Sonder (NASDAQ: SOND) mulls financing options as key executive exits

Rhea-AI Filing Summary

Sonder Holdings Inc. reported that its management and board are evaluating financing and other strategic alternatives in consultation with financial advisor Moelis & Company LLC and outside counsel. This means the company is formally exploring options that could include new funding structures or potential transactions affecting its ownership or capital.

The company also disclosed that Martin Picard, its Chief Real Estate Officer, resigned effective September 16, 2025. He plans to participate with certain investors who may bid on the company while these alternatives are explored. On an interim basis, interim Chief Executive Officer Janice Sears will oversee operations, with certain senior operations executives reporting directly to her.

Positive

• None.

Negative

• Chief Real Estate Officer resignation tied to potential bid – Martin Picard resigned effective September 16, 2025 to join investors who may bid on Sonder, adding uncertainty around leadership stability and future control.

Insights

Corporate governance and M&A analyst

Sonder is exploring strategic options as a senior executive exits to join a potential bidder group.

Sonder Holdings Inc. states that its management and board are evaluating financing and other strategic alternatives with Moelis & Company LLC and outside counsel. This kind of process can encompass capital raises, restructurings, or possible sale transactions, and signals that the company is actively reviewing its long-term positioning.

The resignation of Chief Real Estate Officer Martin Picard, effective September 16, 2025, is notable because he plans to participate with certain investors who may bid on the company. That creates a potential shift in roles from senior executive to prospective buyer. The company indicates that interim CEO Janice Sears will directly oversee operations with certain senior operations executives reporting to her, which is intended to maintain operational oversight during this evaluation period.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 16, 2025

SONDER HOLDINGS INC.

(Exact name of registrant as specified in its charter) 

Delaware	001-39907	85-2097088
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
447 Sutter St., Suite 405 #542		94108
San Francisco, California		(Zip Code)
(Address of principal executive offices)

(617) 300-0956

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		SOND		The Nasdaq Stock Market LLC
Warrants, each 20 warrants exercisable for one share of Common Stock at an exercise price of $230.00 per share		SONDW		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The second paragraph in Item 8.01 is hereby incorporated by reference.

Item 8.01 Other Events.

On September 16, 2025, Sonder Holdings Inc. (the “the Company”) announced that management and the board of directors are evaluating financing and other strategic alternatives in consultation with its financial advisor Moelis & Company LLC and outside counsel.

On September 16, 2025, the Company also announced that Martin Picard, the Chief Real Estate Officer of Company, had notified the Company that he would resign from his position, effective September 16, 2025. Mr. Picard is resigning in connection with plans to participate with certain investors to potentially bid on the Company as the Company continues to explore financing and other strategic alternatives. On an interim basis, Janice Sears, our interim Chief Executive Officer, will oversee operations, during which time certain senior operations executives will report directly to Ms. Sears.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.						Description
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Sonder Holdings Inc.
Date: September 16, 2025			By:			/s/ Vanessa Barmack
			Name:			Vanessa Barmack
			Title:			General Counsel and Secretary

FAQ

What strategic actions is Sonder (SOND) currently evaluating?

Sonder Holdings Inc. reports that its management and board are evaluating financing and other strategic alternatives with the assistance of financial advisor Moelis & Company LLC and outside counsel. These alternatives could include a range of potential transactions affecting the company’s capital or ownership structure, as suggested by the reference to strategic alternatives and a potential bid for the company.

Which executive resigned in Sonder (SOND)'s latest 8-K and why?

Sonder disclosed that Martin Picard, its Chief Real Estate Officer, resigned from his position effective September 16, 2025. He is resigning in connection with plans to participate with certain investors who may potentially bid on the company while Sonder continues to explore financing and other strategic alternatives.

Who is overseeing operations at Sonder after the Chief Real Estate Officer’s resignation?

Following Martin Picard’s resignation, Sonder states that on an interim basis Janice Sears, the interim Chief Executive Officer, will oversee operations. During this period, certain senior operations executives will report directly to Ms. Sears.

What role does Moelis & Company LLC play for Sonder (SOND)?

Sonder notes that it is evaluating financing and other strategic alternatives in consultation with its financial advisor Moelis & Company LLC and outside counsel. This indicates Moelis is engaged to advise the company’s management and board as they review potential financing and strategic options.

Does Sonder’s 8-K mention a potential bid for the company?

Yes. The filing states that Martin Picard is resigning in connection with plans to participate with certain investors to potentially bid on the Company as Sonder continues to explore financing and other strategic alternatives. This indicates that a possible bid is being contemplated by an investor group that may include the former executive.

What securities of Sonder are listed on Nasdaq according to the filing?

The filing identifies Sonder’s Common Stock, par value $0.0001 per share, trading under the symbol SOND, and warrants, each 20 warrants exercisable for one share of Common Stock at an exercise price of $230.00 per share, trading under the symbol SONDW, as listed on The Nasdaq Stock Market LLC.