Company: SONM
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022821
Chunk: 15

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 15
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 ownership limitation provided therein (which is currently 9.99% and 4.99% and may be adjusted upon advance notice).

    12

ATM
Offering

On
August 6, 2024, the Company entered into a sales agreement (the “Sales Agreement”) with Roth Capital Partners, LLC (“Roth”).
Pursuant to the Sales Agreement, the Company may sell, at its option, shares of common stock through Roth, as sales agent. Sales of shares
of the Company’s common stock made pursuant to the Sales Agreement are being made under the Registration Statement on Form S-3
filed on April 9, 2024 (File No. 333-278577), which was declared effective by the SEC on May 3, 2024. Subject to the terms and conditions
of the Sales Agreement, Roth may sell the shares, if any, only by methods deemed to be an “at the market” offering as defined
in Rule 415(a)(4) promulgated under the Securities Act. Roth will be entitled to compensation at a commission rate of 3% of the gross
sales price per share sold through it under the Sales Agreement. The Company agreed to provide Roth with customary indemnification and
contribution rights, including for liabilities under the Securities Act. In addition, the Company is required to reimburse Roth for certain
specified expenses in connection with entering into the Sales Agreement.

The
Company has no obligation to sell shares under the Sales Agreement, but it may do so from time to time. During the three and six months
ended June 30, 2025, a total of 2,130,437 and 3,480,277 shares of common stock, respectively, were sold under the Sales Agreement for
net proceeds of $4,498 and $8,229, respectively, after payment of commission fees and other related expenses of $139 and $258, respectively.
As of June 30, 2025, the Company has completed its sales of shares of common stock under the Sales Agreement and the ATM program has
been terminated.

Shareholder
Rights Plan

On
April 21, 2025, the Board declared a dividend of one preferred share purchase right (“Right”) for each outstanding share
of common stock, par value $0.001 per share, of the Company, and adopted a stockholder rights plan, as set forth in the Rights Agreement,
dated as of April 21, 2025 (