Company: SONM
Filing Date: 2025-04-30
Form Type: PRRN14A
Source: 0001213900-25-037151
Chunk: 17

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-04-30
Form: PRRN14A
Chunk 17
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31, 2025, Sonim issued a press release announcing its full year 2024 financial results, which included, among other things: (i) a decrease in full year 2024 revenue of (38%) year -overyear; (ii) full year negative gross margin was (17%); and (iii) a net loss of ($33.6 million) dollars, or ($7.13) per share, for full year 2024. •On March31, 2025, Orbic submitted to Sonim’s Board of Directors its Proposal to acquire Sonim in a business combination in which the Company’s stockholders would receive a cash purchase price of $4.00 per share. •On March31, 2025, AJP and Orbic filed Amendment No. 5 to Schedule 13D with the SEC disclosing the submission of the Proposal to the Board of Directors of Sonim. •On March31, 2025, Orbic submitted a books and records demand (the “ Books and Records Demand”) pursuant to Section 220 of the Delaware General Corporation Law (the “ DGCL”) and the common law of the State of Delaware to the Company seeking to, among other things, review certain books and records of Sonim in connection with the 2025 Annual Meeting, including the election of directors and other matters that may come before the 2025 Annual Meeting. •On April1, 2025 legal representatives of Orbic and representatives of Roth Capital had a meeting to discuss the Proposal. •On April2, 2025, Sonim and Hao (Peter) Liu, the Company’s Chief Executive Officer, entered into an amendment to Mr.Liu’s employment agreement to significantly increase the severance benefits payable to Mr.Liu in the event of his termination following a change in control. •On April3, 2025, Sonim announced that the Special Committee added a third member, Mr.Jack Steenstra. •On April4, 2025, the Special Committee submitted a letter to Orbic outlining certain criteria for moving forward with continuing discussions with Orbic regarding a strategic transaction. •On April7, 2025, the Sonim Board of Directors issued a letter to AJP and Orbic rejecting its stockholder nominations, alleging that the nomination notice was deficient for failure to provide information regarding the experience, qualifications, attributes or skills of the AJP/Orbic Nominees pursuant to Item 401(e) of Regulation S -K. •On