Sonder Holdings Inc. Delays Q4 And Fy23 Financial Results Announcement Due To Recently Identified Accounting Errors Related To The Valuation And Impairment Of Operating Lease Right Of Use Assets And Related Items For The Fiscal Years 2022 And 2023

Author: Benzinga Newsdesk | March 15, 2024 04:13pm

Sonder Holdings Inc. (NASDAQ:SOND, "Sonder" or the "Company"))))), a leading next-generation hospitality company that is redefining the guest experience through technology and design, today announced that it will delay the announcement of its fourth quarter and full year 2023 financial results.

The Company recently identified accounting errors related to the valuation and impairment of operating lease right of use assets and related items for the fiscal years 2022 and 2023. The Company requires additional time to restate 2022 and 2023 financial statements ("Affected Financial Statements") for certain previously disclosed periods ("Non-Reliance Periods") as described in the Company's Current Report on Form 8-K filed on March 15, 2024. The foregoing operating lease right of use assets and related item errors are non-cash in nature and will not impact the Company's reported cash balances or statements of cash flows for the Non-Reliance Periods. The Company expects that the restatements will increase the Company's overall net loss and loss per share in the impacted periods.

The Company intends to file its restated Affected Financial Statements as soon as practicable.

Posted In: SOND