Sonder (SOND) said Monday that it executed a few transactions to strengthen its balance sheet, including the sale of about $18 million series A preferred shares on April 11, and certain amendments to its existing note and warrant purchase agreement.

The amendments resulted in a 15% reduction of the outstanding principal balance and a roughly 50% reduction in the interest rate.

Providing an update on its planned integration with Marriott International (MAR), the company said it expects the full integration to be completed by Q2. When fully intergraded, all Sonder properties will be available on Marriott's digital channels.

Sonder's properties will also continue participating in the Marriott Bonvoy travel platform, which began in October 2024 after the first phase of integration was completed.

Sonder also unveiled cost-cutting initiatives in conjunction with its Marriott integration. The measures, expected to deliver about $50 million in annualized cost savings compared to the third quarter of 2024, will include headcount reductions, software savings, and other operational efficiencies.

The company also said it received $7.5 million in key money from Marriott on April 11.

Shares of Sonder were up nearly 22% in recent trading.