Company: SONM
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022821
Chunk: 37

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 37
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 total of 3,480,277 shares of common stock were sold under the Sales Agreement
for net proceeds of $8.2 million after payment of commission fees and other related expenses of $0.3 million. 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.

Sales
of shares of our common stock made pursuant to the Sales Agreement were made under the effective Registration Statement on Form
S-3. Roth was entitled to compensation at a commission rate of 3% of the gross sales price per share. For additional information, refer
to Note 5, Stockholders’ Equity, to the condensed consolidated financial statements contained within this report under the title
“ATM Offering.”

Registered
Public Offering

On
July 2, 2025, the Company consummated a best-efforts public offering (the “Offering”) of 7,400,000 shares of its common stock
at a public offering price of $0.75 per share. In connection with the Offering, the Company entered into a securities purchase agreement
with certain investor signatories thereto for the purchase of shares of common stock described above.

Roth
served as the exclusive placement agent in connection with the Offering. The
Company paid Roth a cash fee of 7.0% of the aggregate gross proceeds raised at the closing of the Offering, and reimbursement
of certain expenses and legal fees in the amount of $0.1 million. The Company also issued to designees of Roth warrants
to purchase up to an aggregate of 208,875 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants
have an exercise price of $0.75 per share, are not exercisable until January 2, 2026, and expire on July 2, 2030.

The
net proceeds of the Offering are approximately $4.8 million, after deducting the Placement Agent fees and expenses and other estimated
offering expenses payable by the Company. The Company used the net proceeds of the Offering for overall business strategy, for working
capital purposes and for general corporate purposes.

Receivables
Financing Agreements

To
improve its liquidity, on September 23, 2024, the Company entered into an invoice purchase agreement (the “Receivables Financing
Agreement”) with LS DE LLC (“LS”), pursuant to which LS will provide rece