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
Portfolio Pulse from Benzinga Newsdesk
Sonder Holdings Inc. (NASDAQ:SOND) announced a delay in its Q4 and FY23 financial results due to accounting errors related to the valuation and impairment of operating lease right of use assets for fiscal years 2022 and 2023. These errors, which are non-cash in nature, will not affect the company's cash balances or cash flow statements but are expected to increase its net loss and loss per share for the impacted periods. Sonder intends to file its restated financial statements as soon as possible.
March 15, 2024 | 8:13 pm
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Sonder Holdings Inc. delays its financial results announcement for Q4 and FY23 due to accounting errors, expecting to increase net loss and loss per share.
The delay in financial reporting and the expected increase in net loss and loss per share due to accounting errors are likely to negatively impact investor confidence and could lead to a short-term decrease in stock price. The fact that these errors are non-cash in nature and do not affect cash balances or cash flow statements may mitigate some concerns, but the overall impact is expected to be negative.
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