Sonim Technologies Signs Letter of Intent to Sell Substantially All Assets to Social Mobile

Core Viewpoint - Sonim Technologies has signed a Letter of Intent (LOI) to sell substantially all of its assets to Social Mobile, which is seen as a strategic opportunity to maximize shareholder value while advancing Sonim's technology offerings [1][2][3]. Group 1: Transaction Details - The proposed transaction is subject to customary closing conditions and approvals, with the Special Committee focused on maximizing stockholder value through potential reverse take-over (RTO) opportunities [3][6]. - The LOI outlines a purchase price of up to $20 million, which includes up to $5 million in earn-out consideration contingent upon achieving target revenue [6][4]. - Social Mobile will have an exclusivity period to negotiate the transaction while Sonim continues to evaluate RTO opportunities [6][7]. Group 2: Strategic Rationale - The Special Committee believes that the transaction with Social Mobile represents the best option for maximizing stockholder value compared to other offers received [2][4]. - The acquisition is expected to create synergies between Sonim and Social Mobile, enhancing their ability to serve clients effectively [4][6]. - Social Mobile's CEO highlighted that Sonim's rugged mobile solutions complement their enterprise portfolio, aligning with their mission and culture of innovation [4][9]. Group 3: Company Backgrounds - Sonim Technologies is a leading provider of rugged mobile solutions, trusted by various sectors including first responders and Fortune 500 companies, and operates in North America, EMEA, and Australia/New Zealand [8]. - Social Mobile specializes in enterprise mobility solutions and is recognized as a Google validated Android Enterprise Gold partner, focusing on custom device development for major industries [9][10].