Company: SONM
Filing Date: 2025-04-30
Form Type: PRRN14A
Source: 0001213900-25-037151
Chunk: 43

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-04-30
Form: PRRN14A
Chunk 43
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 the transaction. The AJP LOI also provides for Orbic to pledge the shares of common stock being sold to AJP as security for the payment. Orbic and AJP have negotiated, finalized and placed in escrow signed definitive documents to carry out the terms of the AJP LOI. The escrow remains in place and has not been released. On February1, 2025 Orbic and AJP executed, but did not deliver, a Securities Purchase Agreement with regard to, among other things, the purchase by Orbic from AJP of 973,173shares of Common Stock. On February3, 2025, Mr.Wang notified the Board of Directors of Sonim and its legal counsel, Venable LLP, that AJP and Orbic had finalized documentation to consummate the transactions contemplated by the AJP LOI and that Orbic’s counsel would be following up shortly with the Special Committee to present its view on a proposal to move forward with Sonim in a collaborative arms -lengthmanner to maximize stockholder value. On February3, 2025, Mr.Parveen Narula, Orbic’s Chief Executive Officer, sent an email to the Board of Directors of Sonim and its legal counsel, Venable LLP, introducing himself formally and that each party’s respective attorneys review a proposed confidentiality and non -disclosureagreement prior to Orbic sharing further information regarding its proposal. On February4, 2025, Equiniti Trust Company, LLC, Sonim’s transfer agent, advised counsel to Orbic that Sonim had placed a stop transfer order with respect to the transfer of the shares of Common Stock held by AJP. On March 11, 2025, AJP and Orbic entered into the Proxy Agreement pursuant to which, the Proxy Agreement granted Orbic sole voting power over all 1,946,345shares of Sonim common stock held by AJP to use in connection with a contemplated proxy solicitation for the election of a slate of nominees to the Company’s board of directors at the 2025 Annual Meeting. The Proxy Agreement also provides that AJP may not dispose of any shares of Common Stock of Sonim without the consent of Orbic during the term of the Proxy Agreement. Orbic and AJP are in discussions concerning the possible sale or other transfer to Orbic of up to 60% of the membership interests in AJP. These discussions have not been concluded. In connection with such discussions, the transactions contemplated by the AJP LOI may be amended