SONM - Sonim expands addressable market with equity transaction names new CEO

Sonim Technologies (NASDAQ:SONM) rallies 8.6% higher premarket after it entered into a subscription agreement with U.S.-based AJP Holding wherein the latter will purchase 20.8M shares at $0.84/share for total purchase price of $17.5M. On transaction completion, AJP will own ~52% of Sonim's post-transaction outstanding capital stock based on an estimated 19.3M shares outstanding prior to the transaction. The transaction will have two closures - first one with purchase of ~14.9M shares for purchase price of $12.5M and second for ~5.9M shares for purchase price of $5M which is expected to close on or around Aug.1 based on first transaction closure. The agreement with AJP will also include a transition of the management team as Sonim looks to expand from its core market in ultra-rugged mobile devices into the larger and faster growing semi-rugged and industrial 5G markets. Separately, the company named Peter Liu, who has served as  EVP, Global Operations and Engineering since 2010, as its

For further details see:

Sonim expands addressable market with equity transaction, names new CEO