Company: SONM
Filing Date: 2025-11-24
Form Type: PREM14A
Source: 0001493152-25-024848
Chunk: 67

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-11-24
Form: PREM14A
Chunk 67
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On May 12, 2025, Venable sent an e-mail to the Orbic Group, including its counsel, providing the Orbic Group with the required notification of the Company’s nominees for election at the 2025 annual meeting of stockholders, pursuant to Rule 14a-19(d) under the Exchange Act.

On May 13, 2025, Social Mobile provided a revised Social Mobile LOI contemplating an earn-out of $0.50 for every $1 of revenue above $70 million, decreased the escrow amount to $1.5 million (from $3 million), and reduced the exclusivity period to 60 days. On the same day, Venable countered, increasing the guaranteed cash payment from $15.5 million to $18.5 million and increasing the earn-out amount. The earnout period was also amended to the period starting on July 1, 2025 rather than January 1, 2025, while reducing the exclusivity period to 45 days. Additionally, restrictions on raising capital during the exclusivity period were removed.

On May 15, 2025, Social Mobile, through Roth Capital, communicated that all of the Company’s edits would be rejected, and stated that the proposed revisions were not acceptable.

On May 16, 2025, the Company produced the stocklist materials requested in the 220 Demand.

That same day, Orbic submitted a revised preliminary conditional non-binding proposal (the “Second Orbic Proposal”) to acquire Sonim for $1.81 per share in cash. Based on approximately 11 million shares of common stock outstanding and Orbic’s warrant assumptions, the Special Committee determined that the offer likely translated to an aggregate purchase price of approximately $20 million for the Legacy Business. The Second Orbic Proposal included a letter of interest from Capstone Project Finance, LLC (“Capstone”) dated as of April 11, 2025 (several weeks before Orbic’s submission of the Second Orbic Proposal). The Capstone letter was marked “confidential,” was preliminary, non-binding, and subject to extensive conditions. Accordingly, the Special Committee concluded that the Capstone letter did not constitute immediately available funds or a financing commitment, but instead expressed only a preliminary interest in “supporting Orbic with the Sonim transaction with an investment in Orbic at an amount of up to $50 million.” The Second Orbic Proposal also stated Orbic’s dissatisfaction with the Company’s adoption of defensive measures and equity financing activities. The Second Orb