Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 10

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 10
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 to $5 million in cash in the form of an earn-out payment, 
 if earned.                                                   |

The Company estimates that, if the Asset Sale
closes on or about January 31, 2026, the Company will have Post-Closing Cash of approximately $4 million to
$6 million. In this proxy statement, the term “Post-Closing Cash” refers to (i) the Cash Consideration plus
(ii) the cash, cash equivalents, and marketable securities that will be retained by the Company (and withheld from the Asset Sale) minus
(iii) (A) the transaction expenses payable by the Company at closing and (B) the payment of up to $5.9 million of our
indebtedness; provided, however, that the term “Post-Closing Cash” excludes any earn-out payments from the Buyer.

The Seller will, if the Closing occurs, pay up to $5.9
million of our indebtedness under certain promissory notes that remain unpaid.

Given the Legacy Business’s current negative
cash flow, the amount of Post-Closing Cash would be adversely affected by any delays in closing the Asset Sale.

Guaranty (see page 75)

The Parent has agreed to guarantee the full, prompt, and complete payment and performance of all obligations
of the Buyer under the Asset Purchase Agreement (including payment of the Cash Consideration, all assumed Company
transaction expenses in accordance with the Asset Purchase Agreement and certain agreed upon indemnification obligations as set forth
in the Asset Purchase Agreement).

Reasons for the Asset Sale (see page 52)

In the course of our board making the determinations
described in the section titled “The Special Meeting—Recommendation of our Board” beginning on page 28
of this proxy statement, our board:

| (i) | consulted with Company management and the Company’s legal counsel, 
 financial advisors, and financial consultants,                     |

| (ii) | took into account the recommendation of an ad hoc special 
 committee of our board (the “Special Committee”), and     |

| (iii) | considered a number of factors, including, but not limited to, the                                                                                                    
 risks described in the section titled “Risk Factors” beginning on page 24 of this proxy statement, as                                                                 
 well as the factors detailed under “Proposal 1: Asset Sale Proposal — Reasons for the Asset Sale and Recommendation of our Board” on page 52 of this proxy statement. |

| 3 |

Fairness Opinion of