Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 91

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 91
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 Sonim                  
 Technologies, Inc. (1) | SONM   |    17.7 |    $0.85 |    $15.0 |    $15.0 | 0.3x       | 0.2x | 34.0%  | -24.0% | -23.2% |

| 1) | SONM                                                                                            
 multiples derived from the implied Transaction Value, and share count and financial information 
 provided by Company’s management                                                                |

Roth Capital noted that, although the selected companies were used for comparison purposes, no business of any selected company was either identical or directly comparable to Sonim’s business. Accordingly, Roth Capital’s comparison of selected companies to Sonim and analyses of the results of such comparisons was 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 resulting EV to estimated Calendar Year 2025 (“CY25E”) revenue multiples of the Cash Consideration ranged between the twenty-fifth (25) percentile and the seventy-fifth (75) percentile of the selected publicly traded comparable companies. The EV to EBITDA multiples of the Asset Purchase Agreement were between the minimum and the seventy-fifth (75) percentile of these comparable companies. Roth Capital considered this positioning to support the fairness of the Cash Consideration, as it fell within typical market ranges while accounting for Sonim’s specific growth profile and operating characteristics.

| 60 |

Selected Precedent Transaction Analysis

Roth Capital reviewed and compared the purchase prices and financial multiples paid in selected other transactions, primarily in the communication equipment and technology adjacent sectors from July 13, 2022 to July 17, 2025, that had publicly available data and that Roth Capital, in the exercise of its professional judgment, determined to be relevant. For each of the selected transactions, Roth Capital calculated and compared the resulting EV in the transaction as a multiple of LTM Revenue and LTM EBITDA. Such multiples for the selected transactions were based on publicly available information at the time of the relevant transaction. The selected transactions analyzed are set out in the following table:

| Closed   
 Date     | Target                           | Buyer                                        |    Transaction 
 Value ($USDmm) | Implied 
 EV/Rev  | Business                                                                                                                                 
 Description                                                                                                                              |
| 07/09/25 | Trakm8 Holdings PLC              | Omegro                                       |