Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 91

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 91
---
 NesCon connectivity accessories                                                                                                          |
| 07/15/22 | Adtran Networks                  
 SE (XTRA:ADV)                    | ADTRAN Holdings,                             
 Inc. (NasdaqGS:ADTN)                         |         $634.1 | 1.3x    | Adtran                                                                                                                                   
 Networks SE develops, manufactures, and sells optical and Ethernet-based networking solutions to telecommunications carriers and         
 enterprises to deliver data, storage, voice, and video services                                                                          |

Note: Projected financials based on median analyst estimates. All precedent transactions included are closed control transactions Acquisitions of majority stake in the US, Canada, and Europe from 06/13/22 to present, relating to Communications Equipment or Telecommunication Services Source: Capital IQ. Excluded transactions without publicly announced multiples and transaction values less than $1B

| Min             |   $0.8 | 0.4x |
| 25th            
 PCTL            |  $16.4 | 0.5x |
| Median          |  $50.8 | 0.7x |
| 75th            
 PCTL            |  $87.9 | 0.8x |
| Max             | $634.1 | 1.3x |
| Sonim           
 Technologies(1) |  $15.0 | 0.3x |

| 1) | SONM                                                                                     
 multiples derived from the implied purchase price and LTM financials per SEC Filings and 
 information provided by management                                                       |

| 61 |

Roth Capital noted that, although the selected transactions were used for comparison purposes, no business of any selected company was either identical or directly comparable to Sonim’s business due to differences in size, business mix, growth prospects and operating characteristics. In particular, Roth Capital noted that several of the selected transactions involved significantly larger enterprises with more diversified revenue streams than Sonim. In addition, Roth Capital noted that the historical timing of precedent transactions can impact the comparability of such transactions. Accordingly, Roth Capital’s comparison of selected companies to Sonim and analyses of the results of such comparisons were not purely mathematical, but instead necessarily involved complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the relative values of the selected companies and Sonim.

Roth Capital noted that the EV to LTM revenue and EV to LTM EBITDA multiples at the value of the Asset Purchase Agreement were between the seventy-fifth (75) percentile and maximum and the median and