Company: SONM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001493152-25-020310
Chunk: 3

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 3
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 Transaction. However, prior to the obtaining of the stockholder approval of the Asset Purchase Agreement
(the “Stockholder Approval”), a customary “fiduciary out” provision allows the Company, under certain specified
circumstances, to provide information to, and participate in discussions and engage in discussions or negotiations with, third parties
with respect to an acquisition proposal if the Company complied with certain notice and other requirements and the board of directors
of the Company (or the Special Committee, as applicable) determines in good faith (in each case after consultation with its outside legal
counsel and financial advisors), taking into account the legal, financial, regulatory and other aspects of such proposal, that such proposal
would be more favorable to the Company’s stockholders from a financial point of view than the consummation of the Asset Purchase
Agreement and is reasonably capable of being consummated (a “Superior Proposal”). Negotiations related to a reverse merger
not involving the Business are expressly excluded from the no-solicitation covenant.

Closing
Conditions

The
completion of the Asset Purchase Agreement is subject to the satisfaction of certain closing conditions, including (i) the Stockholder
Approval, (ii) accuracy of the representations and warranties of the parties, (iii) the absence of any order, injunction or law prohibiting
consummation of the Asset Purchase Agreement and (iv) receipt by the Company of certain third-party consents. The consummation of the
Asset Purchase Agreement is not subject to any financing condition.

Termination;
Termination Fee

The
Asset Purchase Agreement may be terminated in certain circumstances, including:

    (i)
    by
    mutual written agreement of the parties; 

    (ii)
    by
    either party if there is a non-appealable order of court or a governmental authority prohibiting, enjoining, restricting, or making
    illegal the transactions contemplated by the Asset Purchase Agreement or, if the consummation of the Asset Purchase Agreement is
    otherwise illegal or prohibited by any applicable law (the “Illegality”); 

    (iii)
    by
    either party if the Stockholder Approval is not obtained; 

    (iv)
    by
    either party if the Asset Purchase Agreement is not consummated within 180 calendar days after the date of the execution of the Asset
    Purchase Agreement, i.e., January‎ ‎13‎, ‎2026 (the “Outside Date”); 

    (v)
    by
    either party