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DNA X, Inc. (formerly Sonim Technologies) has completed the previously announced sale of substantially all assets of its enterprise 5G solutions business to Pace Car Acquisition LLC. After purchase price adjustments, the company reports approximately $6.2 million of Post-Closing Cash, including repayment of about $5.4 million of indebtedness.
The company amended the asset purchase agreement to replace an escrow with a $1.5 million holdback, which the buyer can use for purchase price adjustments and certain indemnities, with any remaining amount expected to be released nine months after closing. DNA X prepaid two promissory notes to Streeterville Capital at 110% of their outstanding balances, terminating those obligations.
Following the transaction, DNA X changed its corporate name and plans to focus on developing and commercializing an on-chain trading protocol for automated decentralized exchange strategies, and expects to change its trading symbol to DNAX. Based on the asset sale, the company believes it has regained compliance with Nasdaq’s $2.5 million stockholders’ equity requirement but notes there is no assurance Nasdaq will concur and that continued listing will be monitored.
Technologies Inc received an amended ownership report showing a full exit by a prior large holder. Streeterville Capital LLC, Streeterville Management LLC, and John M. Fife report beneficial ownership of 0 shares of Technologies Inc common stock, representing 0.0% of the class as of 1/23/2026.
The filing confirms they have no sole or shared power to vote or dispose of any shares and that they now own 5% or less of the company’s common stock. The reporting persons also certify that the securities referenced were not acquired or held for the purpose of changing or influencing control of the issuer.
Sonim Technologies entered a financing and acquisition transaction with DNA Holdings. The company issued a $1,200,000 unsecured convertible promissory note bearing 10% annual interest and maturing on December 15, 2026, receiving cash proceeds of $1,200,000. Beginning six months after issuance, the note is convertible at an initial price of $5.50 per share, with anti-dilution and “full ratchet” protections, subject to a floor of $1.10 and required stockholder approvals for certain adjustments.
Concurrently, Sonim acquired 100% of the membership interests in DNA X LLC, a DeFi trading protocol business, by issuing 223,201 shares of common stock, described as 19.99% of the company’s outstanding common stock at issuance. DNA Holdings agreed to a voting arrangement supporting a previously signed asset purchase agreement and gained rights to designate one officer and one board nominee while holding at least 5% of Sonim’s stock. DNA Holdings also received a put option allowing it, under specified trading volume or revenue thresholds for DNA X before June 30, 2026, to exchange its Sonim shares back for the DNA X interests.
The note and related agreements include covenants limiting additional debt, liens, equity repurchases, other debt repayments, and dividends while the note is outstanding. Separately, Sonim entered an exchange agreement with Streeterville Capital that reduced the outstanding balance of a prior note to approximately $2.3 million and issued additional shares, contributing to a total of 1,488,465 common shares outstanding after the reported transactions.
Sonim Technologies, Inc. reports an amendment to its previously announced asset purchase agreement under which Pace Car Acquisition LLC agreed to buy substantially all assets related to Sonim’s enterprise 5G solutions business for $15,000,000 in cash, subject to working capital, indebtedness, and transaction expense adjustments. The amendment removes all provisions related to a proposed reverse merger transaction, which is no longer relevant to closing this asset sale. It also adds a requirement that if the adjusted Closing Purchase Price would be less than zero, Sonim must pay enough of its accounts payable so that the Closing Purchase Price remains positive, and it adds Sonim Technologies Germany GmbH to the list of acquired subsidiaries.
Sonim Technologies (SONM) is asking stockholders to approve a major asset sale and related items at a virtual-only special meeting in 2025. The company agreed to sell substantially all assets of its enterprise 5G “Legacy Business” to Pace Car Acquisition LLC for $15 million in cash, subject to adjustments, plus up to $5 million in potential earn-out payments. Sonim estimates it will retain approximately $3–$5 million of Post-Closing Cash after closing adjustments and repayment of up to $3.2 million of indebtedness.
After the sale, Sonim will exit its historical operations but does not plan to liquidate and instead intends to pursue an alternative transaction, with future use of remaining cash to be determined by the post-closing board. Stockholders will not receive sale proceeds directly and have no appraisal rights. The board, following a Special Committee and a fairness opinion from Roth Capital Partners, unanimously recommends voting FOR the asset sale, an advisory compensation vote for executive payouts tied to the deal, and a possible adjournment to solicit more proxies.
Sonim Technologies announced it has regained compliance with Nasdaq’s minimum bid price requirement. Nasdaq determined that from October 27, 2025 to November 11, 2025, the closing bid price of SONM common stock was at $1.00 per share or greater, satisfying Listing Rule 5550(a)(2). Nasdaq marked the matter as closed.
Sonim Technologies filed a resale prospectus covering up to 19,444,444 shares of common stock that Chardan Capital Markets may sell from time to time. The shares may be issued to Chardan at Sonim’s discretion under a committed equity facility; Sonim is not selling securities in this prospectus and will not receive proceeds from Chardan’s resales. Sonim may receive up to $500.0 million in gross proceeds from Chardan when it sells shares to Chardan under the facility, with sales prices tied to market VWAP, subject to conditions and limits.
The facility runs for three years from effectiveness and is constrained by a 19.99% Nasdaq Exchange Cap without prior stockholder approval unless sales meet the Nasdaq Minimum Price of $11.2986, and a 4.99% Beneficial Ownership Limitation for Chardan. Shares outstanding were 1,015,652 as of September 30, 2025. Sonim also discloses Nasdaq deficiency letters and an extension through December 31, 2025 to address the minimum stockholders’ equity rule, and must meet the minimum bid price requirement by February 9, 2026 to maintain listing.
Sonim Technologies (SONM) filed its Q3 2025 10‑Q, reporting total net revenues of $16.214 million and a net loss of $4.753 million. For the nine months, revenues were $44.125 million with a net loss of $11.770 million. Gross profit declined year over year in the quarter as costs rose.
Liquidity is tight: cash and equivalents were $2.137 million at September 30, 2025, with $21.522 million used in operating cash flow year to date and a stockholders’ deficit of $0.701 million. The company disclosed substantial doubt about its ability to continue as a going concern.
Sonim entered an asset purchase agreement to sell substantially all assets of its enterprise 5G solutions business for $15,000 cash, plus up to $5,000 earn‑out, subject to closing conditions; once closed, there will be no more revenue from the existing business. To fund operations, Sonim completed a July public offering of 411,111 shares at $13.50 (net proceeds ≈ $4.8 million), sold 193,405 shares via ATM (net $8.229 million), and entered a ChEF committed equity facility. Debt outstanding includes promissory notes with $5.680 million principal. A 1‑for‑18 reverse split became effective on October 27, 2025; 1,028,693 shares were outstanding on October 28, 2025.
Sonim Technologies filed an 8-K stating it issued a press release announcing financial results for the fiscal quarter ended September 30, 2025. The press release is furnished as Exhibit 99.1.
Sonim Technologies announced a reverse stock split of its common stock at a 1-for-18 ratio, approved by stockholders and the Board. The split will be effected by a certificate of amendment and will become effective at 12:01 a.m. Eastern Time on October 27, 2025.
Every eighteen shares will combine into one share with no change to par value. No fractional shares will be issued; holders entitled to a fraction will receive cash in lieu based on the October 20, 2025 closing price (as adjusted). The stock will begin trading on a split-adjusted basis on October 27, 2025 under the existing ticker SONM. The new CUSIP will be 83548F 408.