Sonim Technologies to be Acquired by Crystal Investment Management

TL;DR

Sonim going private! Crystal Investment Management buying them out, deal expected Q4 2024.

AI Summary

Sonim Technologies, Inc. announced on July 16, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Crystal Investment Management. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will result in Sonim Technologies becoming a privately held company.

Why It Matters

This acquisition marks a significant transition for Sonim Technologies, moving from a publicly traded entity to private ownership, which could impact its strategic direction and shareholder structure.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions, and the transition to private ownership introduces potential integration risks and changes in corporate strategy.

Key Players & Entities

• Sonim Technologies, Inc. (company) — Company being acquired
• Crystal Investment Management (company) — Acquiring entity
• July 16, 2024 (date) — Date of announcement
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share SONM The Nasdaq Stock Mar

Filing Documents

• form8-k.htm (8-K) — 43KB
• 0001493152-24-027938.txt ( ) — 216KB
• sonm-20240716.xsd (EX-101.SCH) — 3KB
• sonm-20240716_lab.xml (EX-101.LAB) — 33KB
• sonm-20240716_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

01

Item 8.01 Other Events. Reverse Stock Split As disclosed in the Current Report of Sonim Technologies, Inc. (the "Company" or "Sonim") filed with the Securities and Exchange Commission (the "SEC") on June 21, 2024, at the 2024 annual meeting of stockholders of the Company held on June 20, 2024 (the "Annual Meeting"), the Company's stockholders, upon the recommendation of the Company's board of directors (the "Board"), approved an amendment to the Company's amended and restated certificate of incorporation, as amended (the "Certificate of Incorporation") to effect a reverse split stock of the Company's outstanding common stock ("Common Stock") at a ratio of not less than 1-for-2 and not greater than 1-for-15, with the exact ratio to be set within that range at the discretion of the Board and with such action to be effected at such time and date, if at all, as determined by the Board prior to the one-year anniversary of the Annual Meeting without further approval or authorization of the Company's stockholders. On July 16, 2024, the Company announced that the Board approved a reverse stock split of its Common Stock at a final ratio of 1-for-10 (one-for-ten) (the "Reverse Stock Split"). The Reverse Stock Split is expected to become effective at 5:00 p.m. Eastern Time on July 17, 2024, following the filing of a certificate of amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware. The Common Stock is expected to commence trading on a split-adjusted basis when the markets open on July 18, 2024, under the existing trading symbol "SONM." The new CUSIP number for the Common Stock following the Reverse Stock Split will be 83548F 309. The primary goal of the Reverse Stock Split is to increase the per share market price of the Common Stock to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. No fractional shares will be issued if, as a result of the Reverse Stock Split

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SONIM TECHNOLOGIES, INC. Date: July 16, 2024 By: /s/ Clay Crolius Name: Clay Crolius Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR