Apartment-style accommodations provider Sonder Holdings has received a delinquency notice from Nasdaq for the company's failure to file its 2024 annual report with the U.S. Securities and Exchange Commission, the company announced Tuesday.
Sonder in a statement said the company has 60 days from the Nasdaq's April 24 delinquency notice to submit a plan to regain compliance, whereupon Nasdaq could grant Sonder an extension to Oct. 13 to do so.
Sonder for the past year has delayed filing financial reports with the SEC after announcing in March 2024 that it had discovered "accounting errors related to the valuation and impairment of operating lease right of use assets and related items" for 2022 and 2023. The company has restated its financial performance for those years and filed earnings reports through the third quarter of 2024, but requires more time to catch up, according to Sonder.
Sonder "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," according to the company.
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