Company: SONM
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022821
Chunk: 27

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 27
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 Approval is not obtained; 

    (iv)
    by either party if the
    Asset Purchase Agreement is not consummated within 180 calendar days after the date of the execution of the Asset Purchase Agreement,
    i.e., January‎ ‎13‎, ‎2026 (the “Outside Date”); 

    (v)
    by either party in the
    event of the other party’s material breach or non-performance of certain representations, warranties, and covenants of the
    Asset Purchase Agreement (a “Material Breach”); 

    18

    (vi)
    by Buyer in the event the
    Company’s board elects not to recommend that the Company’s stockholders approve and adopt the Asset Purchase Agreement
    or the Company breaches its non-solicitation obligations; and 

    (vii)
    by the Company, if prior
    to obtaining the Stockholder Approval, its board of directors elects to proceed with an Alternative Transaction as a result of a
    Superior Proposal (together with item (vi) above, the “Adverse Recommendation”). 

The
Company will be obligated to pay to the Buyer an amount equal to the transaction expenses reasonably incurred by the Buyer and its affiliates,
plus a termination fee equal to $1,000 within three business days following the termination of the Asset Purchase Agreement, if the latter
is terminated because of:

    (i)
    the Asset Purchase Agreement is not consummated on
    or before the Outside Date;

    (ii)
    the Company’s Material Breach;

    (iii)
    the Illegality;

    (iv)
    the Stockholder Approval is not obtained; or 

    (v)
    the Adverse Recommendation. 

Other
Terms

The
Asset Purchase Agreement contains customary representations and warranties of the parties. Additionally, the Company has agreed to certain
covenants, including, among others, (i) covenants relating to the conduct of its business during the interim period between the execution
of the Asset Purchase Agreement and its consummation and (ii) not to engage in specified types of transactions or take specified actions
during such period unless agreed to in writing by the Buyer.

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