Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 294

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 294
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 Million Dollars ($15,000,000); plus the Adjustment
Amount (which may be a positive or negative number); plus the Earn-Out Payment (if any). In accordance with the Asset Purchase Agreement,
the measurement period for the Earn-Out Payment (the “Earn-Out Period”) shall be the twelve-month period beginning on July
1, 2025, and ending on June 30, 2026. Buyer shall have no obligation to pay any Earn-Out Payment unless the Net Revenue generated during
the Earn-Out Period equals or exceeds Seventy Million Dollars ($70,000,000) (the “Revenue Threshold”). If Net Revenue for
the Earn-Out Period exceeds the Revenue Threshold, the Earn-Out Payment shall be an amount equal to fifty percent (50%) of Net Revenue
in excess of the Revenue Threshold. In no event shall the aggregate Earn-Out Payment exceed Five Million Dollars ($5,000,000). Buyer
shall pay the Earn-Out Payment, if any, to Seller no later than ten (10) Business Days after final determination of the Earn-Out Payment
in accordance with the Asset Purchase Agreement.

| C-1 |

You have asked us to render an opinion, as of the date
hereof, as to the fairness, from a financial point of view, of the Purchase Price payable to the Seller pursuant to the Asset Purchase
Agreement.

For purposes of the opinion set forth
herein, we have, among other things:

| ● | reviewed                                                                                     
 certain publicly available financial statements and other business and financial information 
 of the Company;                                                                              |

| ● | performed                                                                                   
 due diligence of the business, operations, financial condition and prospects of the Company 
 and reviewed the financial terms and the form of consideration offered;                     |

| ● | reviewed                                                                                    
 certain internal financial statements and other financial and operating data concerning the 
 Company prepared by the management of the Company;                                          |

| ● | reviewed certain financial projections concerning the Company prepared 
 by the management of the Company (the “Financial                       
 Projections”);                                                         |

| ● | reviewed                                                                                   
 the financial terms, to the extent publicly available, of certain acquisition transactions 
 we deemed comparable with the Asset Sale and compared such financial terms with those of   
 the Asset Sale;                                                                            |

| ● | participated                                                                                 
 in certain discussions with representatives of the Special Committee and its legal advisors; |

| ● | reviewed                          
 the Asset Purchase Agreement; and |

| ● | performed                                                                                 
 such other analyses, reviewed such other information and considered such other factors as 
 we have