Tech-enabled hospitality provider Sonder added more than 25 new buildings across the U.S. to its portfolio in the second half of 2021, the company revealed last week, reports Busines Travel News.
The announcement came a day ahead of Gores Metropoulos II holding a special meeting of its stockholders to finalize its proposed business combination with Sonder that would take the hospitality company public. Plans for the tie-up were announced last spring. GMII board of directors recommended that all stockholders vote for approval; however, the result of the Jan. 14 vote is not yet known. The SPAC made no announcement on Jan. 14 and, due to the Martin Luther King Jr. holiday, news of the vote is not expected earlier than tomorrow, Jan. 18.
The enterprise value of the combined company was lowered in October to $1.925 billion from the initial $2.2 billion. However, Sonder will also receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other investors, including Fidelity Management & Research, funds and accounts managed by BlackRock, Atreides Management, and Senator Investment Group, in addition to the existing $200 million PIPE. Sonder also signed a non-binding term sheet for Delayed Draw Notes of $220 million with existing PIPE investors, to be available following the closing of the proposed business combination. Read more.
