Company: SONM
Filing Date: 2025-06-18
Form Type: DEFC14A
Source: 0001641172-25-015578
Chunk: 21

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-06-18
Form: DEFC14A
Chunk 21
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 received visibility into the actual terms of the purported “fully executed” agreement previously referenced by AJP on February 3, 2025.

On the evening of March 20, 2025–less than two business days before the nomination deadline–the Orbic Group submitted a purported notice of nomination (the “Notice”) proposing a competing slate of directors for election at the Annual Meeting. Orbic purported to submit the Notice pursuant to Section 5 (“Section 5”) of Sonim’s amended and restated bylaws (the “Bylaws”). Section 5 of the Bylaws was adopted in connection with Sonim’s initial public offering in 2019 and has remained unchanged since that time.

On March 31, 2025, the Orbic Group submitted a non-binding proposal (the “First Orbic Proposal”) to acquire Sonim for $4.00 per share in cash. Simultaneously, the Orbic Group served a books and records demand (the “220 Demand”) under Section 220 of the Delaware General Corporation Law (the “DGCL”) seeking documents in connection with the proxy contest.

On April 3, 2025, the Special Committee, through its financial adviser, ROTH Capital Partners, responded to the First Orbic Proposal, among other things, requesting documentation evidencing Orbic’s ability to fund and consummate the proposed transaction.

On April 4, 2025, the Special Committee reiterated the above-mentioned request in a letter to Orbic and expressed hope to move forward with the First Orbic Proposal.

On April 7, 2025, the Board concluded that the Notice was missing information required by the Bylaws. Because this information was missing, the Board concluded that the Notice was not submitted in compliance with the Bylaws, and the Board determined to reject the Notice. On the same day, Sonim advised Orbic that the Notice was defective due to the missing information and that it had been rejected by the Board and Sonim.

On April 10, 2025, Orbic responded, disputing the Company’s conclusion.

On April 24, 2025, AJP, on behalf of itself and Orbic, filed a complaint (the “Complaint”) in the Delaware Court of Chancery against Sonim and directors Mike Mulica, James Cassano, Peter Liu, and Jack Steenstra (the “Director Defendants”). The Complaint alleged that the individual defendants breached their fiduciary duties and sought, among other relief, a declaration to that effect