International
Sonder Faces Potential Nasdaq Delisting —Once more
Skift Take
Sonder’s second discover of potential delisting is for a special motive than the primary discover a yr earlier. Neither, although, is an effective search for the struggling firm.
Sonder disclosed in a monetary submitting Friday that it acquired a Nasdaq discover that it’s not complying with the inventory alternate’s itemizing guidelines and faces a possible delisting as a result of the corporate hasn’t filed its annual 10-Okay report for 2023.
Sonder acquired the discover April 2, and stated it has 60 days to submit a plan to regain compliance, and famous that Nasdaq, at its discretion, may prolong the deadline 180 days, or till September 30, 2024.
“The Discover has no instant impact on the itemizing or buying and selling of the Firm’s frequent inventory or publicly traded warrants on the Nasdaq International Choose Market,” Sonder said.
Firms typically are required to file their 10-Ks inside 60 days after the top of the fiscal yr — in different phrases, by February 29, 2024 on the newest.
The Sonder Delay
Sonder, a short-term rental firm that additionally operates accommodations, disclosed in mid-March that it might have to restate its 2022 and 2023 financials due to accounting errors it found. That’s why it hasn’t filed its 10-Okay for 2023.
Sonder said Friday that it supposed to get again into Nasdaq’s good graces. “The Firm intends to submit a compliance plan to Nasdaq and take the required steps to regain compliance with Nasdaq’s itemizing guidelines as quickly as practicable,” the corporate stated.
Deja Vu All Over Once more
Sonder, which went public by a SPAC merger in early 2022, acquired a Nasdaq discover in April 2023 that it may very well be delisted as a result of the share worth of SOND dipped under $1 for 30 consecutive buying and selling days. The corporate averted delisting in September when it carried out a 1-20 reverse inventory cut up.
Sonder’s share’s closed Friday at $3.87 per share.