Stock Market

Sonim Completes First Closing of Growth Equity Transaction

SONM STOCK UPDATE: [stock_market_widget type=”inline” template=”generic” assets=”SONM” markup=”{name} ({symbol}) is trading at {price} ({change_pct}). {symbol} has the current dollar volume of {volume}, 52 weeks high of {52_week_high}, and 52 weeks low of {52_week_low} per share. There are currently {shares_outstanding} shares of {symbol} outstanding with the current market cap of {market_cap}. ” api=”yf”]

Sonim Technologies, Inc, today announced that it has closed the first tranche of its subscription agreement with U.S.-based AJP Holding Company, LLC (“AJP”) whereby AJP will ultimately purchase an aggregate of $17.5 million in Sonim equity at a price of $0.84 per share.

The first closing includes the purchase of approximately 14.9 million shares of Common Stock for an aggregate purchase price of $12.5 million. At the first closing, AJP acquired approximately 13.9 million shares of Common Stock and Mr. Peter Liu, Sonim’s Chief Executive Officer, acquired 952,381 shares of Common Stock, as designated by AJP. The second closing, for approximately 5.9 million shares of Common Stock for an aggregate purchase price of $5.0 million, is expected to occur on or around August 1, 2022. Upon completion of the transaction, which was approved by stockholders at a special meeting held on June 28, 2022, AJP and Mr. Liu, together, will own approximately 52% of Sonim’s post-transaction outstanding capital stock based on an estimated 19.3 million shares outstanding prior to the transaction.

The agreement with AJP supports a new strategy whereby Sonim will expand from its core market in ultra-rugged mobile devices into the larger and faster growing semi-rugged and industrial 5G markets. This enhanced strategy proposed by AJP is expected to drive revenue growth, increase operating efficiency, accelerate ODM-based product development at lower cost and broaden Sonim’s addressable market opportunities.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button