receive a distribution after creditors are paid.