Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 295

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 295
---
 bank loans and other obligations) of the Company and the other parties to the Asset Sale, and, accordingly, may at any time
hold a long or a short position in such securities. ROTH and its affiliates may in the future provide investment banking and other financial
services to Parent and their respective affiliates for which we would expect to receive compensation.

This opinion has been approved
by a committee of ROTH investment banking and other professionals in accordance with our customary practice. This opinion is for the
information of the Special Committee of the Board of Directors of the Company only and may not be used for any other purpose without
our prior written consent, except that a copy of this opinion may be included in its entirety in any filing the Company is required to
make with the Securities and Exchange Commission in connection with the Asset Sale in accordance with the terms of our engagement letter
with the Special Committee, if such inclusion is required by applicable law. In addition, ROTH expresses no opinion or recommendation
as to how the Board of Directors should vote in connection with the Asset Sale.

On the basis and subject to the
foregoing, and such other factors as we deemed relevant, we are of the opinion on the date hereof that the Purchase Price to be received
by the Company pursuant to the Asset Purchase Agreement is fair from a financial point of view.

Very truly yours,

/

ROTH Capital Partners, LLC

<div align='center'>ANNEX D

Historical Financial Statements</div>

| D-1 |

| Financial                                                      
 Statements                                                     |     | Page |
| Condensed Consolidated Balance Sheets                          |     | F-2  |
| Condensed Consolidated Statements of Operations                |     | F-3  |
| Condensed Consolidated Statements of Stockholders’ Equity      |     | F-4  |
| Condensed Consolidated Statements of Cash Flows                |     | F-5  |
| Notes to Unaudited Condensed Consolidated Financial Statements |     | F-6  |

| Report of Independent Registered Public Accounting Firm                                  
 Consolidated Balance Sheets – At December 31, 2024 and 2023                              
 Consolidated Statements of Operations – Years Ended December 31, 2024 and 2023           |     | F-23 
 F-24 
 F-25 |
|:-----------------------------------------------------------------------------------------|:----|:-----|
| Consolidated Statements of Stockholders’ Equity – Years Ended December 31, 2024 and 2023 |     | F-26 |