Hospitality company Sonder Holdings today announced that it completed its business combination with Gores Metropoulos II. The merger was approved at a special meeting of Gores Metropoulos II stockholders on Jan. 14, the companies said in a news release, although the announcement was not made until today.
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.
The news release did not mention redemptions, if any, and Gores Metropoulos II has so far not filed an 8-K disclosing details of the vote.
Sonder will begin trading on the Nasdaq tomorrow under the ticker symbols SOND and SONDW, for sahres and warrants, respectively. Read more.
