Sonim receives $25 million acquisition offer from Orbic North America

SAN DIEGO - Sonim Technologies, Inc. (NASDAQ:SONM), currently valued at $18.2 million in market capitalization, announced today that its Special Committee has received an unsolicited, non-binding proposal from Orbic North America, LLC to acquire substantially all of its operating assets for $25 million. The offer comes as Sonim’s stock has surged over 38% in the past week, trading at $1.77.

According to the company’s statement, the proposal dated Thursday indicates the offer would not interfere with Sonim’s recently disclosed letter of intent for a Reverse Take Over transaction with a private US-based company developing Nvidia-based High-Performance Computing. InvestingPro analysis reveals the company has been quickly burning through cash, with a weak overall financial health score.

The Special Committee, which was formed to oversee Sonim’s strategic alternatives process, will evaluate the proposal with its legal and financial advisors. The company stated that further updates will be provided as more information becomes available.

Sonim Technologies, established in 1999, provides rugged mobile solutions including phones and wireless internet devices designed for durability. The company sells its products through wireless carriers and distributors across North America, EMEA, and Australia/New Zealand.

The company noted that no stockholder action is required at this time regarding the acquisition offer.

This announcement comes just a day after Sonim disclosed its letter of intent for the Reverse Take Over transaction on Thursday. The company has already filed its definitive proxy statement for its 2025 Annual Meeting of Stockholders with the SEC on June 18.

The information in this article is based on a press release statement from Sonim Technologies.

In other recent news, Sonim Technologies has reported significant financial challenges, including a net loss of $33.65 million in 2024 and cumulative losses of $86.45 million from 2021-2024. AJP Holding Company and Orbic North America, which hold a 19% stake in Sonim, are advocating for a leadership overhaul, citing these financial difficulties and strategic concerns. Orbic has offered $25 million to acquire Sonim’s assets, a proposal backed by a $50 million financing commitment. Meanwhile, Sonim has signed a non-binding Letter of Intent for a reverse takeover with a private AI computing company, valuing Sonim stockholders’ equity at $17.5 million. This transaction is intended to benefit from the growing demand for AI computing capacity. Additionally, Sonim has confirmed receiving an unsolicited proposal from DOOGEE to acquire all outstanding shares for $3.60 per share, though the Special Committee requires more information to evaluate this offer. Amid these developments, Sonim’s board has recommended stockholders vote for its director nominees to ensure the continuation of its strategic alternatives process. The company has also characterized Orbic’s proposals as lacking credibility, citing financial concerns and strategic inconsistency.

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