Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 90

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 90
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%  | -11.5% |
|                        |        |         |          |          |   Median | 0.7x       | 0.8x | 38.0%  | -0.2%  | -3.5%  |
|                        |        |         |          |          |     75th 
     PCTL | 0.8x       | 0.8x | 41.5%  | 2.9%   | 9.8%   |
|                        |        |         |          |          |      Max | 0.9x       | 1.1x | 42.1%  | 13.3%  | 13.1%  |
| 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