AJP Holding Company, LLC and Orbic North America, LLC announced on March 21, 2025, their intention to nominate a slate of five highly qualified candidates for Sonim Technologies' Board of Directors. These nominations are for election at the upcoming 2025 Annual Meeting of Stockholders.
Orbic, which agreed to purchase a substantial position in Sonim shares from AJP in January 2025, stated that Sonim has resisted discussions for strategic synergies. AJP and Orbic believe the incumbent board's actions have been destructive to stockholders, citing a nearly 50% decline in stock price since January 15, 2025.
The dissident shareholders also criticized the company for diluting existing stockholders through new common share issuances and increasing debt levels. This announcement signals a formal proxy contest, aiming to bring about a transformation in leadership and strategic direction.
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