Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 56

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 56
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referred to 
 in the Asset Purchase Agreement as the “Adjustment Amount,” which may be a positive       
 or a negative number) (the “Cash Consideration”); and                                     |

| ● | pay us up to $5 million in cash as an earn-out payment, if earned. |

| 34 |

The Company estimates that, if the Asset Sale
closes on or about January 31, 2026, the Company will have Post-Closing Cash of approximately $4 million to
$6 million. In this proxy statement, the term “Post-Closing Cash” refers to (i) the Cash Consideration plus
(ii) the cash, cash equivalents, and marketable securities that will be retained by the Company (and withheld from the Asset Sale) minus
(iii) (A) the transaction expenses payable by the Company at closing and (B) the payment of up to $5.9 million of our
indebtedness; provided, however, that the term “Post-Closing Cash” excludes any earn-out payments from the Buyer.

The Seller will, if the Closing occurs, pay up to $5.9 million of our indebtedness under certain promissory notes that remain unpaid.

Background of the Asset Sale

Generally

The terms of the Asset Purchase Agreement are the result of arm’s-length negotiations between the Special Committee of the board of directors of the Company, the Company’s management team, and the Social Mobile management team, along with their respective advisors. Throughout this process, the Company was assisted by experienced outside financial and legal advisors in evaluating potential transactions and counterparties, including outreach to a variety of companies and prospective strategic partners.

Following is a summary of:

| ● | the                                                                         
 events leading to the Company’s decision to explore strategic alternatives; |
| ● | the                                                                         
 process undertaken by our board and the Special Committee:                  |

| ○ | to                                                                                         
 identify and evaluate prospective counterparties in connection with the sale of the Legacy 
 Business; and                                                                              |
| ○ | assess                                                                                     
 a potential reverse takeover (“RTO”) and the subsequent decision to abandon the            
 RTO; and                                                                                   |

| ● | the                                                             
 negotiation of the Asset Purchase Agreement with Social Mobile. |

The following chronology summarizes the key meetings and events that led to the signing of the Asset Purchase Agreement and the election to abandon the RTO strategy. The following chronology does not catalogue every conversation among the respective parties, their boards of directors and management, their respective representatives, or