Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 80

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 80
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5, the chairman of the board received a text from Orbic’s CEO stating Orbic was “ready to move forward with a $25 million cash proposal.” The message was not substantiated, and the board determined no response was warranted.

On October 16, 2025, the Company requested consent from Social Mobile (the “Business Consent”) in connection with certain elements of and transactions ancillary to the private placements.

On November 6, 2025, due to the Company’s cash limitations in connection with orders of the Legacy Business products anticipated in the first quarter of 2026, the Company and Social Mobile expanded the ODM Arrangement to additional original device manufacturers and across the product lines of the Company’s Legacy Business by entering into a manufacturing, collaboration, and license agreement (the “Supply Chain Agreement”), which was considered to be entered in the ordinary course of business. Among other things, the Supply Chain Agreement licensed Social Mobile to sell Sonim’s products if Sonim fails to purchase the manufactured products from Social Mobile.

| 51 |

On November [XX], 2025, the Company and the parties to the Asset Purchase Agreement entered into the first amendment to the Asset Purchase Agreement to clarify certain mechanics of the transaction, including:

| ● | the RTO transaction was not applicable to the Asset Purchase Agreement;     |
| ● | the                                                                         
 inapplicability of any RTO Transaction to the Asset Purchase Agreement; and |
| ● | the payments and transactions related to the closing of                     
 the Asset Sale have been modified.                                          |

Reasons for the Asset Sale and Recommendation of our Board

In the course of the board making the determinations
above in the section titled “The Special Meeting — Recommendation of our Board” beginning on page 28
of this proxy statement, the board:

| (i) | consulted with Company management and the Company’s legal counsel 
 and financial advisor;                                            |

| (ii) | took into account the recommendation of the Special Committee; and |

| (iii) | considered a number of factors, including, but not limited to, the        
 risks described in the section titled “Risk Factors” beginning on         
 page 24 of this proxy statement, as well as potentially positive factors. |

Our board considered the following potentially
positive factors, which are not intended to be exhaustive and are not presented in any relative order of importance:

| ● | the consideration from                                        
 the Buyer to the Company upon consummation of the Asset Sale: |

| ○ | the Buyer’s