Company: SONM
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009749
Chunk: 43

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 2
Chunk 43
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 have prioritized our Trade
Agreements Act (“TAA”) initiatives. TAA compliance is crucial in enhancing our market strategy, particularly in expanding
opportunities within government and enterprise markets, which demand stringent adherence to regulatory standards. By ensuring our products
meet TAA requirements, we reinforce our position as a trusted provider of enterprise 5G solutions.

This
initiative underscores our dedication to delivering products that not only meet industry-leading standards but also comply with U.S.
federal procurement regulations, thereby enhancing our competitiveness in securing government contracts.

Looking
ahead, Sonim is focused on bringing our new products and solutions offering to our expanded portfolio throughout 2025.

Recent
Developments

Recent
Product Awards

The
first step in selling our products through wireless telecommunications carriers is to receive a product award from the carrier. The award
documents the intent of the carrier to carry the proposed product and offer it to customers through their stores or online. The carrier
and Sonim agree to a launch date that is generally nine months or longer from the date of the product award. After the product award,
the Company and its partners complete the design that includes the unique specifications from the carrier, test the device, obtain certification
from the carrier to sell the device, and begin full scale manufacturing of the product based on purchase orders issued by the carrier.

As
of the filing date of this report, Sonim is completing the development, testing and certification of new products that it expects to
launch in the second or third quarter of 2025 with various carriers.

18

Equity
Financing

On
April 29, 2024, we consummated a private placement with a single investor and sold 350,000 shares of our common stock (as adjusted for
the Reverse Stock Split) and warrants to purchase up to 350,000 shares of our common stock for an exercise price of $11.00 per share
(as adjusted for the Reverse Stock Split) for an aggregate purchase price of $3.85 million. We used the net proceeds from the private
placement for working capital and general corporate purposes. The shares of our common stock sold in the private placement (including
those underlying the warrants) are subject to registration rights and may not be transferred or sold until 180 days after the closing,
or ‎‎October‎ ‎29‎, ‎2024, subject to customary limited exceptions.

ATM
Offering

On
August 6, 2024, the Company entered into a sales agreement (