Company: SONM
Filing Date: 2025-06-18
Form Type: DEFC14A
Source: 0001641172-25-015578
Chunk: 20

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-06-18
Form: DEFC14A
Chunk 20
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 to comply with both requirements. They stated, “AJP and Orbic have finalized and fully executed the stock purchase agreement. Orbic’s lawyers should be following up with the Special Committee shortly with their proposal.”

On February 4, 2025, the Board determined that the purported transaction between AJP and Orbic occurred in violation of the Insider Trading Policy and possibly involved trading on material nonpublic information. The Board further concluded that the transaction was inconsistent with the prospectus in the registration statement covering the resale of the AJP Shares, which explicitly conditioned resales on compliance with Sonim’s internal governance policies, including the Insider Trading Policy. In light of the violations and AJP’s failure to respond to multiple inquiries regarding the Insider Trading Policy Compliance, the Company issued a stop transfer order with respect to the AJP Shares.

Around the same time, on or about February 4, 2025, Orbic submitted a vague two-page “Proposal / Discussion Agenda” to Sonim. The materials proposed a forced overhaul of the Company’s leadership and suggested a “collaboration” with Orbic to follow such a change.

On February 6, 2025, Dr. Chuan Wang, the father of Jeffrey Wang, sent an e-mail to the Board demanding the immediate resignation of Sonim’s leadership and asserting that Orbic must take over Sonim. Dr. Wang further informed the Board that all transactions with Sonim and entities controlled by him, directly or indirectly, would be discontinued immediately unless and until the leadership transition occurred. Despite these threats, the Special Committee continued its search and assessment of strategic alternatives, including Orbic, and successfully persuaded Dr. Wang to withdraw his threats.

On March 11, 2025, AJP and Orbic entered into an agreement and irrevocable proxy to provide Orbic with sole voting power over all AJP shares—1,946,345 shares of common stock—to use in connection with a contemplated proxy solicitation for the election of a slate of nominees for election to Sonim’s Board at its 2025 annual meeting, which, in violation of Rule 13d-2 promulgated under the Exchange Act, AJP failed to disclose within two business days.

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On March 18, 2025, the Orbic Group—comprising Orbic, AJP, and their affiliates—filed an amended Schedule 13D, disclosing the existence of the Orbic Group and the irrevocable proxy. This was the first time Sonim