Company: SONM
Filing Date: 2025-12-05
Form Type: DEFM14A
Source: 0001493152-25-026277
Chunk: 296

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-12-05
Form: DEFM14A
Chunk 296
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 matters. As you know, we are not legal experts, and for purposes of our analysis, we have
not made any assessment of the status of any outstanding litigation involving the Company and have excluded the effects of any such litigation
in our analysis. Our opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information
made available to us as of, the date hereof. Events occurring after the date hereof may affect this opinion and the assumptions used
in preparing it, and we do not assume any obligation to update, revise or reaffirm this opinion.

We have acted as financial advisor to the Special Committee of the Board of Directors of the Company in connection with this transaction
and will receive a fee for our services, part of which is contingent upon the closing of the Asset Sale. The fee for this opinion is
not contingent upon the consummation of the Asset Sale. In addition, the Company has agreed to indemnify us for certain liabilities and
other items arising out of our engagement, which indemnity obligation is not contingent on the consummation of the Asset Sale.

ROTH is a full-service securities
firm engaged in securities trading and brokerage activities, as well as providing investment banking and other financial services. In
the ordinary course of business, we and our affiliates may acquire, hold or sell, for our and our affiliates’ own accounts and for the accountsof customers, equity, debt and other securities and financial instruments
(including bank loans and other obligations) of the Company and the other parties to the Asset Sale, and, accordingly, may at any time
hold a long or a short position in such securities. ROTH and its affiliates may in the future provide investment banking and other financial
services to Parent and their respective affiliates for which we would expect to receive compensation.

This opinion has been approved
by a committee of ROTH investment banking and other professionals in accordance with our customary practice. This opinion is for the
information of the Special Committee of the Board of Directors of the Company only and may not be used for any other purpose without
our prior written consent, except that a copy of this opinion may be included in its entirety in any filing the Company is required to
make with the Securities and Exchange Commission in connection with the Asset Sale in accordance with the terms of our engagement letter
with the Special Committee, if such inclusion is required by applicable law. In addition, ROTH expresses no opinion or recommendation
as to how the Board of Directors should vote