Sonim Technologies Enters Material Definitive Agreement

TL;DR

Sonim Tech just signed a big deal creating a new financial obligation. Details in the 8-K.

AI Summary

Sonim Technologies, Inc. entered into a material definitive agreement on September 23, 2024. This agreement creates a direct financial obligation for the registrant. The filing details the creation of this obligation and includes related financial statements and exhibits.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Sonim Technologies, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — Entering into new material definitive agreements, especially those creating financial obligations, inherently carries risks related to terms, execution, and financial impact.

Key Players & Entities

• Sonim Technologies, Inc. (company) — Registrant
• September 23, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share SONM The Nasdaq Stock Mar
• $2,500,000 — sold by the Company, up to a maximum of $2,500,000 of eligible customer invoices from the

Filing Documents

• form8-k.htm (8-K) — 45KB
• ex10-1.htm (EX-10.1) — 143KB
• 0001493152-24-038533.txt ( ) — 393KB
• sonm-20240923.xsd (EX-101.SCH) — 3KB
• sonm-20240923_lab.xml (EX-101.LAB) — 34KB
• sonm-20240923_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On September 23, 2024, Sonim Technologies, Inc. (the "Company") entered into an invoice purchase agreement (the "Receivables Financing Agreement") with LS DE LLC ("LS"), pursuant to which LS will provide receivables factoring to the Company. Pursuant to the terms of the Receivables Financing Agreement, LS will advance 80% of the face value of the receivables being sold by the Company, up to a maximum of $2,500,000 of eligible customer invoices from the Company. In consideration of the advances, LS is entitled to receive (i) an invoice purchase fee equal to 0.20% of the face amount of each purchased invoice payable at the time of the purchase and (ii) a daily funds usage fee equal to 0.0388%, payable monthly in arrears on the last day of each month. The Receivables Financing Agreement has an initial term of twelve (12) months, subject to automatic annual extension unless terminated. Additionally, under certain circumstances and unless waived by LS, the Company will be obligated to pay a missing notation fee of 15% in the event of its failure to affix a certain legend or a misdirected payment fee in the amount of 15%. In the event of the Company's default, the Company's payment obligations will be accelerated, and, in addition to the aforementioned fees payable to LS, the Company will be required to pay the default interest rate of the lesser of 24% per annum or the maximum rate permitted by law until the default is cured or until all Company's obligations are paid in full. The Company's obligations under the Receivables Financing Agreement are secured by a lien on all of the Company's accounts receivable, inventory, and related property, excluding accounts receivable from certain specified counterparties. The Receivables Financing Agreement contains representations and warranties by the Company and LS, certain indemnification provisions in favor of LS and customary covenants (including limitations on othe

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: Sep tember 27, 2024 By: /s/ Clay Crolius Name: Clay Crolius Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR