Sonim Technologies' Special Committee of the Board of Directors announced on July 2, 2025, its determination that the unsolicited, non-binding proposal from Orbic North America, LLC, dated June 26, 2025, is inferior. The Orbic proposal offered $25 million for substantially all of Sonim's operating assets.
The Special Committee, advised by its financial and legal counsel, found Orbic's proposal inadequate due to its non-binding nature, lack of a definitive agreement, and lower certainty to close. It reaffirmed its belief that the previously announced Letter of Intent (LOI) with Social Mobile represents a superior alternative.
The committee stated that the sale to Social Mobile and the contemplated Reverse Takeover (RTO) transaction offer a much higher certainty to close and deliver the best value and terms available to Sonim's stockholders. The Special Committee urged stockholders to support the company's strategic path forward.
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