Orbic offers $25 million to acquire Sonim Technologies assets

NEW YORK - Orbic North America, LLC has proposed to acquire substantially all assets of Sonim Technologies, Inc. (NASDAQ:SONM) for $25 million in cash, according to a press release issued Thursday. The offer comes as Sonim faces significant challenges, with InvestingPro data showing the company’s stock has fallen nearly 88% over the past year and currently trades at $1.61, significantly below its 52-week high of $10.70.

The proposal, which equates to $2.418 per share, was communicated in a revised acquisition letter sent to Sonim. Orbic’s offer is supported by a $50 million financing commitment from a third-party lender. According to InvestingPro analysis, Sonim’s current market capitalization stands at just $15.66 million, with the company showing concerning financial health indicators, including negative EBITDA of -$26.39 million in the last twelve months.

Orbic, a New York-based technology company that develops mobile solutions, stated it is prepared to complete confirmatory due diligence and negotiate a definitive asset purchase agreement. The company noted its proposal would not prevent Sonim from simultaneously pursuing the Reverse Take-Over transaction announced in Sonim’s June 25 press release.

The offer is backed by Orbic and AJP Holding Company, LLC, which together beneficially own approximately 19% of Sonim’s outstanding common stock.

This proposal comes amid ongoing proxy solicitation activity. The AJP/Orbic Parties filed a definitive proxy statement with the Securities and Exchange Commission on June 24 in connection with Sonim’s 2025 Annual Meeting of Stockholders, where they have nominated five director candidates.

The complete acquisition proposal and financing commitment letter are available on the SEC’s website as part of a Schedule 13D/A filing by Orbic.

This article is based on information from a company press release.

In other recent news, Sonim Technologies has announced a non-binding Letter of Intent for a reverse takeover with a private U.S. company specializing in Nvidia-based High-Performance Computing AI factories. This potential transaction would see Sonim stockholders retaining equity valued at $17.5 million, while the target company would be valued at approximately $300 million. Additionally, Sonim has outlined strategic alternatives, including a Letter of Intent with Social Mobile for the sale of its assets for up to $20 million. Amid these developments, Sonim has confirmed receiving an unsolicited offer from DOOGEE to acquire all outstanding shares for $3.60 per share in cash. The company is also pursuing new product launches in key markets, including North America and Europe, supported by strategic investments and diversification of manufacturing operations outside China. Sonim has secured major device upgrade agreements with top U.S. healthcare systems and other enterprises, contributing to its growth in the enterprise sector. Furthermore, Sonim’s Board is urging stockholders to vote for its slate of director nominees in response to a proxy contest initiated by Orbic North America. These recent developments reflect Sonim’s ongoing efforts to maximize shareholder value and enhance its market position.

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