Company: SONM
Filing Date: 2025-06-20
Form Type: PRRN14A
Source: 0001213900-25-056078
Chunk: 19

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-06-20
Form: PRRN14A
Chunk 19
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63%, -83.26 and -98.87% total stockholder returns over the most recent1, 3 and 5 year period (as of May29, 2025) the Special Committee has taken a scorched -earthapproach to reward and entrench themselves and current management, all while significantly diluting stockholders. Rather than engage Orbic in regard to its business combination proposals and go through a robust process to determine whether a mutually agreeable commercial partnership or business combination transaction could be achieved, Sonim and its management have undertaken a campaign of value destruction through the adoption of the Rights Plan, oversized equity award grants and accelerations and dilutive ATM and private placement offerings, all of which have brought little to no value to long -termSonim stockholders. Sonim’s Proposed Social Mobile ®Transaction would be a disastrous deal for the Company’s stockholders providing little to no stockholder value. The Proposed Social Mobile ®Transaction price on a per share basis, excluding the potential earn -outwould be approximately $1.46 per share and would be approximately $1.94 per share if the full earn -outis realized. These estimates assume the full purchase price is allocated to stockholders and does not account for any additional factors such as transaction costs (including legal fees, investment banking fees, and proxy solicitation fees), potential double taxation at the corporation level on the sale of assets and then at the stockholder level with respect to any distributions to stockholders, and the payoff of current Sonim indebtedness, which is estimated to currently be in the range of approximately $3.5 – $4.0 million as of the end of the first quarter of 2025. When the payoff of Sonim’s existing debt, transaction costs and taxes are taken into account, Orbic expects that the total amount available for distribution to Sonim stockholders will materially decrease the per share basis for the Proposed Transaction and will result in a materially worse outcome for stockholders. As of June19, 2025, Sonim has failed to enter into a definitive agreement with Social Mobile ®and has provided stockholders with little to no specifics as to what they would receive in the transaction. The Proposed Social Mobile ®Transaction lack of clarity creates significant uncertainty regarding the true value stockholders would receive from this transaction. The AJP/Orbic Parties believe that the Special Committee’s inherent vagueness leaves stockholders exposed to unnecessary risk without a clear path to value realization. Additionally, Sonim’s Special Committee received an unsolicited offer on