S
onder, a proptech company, is facing another delisting threat from Nasdaq after failing to file timely reports for the first and second quarters of the year. The exchange sent a warning letter in early October, citing non-compliance with listing rules. Sonder has since appealed the decision, temporarily halting the suspension of its delisting. A panel will review the appeal by October 18.

    The company's stock price has plummeted over 97% since going public but has seen a 39% increase year-to-date, closing at $4.51 per share on Monday. Sonder previously faced a similar threat in 2021 due to its low share price and again six months ago for failing to file reports.

    Sonder is struggling financially, with lease obligations weighing heavily on the company. It has been negotiating with landlords and seeking partners to stay afloat. The San Francisco-based firm has reduced rent or abandoned over 4,300 units across 105 buildings in the past year, which could improve cash flow by $40 million annually.

    In an effort to survive, Sonder has focused on "capital light" deals, where landlords cover initial capital improvements. In August, the company raised $146 million in additional liquidity and partnered with Marriott to make 9,000 units available on its platforms by year-end. The partnership will also provide Sonder with $15 million from Marriott by March 2025.