Sonder Receives Notice of Delisting from Nasdaq
Photo Caption: A one-bedroom available to travelers from Sonder, a hospitality startup that offers lodging via Hotel Engine, a startup that has received funding. Source: Sonder.
Skift Take
That Sonder's business has been struggling is not news, but a potential delisting of the stock could be a warning sign for other struggling companies in the industry that went public prematurely.
Property manager Sonder, received a notice of delisting from Nasdaq because the company failed to satisfy the minimum bid price listing rule as its common stock traded below $1.00 per share for 30 consecutive business days.
Sonder now has a grace period of 180 calendar days (until October 18, 2023) to regain compliance with the minimum bid price requirement — where the closing bid price of its common stock should be at least $1.00 per share for at least 10 consecutive business days during this grace period.
It has another option that makes Sonder eligible for an additional 180 calendar day compliance per
