Skift Take
Sonder is a prime example of a company that shouldn't have gone public, but the special purpose acquisition company trend enabled it to start trading. From lots of hype to penny stock, that's the story now.
Property manager Sonder, which continued to tout itself as "a leading next-generation hospitality company that is redefining the guest experience through technology and design," laid off 14 percent of its corporate workforce.
The company emphasized last year that it was committed to achieving positive free cash flow in 2023, but now seems to be backing away from that pledge and isn't providing guidance beyond the first quarter, which ends March 3