Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 297

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 297
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 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,

/s/ Roth Capital Partners

ROTH Capital Partners, LLC

<div align='center'>ANNEX D

HistoricalFinancial 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 |
| Consolidated Statements of Cash Flows – Years Ended December 31, 2024 and 2023           |     | F-27 |
| Notes to the Consolidated Financial Statements                                           |     | F-28 |

| F-1 |

<div align='center'>SONIM TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS EXCEPT SHARE AND

PER SHARE AMOUNTS)</div>

|                                                                                                                                                                           |     |            | September 30,  2025 |   |     |   | December 31, 2024 |   |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-----------|--------------------:|:--|:----|:--|------------------:|:--|
|                                                                                                                                                                           |     | -Unaudited |                     |   |     |   |                   |   |
| Assets                                                                                                                                                                    |     |            |                     |   |     |   |                   |   |
| Cash and