Sonder Holdings Inc. (NASDAQ:SOND, "Sonder" or the "Company"))))) today announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") on April 2, 2024 (the "Notice"). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"), as described more fully in the Company's Form 12b-25 Notification of Late Filing (the "Form 12b-25") filed with the Securities and Exchange Commission (the "SEC") on March 15, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
In accordance with Nasdaq's listing rules, the Company has 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule. Following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the 2023 Form 10-K's due date, or until September 30, 2024, for the Company to regain compliance. The Company intends to submit a compliance plan to Nasdaq and take the necessary steps to regain compliance with Nasdaq's listing rules as soon as practicable.
As previously disclosed, the filing of the 2023 Form 10-K was delayed due to the matters described in the Form 12b-25 and the Company's Current Report on Form 8-K filed with the SEC on March 15, 2024. While the Company can provide no assurances as to timing, the Company will continue to work diligently to complete and file the 2023 Form 10-K as soon as practicable.