Company: SONM
Filing Date: 2025-07-22
Form Type: 8-K
Source: 0001641172-25-020576
Chunk: 0

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-07-22
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item      Entry                                  

On
July 17, 2025, Sonim Technologies, Inc. (the “ Company” or “ Sonim”) entered into an asset purchase agreement (the
“ Asset Purchase Agreement”) by and among the Company, as seller, Pace Car Acquisition LLC, as buyer, (the “ Buyer”),
the Seller Representative named in the Asset Purchase Agreement, and, Social Mobile Technology Holdings LLC (the “ Parent”),
solely for the purpose of guaranteeing complete payment and performance obligations of the Buyer contained in the Asset Purchase Agreement.

Pursuant
to the Purchase Agreement, the Buyer agreed to acquire substantially all assets of the Company and its subsidiaries related to the Company’s
enterprise 5G solutions business, including rugged handsets, smartphones, wireless internet devices, software, services, and accessories
(collectively, the “ Business”) for a purchase price of $15 million in cash, subject to (i) customary working capital, indebtedness
and transaction expense adjustments (referred to in the Asset Purchase Agreement as the “ Adjustment Amount,” which may be
a positive or a negative number) and (ii) up to $5 million in the form of an earn-out payment (the “ Earn-Out Payment”), if
earned.

Earn-Out