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Sonim Technologies, Inc. (NASDAQ:SONM) announced Wednesday that its board’s compensation committee approved a one-time special cash award for members of the board’s special committee. According to a press release statement and SEC filing, each member of the special committee will receive $55,000, with an additional $35,000 awarded to the chair. The awards were granted in recognition of their service related to the company’s strategic alternatives initiatives.
The company also reported the results of its 2025 Annual Meeting of Stockholders, which was held Friday. Holders of 6,624,559 shares, representing approximately 64% of shares outstanding as of the record date, were present in person or by proxy, constituting a quorum. According to InvestingPro analysis, the company currently operates with weak gross profit margins of 20.45% and faces short-term liquidity challenges with a current ratio of 0.78.
Shareholders elected five director nominees—James Cassano, Peter Liu, Mike Mulica, Jack Steenstra, and George Thangadurai—to the board. Vote tallies for the nominees ranged from 3,716,556 to 5,666,285 votes in favor, with votes withheld ranging from 629,913 to 2,876,642.
Stockholders ratified, on an advisory basis, the appointment of Baker Tilly US, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The vote was 6,181,612 in favor, 199,815 against, and 243,132 abstentions.
An amendment to the Sonim Technologies 2019 Equity Incentive Plan, which would have increased the number of shares authorized for issuance by 600,000, was not approved. The proposal received 1,611,140 votes in favor, 2,948,436 against, and 2,034,035 abstentions.
Stockholders did not approve, on a non-binding advisory basis, the executive compensation of the company’s named executive officers. The vote was 1,626,781 in favor, 2,970,900 against, and 1,995,930 abstentions.
Shareholders approved, on a non-binding advisory basis, that future advisory votes on executive compensation will occur every three years. The next such vote on frequency is scheduled no later than the company’s 2031 annual meeting.
All information is based on a press release statement and the company’s SEC filing.
In other recent news, Sonim Technologies has agreed to be acquired by Social Mobile in an all-cash transaction valued at $20 million, which includes a potential $5 million earn-out. This acquisition, expected to close in the fourth quarter of 2025, is subject to shareholder and regulatory approvals. Meanwhile, Sonim Technologies has also announced the pricing of a public offering of 7,400,000 shares at $0.75 per share, aiming to raise approximately $5.55 million in gross proceeds. This offering is anticipated to close around July 2, 2025, with Roth Capital Partners (WA:CPAP) acting as the exclusive placement agent.
Additionally, Sonim’s Special Committee has rejected an unsolicited proposal from Orbic North America, favoring the Social Mobile deal, which they believe offers greater transaction value and certainty. In response, AJP Holding Company and Orbic North America, holding a 19% economic interest in Sonim, have urged stockholders to vote for their slate of director nominees at the upcoming annual meeting. They criticized Sonim’s board for rejecting what they claim was a superior acquisition offer. These developments highlight significant strategic moves and shareholder activities surrounding Sonim Technologies.
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