Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. All material subject to strictly enforced copyright laws. Sonder was last valued at $1.3 billion, after raising $170 million in June. Moelis & Company LLC acted as additional financial advisor to GM II. Investors should be aware of the inherent risks involved in investing in the markets and that past performance is not an indication of future results. We're not acquiring these assets, but we're running a process that's just as thorough. The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms. The San Francisco-based travel tech and hospitality company has strong Canadian roots. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. Sard Verbinnen & Co However, the company reported up a loss of $54.6 million for its second quarter, on an adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] basis. Also, Sonder has access to $220 million debt facility with existing PIPE investors, to be available following the closing of the merger, which Sonder says will be enough to fund its growth over the next several years. Our mission is really one of democratization here. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. And their 2021 SPAC merger investor presentation here. In addition to the very compelling narrative and numbers presented in Sonder's investor presentation, Sonder's strategic advantage relative to both incumbents and potential new entrants makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. Gores Metropoulos II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The idea is that Sonder is not a short-term-rental company. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. [email protected], Internet Explorer presents a security risk. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. In the past few years, we've shifted away from trying to get into existing buildings that are up and running, but rather working with developers to build new ones or do really substantial renovations on older ones. You can see their 2019 Series D investor pitch deck here. Media Contacts The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. 2022. Sonder's evolving narrative (2019 Series D pitch deck vs. 2021 investor presentation) It's interesting to see how Sonder's narrative has evolved from when they Moreover, Sonder has 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, which enables the Company to fund its growth over the next several years. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. The now United States-based company has strong Canadian roots. Volt does not seek to solicit or offer any of its products or services to any persons to whom doing so would otherwise be prohibited under the laws applicable to their place of citizenship, domicile or residence.Some of the content on this site may contain forward-looking statements, including but not limited to statements related to future expectations, based on Volts current outlook and assumptions. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Additional risks and uncertainties are identified and discussed in Gores Metropoulos IIs reports filed with the SEC and available at the SECs website at www.sec.gov. Web10. Plus, can SPAC investors take advantage of the big moves that are hidden in SPACs with announced deals? Arguably, business is going to take longer to recover. Although the travel sector still faces strong headwinds due to COVID-19, Davidson said the company remains aggressively optimistic on the future of travel, citing Sonders record Q2 and Q3 2021 performance as evidence of the resiliency of its business. Sonder also expects to have approximately $310 million in private investment in public equity (PIPe) proceeds, up to $450 million in cash in Gores Metropoulos II's trust account and $165 million of delayed draw notes to fund operations and support new and existing growth initiatives. These two things have meant that we've gone from funding 84% of the capital expenditure of the deals we did in 2019 to now funding 10%. The Hail Mary at the time was identifying other use cases. Launched in 2014, Davidson came up with the idea for Sonder while managing a few apartments for short-term stays as a university student in Montreal. Your submission has been received! At a valuation of ~$2B and considering their estimated 2022 revenue, Sonder's revenue multiple would fall below the median multiple of upscale lodging companies like Hilton and Mariott, just above the median multiple of digital hospitality and real estate companies like Redfin and Tripadavisor, and below the median multiple of vertical disruptors like Uber, Doordash, and Airbnb. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. What it does: The five-year-old company uses cell phone data to track pedestrian foot traffic in order to give retail and office landlords feedback on how stores and assets are doing. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The CEOs of Opendoor and Porch saw hefty stock and options in a year when both companies went public. Managing Director Sonders leases are also subject to early termination. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the PIPE. Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Metropoulos & Co. whose Principals are Dean, Evan and Daren Metropoulos. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. In the short-run, were focused on rapidly growing, improving our technology, guest experience and operational efficiency, wrote Davidson in a LinkedIn post about the companys journey to becoming publicly-traded. See here for a complete list of exchanges and delays. Takeaway: Even with Sonder's phenomenal historical growth (and jaw-dropping estimated future growth), there will still be a LOTof room for even more growth in this core lodging market for many years to come. Thank you! Sonder forecasts their 2025 GAAP revenue to grow to a whopping $4B at a 103% CAGR (2020-2025). April 19, 2023. The full filing with the amended merger agreement is here. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Additionally, the parties agreed to extend the Merger Agreement end date from October 28, 2021 to January 31, 2022 after which Gores Metropoulos II and Sonder would have the right to terminate the Merger Agreement if the proposed business combination has not been consummated by January 31, 2022. Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. What we know is that we have a lot of favorable characteristics that would allow us to recover faster. Placer is based in California with an engineering team in Israel. The new funding raised will help continue to focus on building the company and hopefully keep the economics in check enough to complete the deal. 2012-2023 BetaKit Incorporated. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with real estate owners and developers, guests and suppliers and retain its management and key employees; (b) changes in applicable laws or regulations, including legal or regulatory developments (such as changes in local laws affecting hotels, apartments and other accommodation and regulatory developments related to special purpose acquisition companies); (c) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (d) risks related to the impact of the COVID-19 pandemic, including the Omicron and other variants and potential governmental and other restrictions (including travel restrictions) resulting therefrom; and (e) other risks and uncertainties described in the final proxy statement/prospectus/consent solicitation statement, including those under the heading Risk Factors therein, and other documents filed by the Company from time to time with the SEC. 2021. He brings nearly two In response to evolving market dynamics, we are also amending the terms of our merger agreement, reflecting our commitment to driving long-term value creation, transparency and stockholder alignment in this high-performing and innovative business., We continue to see a rebound in leisure travel, and we are aggressively pursuing our expansion plans and capturing significant consumer demand. On the other side is our expansion into the hotel business. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Gores Metropoulos IIs or Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. 2020, US$ 240.663 million (LOSS) The brand generates $10 million per quarter, CoStar said. It projected $4 billion in revenues in 2025, and Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. What does that mean for hospitality jobs? Sign up to our email list so you don't miss a thing. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. Our view was that we wanted to lean into the recovery. We provide modern service through the phone, and we bring quality and standards to the industry. Below are the highlights from the presentation. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. This works really well for apartments, which is where we got started, but we realized that we could actually do this and operate hotels more effectively. Sonder continues to generate impressive results amid the ongoing recovery of the travel industry and is well positioned for future growth given their unique value proposition. Global Wealth Conferences - SWFI Event Series, Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. The Series D was led by Apax Digital Fund and brings Guestys total funding to more than $110 million. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Metropoulos II. Wilson Sonsini Goodrich & Rosati, P.C. real estate targeting, warehouse and inventory management, logistics planning, etc.). The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. The deal would value Sonder at $2.2 billion, almost $1 billion more than its June valuation of $1.3 billion, and includes $650 million in total cash proceeds. While the travel industry has faced headwinds with the ongoing pandemic, Sonder has continued to grow at a rapid clip, proving the resiliency of our business model and demonstrating our ability to pivot quickly to address emerging trends and traveler needs. 2021, Volt Equity (Volt). New PIPE Investment, US$ 200 million 2021, Volt Equity (Volt). Sonder began trading on the Nasdaq this morning, after completing its previously announced business combination with Gores Metropoulos II, a California-based special purpose acquisition company (SPAC). The deal would value Sonder at $2.2 billion, almost $1 billion more than its June valuation of $1.3 billion, and includes $650 million in total cash proceeds. We've never thought of positioning the business for a quick acquisition. The travel and hospitality industry has been hit hard by the ongoing pandemic, which has led many to cancel, postpone, or scale down their travel plans, impacting both traditional hotels and tech companies like Sonder and Airbnb. Forward-looking statements in this release include, but are not limited to, the closing of the drawdown on Sonders Delayed Draw Notes, the commencement of trading of Sonders common stock and publicly traded warrants on Nasdaq, Sonders beliefs regarding its current and future financial position, Sonders beliefs regarding its future financial and operating results and growth and the effect of the COVID-19 pandemic, its timing of recovery and the pandemics impact to Sonders business and financial position. Two is that the vast majority of our travelers are domestic, not international. Compass acquired digital closing startup Glide for an undisclosed sum. In connection with the proposed Business Combination, Gores Metropoulos II has filed a registration statement on Form S-4 (the Registration Statement) that includes a preliminary proxy statement, consent solicitation statement and prospectus with respect to Gores Metropoulos IIs securities to be issued in connection with the proposed Business Combination that also constitutes a preliminary prospectus of Gores Metropoulos II and will mail a definitive proxy statement/consent solicitation statement/prospectus and other relevant documents to its stockholders. One is the fact that our guests are much more leisure-oriented: 80% of our guests were leisure. Three is demographics. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. Chris Mammone, The Blueshirt Group Forward-looking statements include information concerning Gores Metropoulos IIs or Sonders possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether this proposed Business Combination will generate returns for stockholders.
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