Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 87

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 87
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 Asset Purchase Agreement and to recommend that the Company’s
stockholders vote to approve the same, in light of the factors described above and other factors our board determined were appropriate.
In view of the variety of factors and the quality and amount of information considered, our board did not find it practicable to and
did not quantify or otherwise assign relative weights to the specific factors considered in reaching its determination, and individual
members of our board may have given different weights to different factors. Our board conducted an overall review of the factors described
above, including discussions with Company management and the Company’s legal counsel, financial advisors and financial consultants,
and considered the factors overall to be favorable to, and to support, its determinations. It should be noted that this explanation of
the reasoning of our board and certain information presented in this section is forward-looking in nature and should be read in light
of the factors set forth in the section titled “Cautionary Note Regarding Forward-Looking Statements”
beginning on page 23.

Fairness of the Asset Sale: Opinion of Roth Capital Partners, LLC

Pursuant to an engagement letter, the Special Committee retained Roth Capital to act as its financial advisor in connection with the Asset Purchase Agreement and, at the Special Committee’s request, to render an opinion to the Special Committee and to our board as to the fairness, from a financial point of view, of the consideration to be received by Sonim pursuant to the Asset Purchase Agreement. The Special Committee selected Roth Capital based on Roth Capital’s prior work as the Company’s financial advisor and familiarity with the Company’s business, its reputation, significant valuation experience, its estimated time frame for completing the valuation, and the quoted cost of serving as a financial adviser for the Special Committee. Roth Capital received professional fees of $150,000 from Sonim for rendering its opinion. Roth Capital will receive a fee of $250,000 for its services as a financial advisor to the Special Committee in connection with the Asset Purchase Agreement, which is contingent upon the closing of the transaction.

On July 17, 2025, Roth Capital delivered its opinion to the Special Committee and the board that, as of such date, and based upon and subject to the various assumptions made, procedures followed, matters considered and qualifications and limitations set forth in the opinion, the consideration to be received by Sonim for the Asset Sale pursuant to the Asset Purchase Agreement was fair from a financial point of view.

The full text of Roth Capital’s written opinion, dated July 17, 2025