Sonim Technologies Stockholders Elect All Five Sonim Nominees at 2025 Annual Meeting
Rhea-AI Summary
Sonim Technologies (NASDAQ: SONM) announced that shareholders have elected all five of the company's director nominees to its Board of Directors. The elected directors are Mike Mulica, Peter Liu, James Cassano, Jack Steenstra, and George Thangadurai.
This follows the company's recently announced definitive agreement with Social Mobile, where Social Mobile will acquire Sonim's assets and substantially all current liabilities for $20 million in an all-cash transaction, which includes a $5 million potential earn-out. The Board views these developments as validation of their initiatives to enhance stockholder value while ensuring Sonim's long-term success.
Positive
- All-cash acquisition deal worth $20 million with additional $5 million potential earn-out
- Unanimous stockholder support for Board nominees indicating strong governance alignment
- Strategic transaction aimed at returning value to stockholders
Negative
- Company selling substantially all assets and liabilities, indicating potential operational challenges
- Future of company operations uncertain post-asset sale
News Market Reaction 7 Alerts
On the day this news was published, SONM gained 7.29%, reflecting a notable positive market reaction. Argus tracked a peak move of +6.2% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $925K to the company's valuation, bringing the market cap to $14M at that time.
Data tracked by StockTitan Argus on the day of publication.
San Diego, California--(Newsfile Corp. - July 22, 2025) - Sonim Technologies, Inc. (NASDAQ: SONM), a leading provider of rugged mobile solutions, today announced that Sonim stockholders have elected all five of the Company's director nominees - Mike Mulica, Peter Liu, James Cassano, Jack Steenstra, and George Thangadurai - to the Company's Board of Directors.
The Board of Directors issued the following statement: "This outcome is further validation of the Sonim Board's initiatives to return value to stockholders while ensuring the long-term success of Sonim - as represented by our agreement with Social Mobile. We thank our stockholders for their continued support throughout this process."
As separately announced on Friday, July 18, 2025, Sonim has entered into a definitive agreement under which Social Mobile will acquire the assets and substantially all current liabilities of Sonim Technologies at
Sonim will file the voting results on a Form 8-K with the U.S. Securities and Exchange Commission.
About Sonim Technologies
Sonim Technologies is a leading U.S. provider of rugged mobile solutions, including phones, wireless internet data devices, accessories and software designed to provide extra protection for users that demand more durability in their work and everyday lives. Trusted by first responders, government, and Fortune 500 customers since 1999, we currently sell our ruggedized mobility solutions through tier one wireless carriers and distributors in North America, EMEA, and Australia/New Zealand. Sonim devices and accessories connect users with voice, data, workflow and lifestyle applications that enhance the user experience while providing an extra level of protection. For more information, visit www.sonimtech.com.
Additional Information and Where to Find It
This communication relates to the proposed transaction involving Sonim. This communication does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, Sonim plans to file with the SEC a proxy statement (the "Proxy Statement") relating to a special meeting of its stockholders and may file other documents with the SEC relating to the proposed transaction, including a prospectus. This communication is not a substitute for the Proxy Statement or any other document that Sonim may file with the SEC or send to its stockholders in connection with the proposed transaction. Before making any voting decision, stockholders of Sonim are urged to read the Proxy Statement in its entirety when it becomes available and any other relevant documents filed or to be filed with the SEC and any amendments or supplements thereto and any documents incorporated by reference therein, because they will contain important information about the proposed transaction and the parties to the proposed Transaction. Any vote in respect of resolutions to be proposed at a stockholder meeting of Sonim to approve the proposed transaction or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in the Proxy Statement. Investors and security holders will be able to obtain the Proxy Statement and other documents Sonim files with the SEC (when available) free of charge at the SEC's website (http://www.sec.gov) or at Sonim's investor relations website (https://ir.sonimtech.com/) or by e-mailing Sonim at ir@sonimtech.com.
Participants in the Solicitation
Sonim and its respective directors, executive officers, and other members of their management and employees, including Peter Liu (Chief Executive Officer and a director), Clay Crolius (Chief Financial Officer), and Sonim's directors - James Cassano, Mike Mulica, Jack Steenstra, and George Thangadurai - under SEC rules, may be deemed to be participants in the solicitation of proxies of Sonim's stockholders in connection with the proposed Transaction.
Stockholders may obtain more detailed information regarding Sonim's directors and executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, under the captions "Directors, Executive Officers, and Corporate Governance," "Security Ownership of Certain Beneficial Owners and Management," and "Certain Relationships and Related Party Transactions" of Sonim's definitive proxy statement for the 2025 Annual Meeting filed with the SEC on June 18, 2025.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the proposed Transaction, if and when they become available. These documents will be available free of charge as described above.
Media Contact:
Anette Gaven
Anette.Gaven@sonimtech.com
1-619-993-3058
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259594
FAQ
What is the value of Social Mobile's acquisition of Sonim Technologies (NASDAQ: SONM)?
Who are the newly elected Board members of Sonim Technologies (NASDAQ: SONM)?
When did Sonim Technologies (NASDAQ: SONM) announce the Social Mobile acquisition agreement?
How will the Social Mobile acquisition affect Sonim Technologies (NASDAQ: SONM) shareholders?
What regulatory filings will Sonim Technologies (NASDAQ: SONM) make regarding the shareholder vote?
