[DFAN14A] Sonim Technologies, Inc. SEC Filing
Context: AJP Holding Company LLC and Orbic North America LLC (together "AJP/Orbic") have filed a DFAN14A as part of a contested proxy fight at Sonim Technologies, Inc. (NASDAQ: SONM). The filing includes a press release and an open letter urging shareholders to replace five incumbent directors with the AJP/Orbic slate at the 18 July 2025 Annual Meeting.
Key assertions from AJP/Orbic:
- Superior asset-purchase proposal: A revised, non-binding offer backed by a $50 million committed facility would acquire 鈥渟ubstantially all鈥� Sonim assets at a price the dissidents say represents a 66.7 % premium to the consideration offered by Social Mobile庐 at signing鈥攐r 25 % if Social Mobile鈥檚 full earn-out is achieved.
- Lack of engagement: The Special Committee allegedly refused dialogue, citing exclusivity with Social Mobile庐. Shareholders have not been told the exclusivity term or the status of definitive agreements.
- Rapid value erosion: SONM鈥檚 share price has fallen 鈮� 74.9 % in the three months ended 3 July 2025 and a further 鈮� 38 % after a dilutive follow-on offering of 7.4 million shares at $0.75.
- Governance overhaul: Dissidents鈥攚ho claim an 鈮� 19 % economic stake鈥攗rge votes FOR their nominees (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), AGAINST Sonim鈥檚 equity plan and executive compensation advisory, and to WITHHOLD on incumbent directors.
Investor takeaways: The filing signals an active contest for control that could result in one of three outcomes: (1) acceptance of the AJP/Orbic asset bid at a sizeable premium; (2) consummation of the Social Mobile庐 transaction under undisclosed terms; or (3) status quo if incumbents prevail. Shareholders face near-term voting decisions that may materially affect the strategic direction, capital structure, and valuation of SONM.
Contesto: AJP Holding Company LLC e Orbic North America LLC (insieme "AJP/Orbic") hanno presentato un DFAN14A nell'ambito di una battaglia proxy contestata presso Sonim Technologies, Inc. (NASDAQ: SONM). La documentazione include un comunicato stampa e una lettera aperta che invitano gli azionisti a sostituire cinque amministratori uscenti con la lista AJP/Orbic durante l'Assemblea Annuale del 18 luglio 2025.
Punti chiave di AJP/Orbic:
- Offerta di acquisto di asset superiore: Una proposta rivista e non vincolante supportata da una linea di credito impegnata di 50 milioni di dollari prevede l'acquisto di "quasi tutti" gli asset di Sonim a un prezzo che i dissidenti definiscono con un premio del 66,7% rispetto alla valutazione offerta da Social Mobile庐 al momento della firma, o del 25% nel caso in cui venga raggiunto l'intero earn-out previsto da Social Mobile.
- Mancanza di dialogo: Il Comitato Speciale avrebbe rifiutato ogni confronto, citando un'esclusiva con Social Mobile庐. Gli azionisti non sono stati informati sui termini dell'esclusiva n茅 sullo stato degli accordi definitivi.
- Rapida erosione del valore: Il prezzo delle azioni SONM 猫 diminuito di circa il 74,9% nei tre mesi terminati il 3 luglio 2025, e di un ulteriore 38% dopo un'offerta diluitiva di 7,4 milioni di azioni a 0,75 dollari ciascuna.
- Riforma della governance: I dissidenti 鈥� che dichiarano una partecipazione economica di circa il 19% 鈥� sollecitano di votare FAVOREVOLMENTE per i loro candidati (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), CONTRARI al piano azionario di Sonim e alla consultazione sulla remunerazione degli executive, e di ASTENERSI sugli amministratori attuali.
Considerazioni per gli investitori: La presentazione segnala una contesa attiva per il controllo che potrebbe portare a uno dei tre esiti: (1) accettazione dell'offerta di AJP/Orbic con un premio significativo; (2) conclusione della transazione con Social Mobile庐 a condizioni non divulgate; o (3) mantenimento dello status quo se prevalgono gli amministratori attuali. Gli azionisti si trovano di fronte a decisioni di voto a breve termine che potrebbero influenzare in modo rilevante la strategia, la struttura del capitale e la valutazione di SONM.
Contexto: AJP Holding Company LLC y Orbic North America LLC (juntos "AJP/Orbic") han presentado un DFAN14A como parte de una disputa proxy en Sonim Technologies, Inc. (NASDAQ: SONM). La presentaci贸n incluye un comunicado de prensa y una carta abierta instando a los accionistas a reemplazar a cinco directores actuales con la lista de AJP/Orbic en la Junta General Anual del 18 de julio de 2025.
Afirmaciones clave de AJP/Orbic:
- Propuesta superior de compra de activos: Una oferta revisada y no vinculante respaldada por una l铆nea comprometida de 50 millones de d贸lares adquirir铆a "pr谩cticamente todos" los activos de Sonim a un precio que los disidentes afirman representa una prima del 66,7% sobre la consideraci贸n ofrecida por Social Mobile庐 en la firma, o del 25% si se cumple el earn-out completo de Social Mobile.
- Falta de compromiso: El Comit茅 Especial supuestamente rechaz贸 el di谩logo, citando exclusividad con Social Mobile庐. Los accionistas no han sido informados sobre los t茅rminos de la exclusividad ni sobre el estado de los acuerdos definitivos.
- R谩pida erosi贸n del valor: El precio de las acciones de SONM ha ca铆do aproximadamente un 74,9% en los tres meses terminados el 3 de julio de 2025 y un 38% adicional tras una oferta dilutiva de 7,4 millones de acciones a 0,75 d贸lares.
- Reforma de gobierno corporativo: Los disidentes 鈥攓ue afirman una participaci贸n econ贸mica de aproximadamente el 19%鈥� instan a votar A FAVOR de sus nominados (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), EN CONTRA del plan de acciones de Sonim y del asesoramiento sobre compensaci贸n ejecutiva, y a RETENER el voto para los directores actuales.
Consideraciones para inversores: La presentaci贸n indica una contienda activa por el control que podr铆a resultar en uno de tres resultados: (1) aceptaci贸n de la oferta de activos de AJP/Orbic con una prima considerable; (2) consumaci贸n de la transacci贸n con Social Mobile庐 bajo t茅rminos no divulgados; o (3) mantenimiento del statu quo si prevalecen los directores actuales. Los accionistas enfrentan decisiones de voto a corto plazo que pueden afectar materialmente la direcci贸n estrat茅gica, la estructura de capital y la valoraci贸n de SONM.
氚瓣步: AJP Holding Company LLC鞕� Orbic North America LLC(鞚错晿 "AJP/Orbic")電� Sonim Technologies, Inc. (NASDAQ: SONM)鞐愳劀 氩岇柎歆�瓿� 鞛堧姅 雽�毽届爜鞚� 鞙勳瀯鞛� 鞁胳泙鞚� 鞚柬櫂鞙茧 DFAN14A毳� 鞝滌稖頄堨姷雼堧嫟. 鞝滌稖 靹滊鞐愲姅 氤措弰鞛愲鞕� 2025雲� 7鞗� 18鞚� 鞐半 欤检＜齑濏殞鞐愳劀 旮办〈 鞚挫偓 5氇呾潉 AJP/Orbic 頉勲炒搿� 甑愳泊頃� 瓴冹潉 欤检＜霌れ棎瓴� 齑夑惮頃橂姅 瓿店皽靹滍暅鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.
AJP/Orbic鞚� 欤检殧 欤检灔:
- 鞖办垬頃� 鞛愳偘 毵れ瀰 鞝滌晥: 5,000毵� 雼煬鞚� 頇曥暯霅� 雽�於� 鞁滌劋鞚� 歆�鞗愴晿電� 靾橃爼霅� 牍勱惮靻� 鞝滌晥鞙茧, "靷嫟靸� 氇摖" Sonim 鞛愳偘鞚� 鞚胳垬頃橂┌, 鞚措姅 氚橂寑韺岅皜 欤检灔頃橁赴毳� Social Mobile庐臧� 靹滊獏 鞁� 鞝滌晥頃� 雽�臧� 雽�牍� 66.7% 頂勲Μ氙胳梽鞐� 頃措嫻頃橁卑雮�, Social Mobile鞚� 鞝勳泊 鞏胳晞鞗冹澊 雼劚霅� 瓴届毎 25% 頂勲Μ氙胳梽鞐� 頃措嫻頃╇媹雼�.
- 甑愳劖 攵�鞛�: 韸闺硠鞙勳洂須岅皜 Social Mobile庐瓿检潣 霃呾爯 瓿勳暯鞚� 鞚挫湢搿� 雽�頇旊ゼ 瓯半秬頄堧嫟瓿� 頃╇媹雼�. 欤检＜霌れ潃 霃呾爯 臁瓣贝鞚措倶 斓滌 瓿勳暯 靸來儨鞐� 雽�頃� 鞎岇 氇豁晿瓿� 鞛堨姷雼堧嫟.
- 牍犽ジ 臧�旃� 頃橂澖: SONM 欤缄皜電� 2025雲� 7鞗� 3鞚� 膦呺霅� 3臧滌洈 霃欖晥 鞎� 74.9% 頃橂澖頄堦碃, 鞚错泟 7.4氚彪 欤茧ゼ 欤茧嫻 0.75雼煬鞐� 氚滍枆頃橂姅 頋劃靹� 頉勳啀 瓿惦 鞚错泟 於旉皜搿� 鞎� 38% 顷橂澖頄堨姷雼堧嫟.
- 瓯半矂雱岇姢 臧滍榿: 鞎� 19%鞚� 瓴届牅鞝� 歆�攵勳潉 氤挫湢頄堧嫟瓿� 欤检灔頃橂姅 氚橂寑韺岆姅 頉勲炒鞛愲摛(Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace)鞐� 雽�頃� 彀劚 韴憸, Sonim鞚� 欤检嫕 瓿勴殟 氚� 瓴届榿歆� 氤挫儊 鞛愲鞐� 雽�頃� 氚橂寑 韴憸, 攴鸽Μ瓿� 順� 鞚挫偓霌れ棎 雽�頃� 旮瓣秾 韴憸毳� 齑夑惮頃橁碃 鞛堨姷雼堧嫟.
韴瀽鞛� 鞁滌偓鞝�: 鞚措矆 鞝滌稖鞚� 韱奠牅甓岇潉 霊橂煬鞁� 鞝侁饭鞝侅澑 瓴届焷鞚� 雮橅儉雮措┌, 靹� 臧�歆� 瓴瓣臣 欷� 頃橂倶搿� 鞚挫柎歆� 靾� 鞛堨姷雼堧嫟: (1) 靸侂嫻頃� 頂勲Μ氙胳梽鞚� 韽暔霅� AJP/Orbic 鞛愳偘 鞚胳垬 鞝滌晥 靾橂澖; (2) 瓿店皽霅橃 鞎婌潃 臁瓣贝 頃橃棎 Social Mobile庐 瓯半灅 靹膘偓; 霕愲姅 (3) 旮办〈 鞚挫偓霌れ澊 鞀闺Μ頃� 瓴届毎 順勳儊 鞙犾. 欤检＜霌れ潃 SONM鞚� 鞝勲灥 氚╉枼, 鞛愲掣 甑“ 氚� 臧�旃橃棎 欷戨寑頃� 鞓來枼鞚� 氙胳範 靾� 鞛堧姅 雼赴 韴憸 瓴办爼鞚� 鞎炿憪瓿� 鞛堨姷雼堧嫟.
Contexte : AJP Holding Company LLC et Orbic North America LLC (ensemble 芦 AJP/Orbic 禄) ont d茅pos茅 un DFAN14A dans le cadre d鈥檜ne lutte de procuration contest茅e chez Sonim Technologies, Inc. (NASDAQ : SONM). Le d茅p么t comprend un communiqu茅 de presse et une lettre ouverte exhortant les actionnaires 脿 remplacer cinq administrateurs en place par la liste AJP/Orbic lors de l鈥橝ssembl茅e G茅n茅rale Annuelle du 18 juillet 2025.
Principales affirmations d鈥橝JP/Orbic :
- Proposition d鈥檃chat d鈥檃ctifs sup茅rieure : Une offre r茅vis茅e, non contraignante, soutenue par une facilit茅 engag茅e de 50 millions de dollars permettrait d鈥檃cqu茅rir 芦 substantiellement tous 禄 les actifs de Sonim 脿 un prix que les dissidents estiment repr茅senter une prime de 66,7 % par rapport 脿 la contrepartie offerte par Social Mobile庐 lors de la signature, ou de 25 % si le plein earn-out de Social Mobile est atteint.
- Manque d鈥檈ngagement : Le Comit茅 Sp茅cial aurait refus茅 tout dialogue, invoquant une exclusivit茅 avec Social Mobile庐. Les actionnaires n鈥檕nt pas 茅t茅 inform茅s des termes de l鈥檈xclusivit茅 ni de l鈥櫭﹖at des accords d茅finitifs.
- 脡rosion rapide de la valeur : Le cours de l鈥檃ction SONM a chut茅 d鈥檈nviron 74,9 % au cours des trois mois se terminant le 3 juillet 2025, puis d鈥檈nviron 38 % suppl茅mentaires apr猫s une offre dilutive de 7,4 millions d鈥檃ctions 脿 0,75 $ chacune.
- R茅forme de la gouvernance : Les dissidents 鈥� qui revendiquent une participation 茅conomique d鈥檈nviron 19 % 鈥� incitent 脿 voter POUR leurs candidats (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), CONTRE le plan d鈥檃ctions de Sonim et la consultation sur la r茅mun茅ration des dirigeants, et 脿 NE PAS ACCORDER de vote aux administrateurs en place.
Points cl茅s pour les investisseurs : Le d茅p么t signale une lutte active pour le contr么le qui pourrait aboutir 脿 l鈥檜n des trois r茅sultats suivants : (1) acceptation de l鈥檕ffre d鈥檃ctifs d鈥橝JP/Orbic avec une prime significative ; (2) r茅alisation de la transaction avec Social Mobile庐 selon des termes non divulgu茅s ; ou (3) statu quo si les administrateurs en place l鈥檈mportent. Les actionnaires font face 脿 des d茅cisions de vote 脿 court terme susceptibles d鈥檃ffecter de mani猫re significative la strat茅gie, la structure du capital et la valorisation de SONM.
Kontext: AJP Holding Company LLC und Orbic North America LLC (zusammen "AJP/Orbic") haben im Rahmen eines umk盲mpften Proxy-Kampfs bei Sonim Technologies, Inc. (NASDAQ: SONM) ein DFAN14A eingereicht. Die Einreichung umfasst eine Pressemitteilung und einen offenen Brief, in dem die Aktion盲re aufgefordert werden, bei der Hauptversammlung am 18. Juli 2025 f眉nf amtierende Direktoren durch die AJP/Orbic-Kandidatenliste zu ersetzen.
Wesentliche Behauptungen von AJP/Orbic:
- 脺berlegenes Asset-Kaufangebot: Ein 眉berarbeitetes, unverbindliches Angebot, unterst眉tzt durch eine verpflichtete Finanzierung in H枚he von 50 Millionen US-Dollar, w眉rde "praktisch alle" Sonim-Verm枚genswerte zu einem Preis erwerben, der nach Ansicht der Dissidenten eine Pr盲mie von 66,7 % gegen眉ber der von Social Mobile庐 zum Zeitpunkt der Unterzeichnung angebotenen Gegenleistung darstellt 鈥� bzw. 25 %, falls Social Mobile den vollen Earn-out erreicht.
- Fehlende Kommunikation: Das Sonderkomitee soll einen Dialog abgelehnt haben und beruft sich auf eine Exklusivit盲t mit Social Mobile庐. Den Aktion盲ren wurden weder die Exklusivit盲tsbedingungen noch der Stand der endg眉ltigen Vereinbarungen mitgeteilt.
- Schneller Wertverfall: Der Aktienkurs von SONM ist in den drei Monaten bis zum 3. Juli 2025 um ca. 74,9 % gefallen und danach um weitere ca. 38 % nach einer verw盲ssernden Kapitalerh枚hung von 7,4 Millionen Aktien zu je 0,75 US-Dollar.
- Governance-Umstrukturierung: Die Dissidenten 鈥� die einen wirtschaftlichen Anteil von ca. 19 % angeben 鈥� fordern die Aktion盲re auf, f眉r ihre Kandidaten (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace) zu stimmen, gegen Sonims Aktienplan und die Beratung zur Vorstandsverg眉tung zu stimmen sowie bei den amtierenden Direktoren die Stimme zu enthalten.
Schlussfolgerungen f眉r Investoren: Die Einreichung signalisiert einen aktiven Machtkampf, der zu einem von drei Ergebnissen f眉hren k枚nnte: (1) Annahme des AJP/Orbic-Asset-Angebots mit betr盲chtlicher Pr盲mie; (2) Abschluss der Social Mobile庐-Transaktion zu nicht offengelegten Bedingungen; oder (3) Status quo, falls die amtierenden Direktoren siegen. Die Aktion盲re stehen kurzfristig vor Abstimmungsentscheidungen, die die strategische Ausrichtung, Kapitalstruktur und Bewertung von SONM ma脽geblich beeinflussen k枚nnen.
- None.
- None.
Insights
TL;DR: Activist slate offers 66.7 % premium bid and 19 % stake鈥攑roxy fight injects real optionality for SONM holders.
The dissident group鈥檚 public letter adds credible pressure: a financed $50 million facility and a clear premium benchmark. If the board maintains exclusivity with Social Mobile庐 without disclosing terms, it risks breaching perceived fiduciary duty, strengthening the activists鈥� case. From an M&A arbitrage view, the probability-weighted upside has risen, though execution risk remains high due to non-binding status and asset-sale structure requiring shareholder approval. The disclosure of rapid price erosion (-75 % in three months) and dilutive equity raise may sway neutral voters toward change. I classify the filing as impactful and modestly positive (rating 1) because it surfaces an alternative path to value and forces strategic clarity within weeks.
TL;DR: Filing flags severe governance concerns; outcome hinges on July 18 vote鈥攔isk elevated until direction resolved.
From a governance standpoint, the dissidents鈥� allegations鈥攊gnored superior offers, opaque negotiation process, and dilutive financing鈥攃ould resonate with proxy-advisory firms. However, the activists鈥� offer is non-binding and contingent, leaving shareholders with high execution uncertainty. The rapid stock decline underscores liquidity stress. Investors should monitor: (1) any definitive agreement with Social Mobile庐; (2) ISS/Glass Lewis recommendations; (3) updated financial metrics post-offering. While the potential upside exists, the proxy fight amplifies volatility and legal costs. I view the near-term impact as material but balanced, hence rating 0 (neutral).
Contesto: AJP Holding Company LLC e Orbic North America LLC (insieme "AJP/Orbic") hanno presentato un DFAN14A nell'ambito di una battaglia proxy contestata presso Sonim Technologies, Inc. (NASDAQ: SONM). La documentazione include un comunicato stampa e una lettera aperta che invitano gli azionisti a sostituire cinque amministratori uscenti con la lista AJP/Orbic durante l'Assemblea Annuale del 18 luglio 2025.
Punti chiave di AJP/Orbic:
- Offerta di acquisto di asset superiore: Una proposta rivista e non vincolante supportata da una linea di credito impegnata di 50 milioni di dollari prevede l'acquisto di "quasi tutti" gli asset di Sonim a un prezzo che i dissidenti definiscono con un premio del 66,7% rispetto alla valutazione offerta da Social Mobile庐 al momento della firma, o del 25% nel caso in cui venga raggiunto l'intero earn-out previsto da Social Mobile.
- Mancanza di dialogo: Il Comitato Speciale avrebbe rifiutato ogni confronto, citando un'esclusiva con Social Mobile庐. Gli azionisti non sono stati informati sui termini dell'esclusiva n茅 sullo stato degli accordi definitivi.
- Rapida erosione del valore: Il prezzo delle azioni SONM 猫 diminuito di circa il 74,9% nei tre mesi terminati il 3 luglio 2025, e di un ulteriore 38% dopo un'offerta diluitiva di 7,4 milioni di azioni a 0,75 dollari ciascuna.
- Riforma della governance: I dissidenti 鈥� che dichiarano una partecipazione economica di circa il 19% 鈥� sollecitano di votare FAVOREVOLMENTE per i loro candidati (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), CONTRARI al piano azionario di Sonim e alla consultazione sulla remunerazione degli executive, e di ASTENERSI sugli amministratori attuali.
Considerazioni per gli investitori: La presentazione segnala una contesa attiva per il controllo che potrebbe portare a uno dei tre esiti: (1) accettazione dell'offerta di AJP/Orbic con un premio significativo; (2) conclusione della transazione con Social Mobile庐 a condizioni non divulgate; o (3) mantenimento dello status quo se prevalgono gli amministratori attuali. Gli azionisti si trovano di fronte a decisioni di voto a breve termine che potrebbero influenzare in modo rilevante la strategia, la struttura del capitale e la valutazione di SONM.
Contexto: AJP Holding Company LLC y Orbic North America LLC (juntos "AJP/Orbic") han presentado un DFAN14A como parte de una disputa proxy en Sonim Technologies, Inc. (NASDAQ: SONM). La presentaci贸n incluye un comunicado de prensa y una carta abierta instando a los accionistas a reemplazar a cinco directores actuales con la lista de AJP/Orbic en la Junta General Anual del 18 de julio de 2025.
Afirmaciones clave de AJP/Orbic:
- Propuesta superior de compra de activos: Una oferta revisada y no vinculante respaldada por una l铆nea comprometida de 50 millones de d贸lares adquirir铆a "pr谩cticamente todos" los activos de Sonim a un precio que los disidentes afirman representa una prima del 66,7% sobre la consideraci贸n ofrecida por Social Mobile庐 en la firma, o del 25% si se cumple el earn-out completo de Social Mobile.
- Falta de compromiso: El Comit茅 Especial supuestamente rechaz贸 el di谩logo, citando exclusividad con Social Mobile庐. Los accionistas no han sido informados sobre los t茅rminos de la exclusividad ni sobre el estado de los acuerdos definitivos.
- R谩pida erosi贸n del valor: El precio de las acciones de SONM ha ca铆do aproximadamente un 74,9% en los tres meses terminados el 3 de julio de 2025 y un 38% adicional tras una oferta dilutiva de 7,4 millones de acciones a 0,75 d贸lares.
- Reforma de gobierno corporativo: Los disidentes 鈥攓ue afirman una participaci贸n econ贸mica de aproximadamente el 19%鈥� instan a votar A FAVOR de sus nominados (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), EN CONTRA del plan de acciones de Sonim y del asesoramiento sobre compensaci贸n ejecutiva, y a RETENER el voto para los directores actuales.
Consideraciones para inversores: La presentaci贸n indica una contienda activa por el control que podr铆a resultar en uno de tres resultados: (1) aceptaci贸n de la oferta de activos de AJP/Orbic con una prima considerable; (2) consumaci贸n de la transacci贸n con Social Mobile庐 bajo t茅rminos no divulgados; o (3) mantenimiento del statu quo si prevalecen los directores actuales. Los accionistas enfrentan decisiones de voto a corto plazo que pueden afectar materialmente la direcci贸n estrat茅gica, la estructura de capital y la valoraci贸n de SONM.
氚瓣步: AJP Holding Company LLC鞕� Orbic North America LLC(鞚错晿 "AJP/Orbic")電� Sonim Technologies, Inc. (NASDAQ: SONM)鞐愳劀 氩岇柎歆�瓿� 鞛堧姅 雽�毽届爜鞚� 鞙勳瀯鞛� 鞁胳泙鞚� 鞚柬櫂鞙茧 DFAN14A毳� 鞝滌稖頄堨姷雼堧嫟. 鞝滌稖 靹滊鞐愲姅 氤措弰鞛愲鞕� 2025雲� 7鞗� 18鞚� 鞐半 欤检＜齑濏殞鞐愳劀 旮办〈 鞚挫偓 5氇呾潉 AJP/Orbic 頉勲炒搿� 甑愳泊頃� 瓴冹潉 欤检＜霌れ棎瓴� 齑夑惮頃橂姅 瓿店皽靹滍暅鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.
AJP/Orbic鞚� 欤检殧 欤检灔:
- 鞖办垬頃� 鞛愳偘 毵れ瀰 鞝滌晥: 5,000毵� 雼煬鞚� 頇曥暯霅� 雽�於� 鞁滌劋鞚� 歆�鞗愴晿電� 靾橃爼霅� 牍勱惮靻� 鞝滌晥鞙茧, "靷嫟靸� 氇摖" Sonim 鞛愳偘鞚� 鞚胳垬頃橂┌, 鞚措姅 氚橂寑韺岅皜 欤检灔頃橁赴毳� Social Mobile庐臧� 靹滊獏 鞁� 鞝滌晥頃� 雽�臧� 雽�牍� 66.7% 頂勲Μ氙胳梽鞐� 頃措嫻頃橁卑雮�, Social Mobile鞚� 鞝勳泊 鞏胳晞鞗冹澊 雼劚霅� 瓴届毎 25% 頂勲Μ氙胳梽鞐� 頃措嫻頃╇媹雼�.
- 甑愳劖 攵�鞛�: 韸闺硠鞙勳洂須岅皜 Social Mobile庐瓿检潣 霃呾爯 瓿勳暯鞚� 鞚挫湢搿� 雽�頇旊ゼ 瓯半秬頄堧嫟瓿� 頃╇媹雼�. 欤检＜霌れ潃 霃呾爯 臁瓣贝鞚措倶 斓滌 瓿勳暯 靸來儨鞐� 雽�頃� 鞎岇 氇豁晿瓿� 鞛堨姷雼堧嫟.
- 牍犽ジ 臧�旃� 頃橂澖: SONM 欤缄皜電� 2025雲� 7鞗� 3鞚� 膦呺霅� 3臧滌洈 霃欖晥 鞎� 74.9% 頃橂澖頄堦碃, 鞚错泟 7.4氚彪 欤茧ゼ 欤茧嫻 0.75雼煬鞐� 氚滍枆頃橂姅 頋劃靹� 頉勳啀 瓿惦 鞚错泟 於旉皜搿� 鞎� 38% 顷橂澖頄堨姷雼堧嫟.
- 瓯半矂雱岇姢 臧滍榿: 鞎� 19%鞚� 瓴届牅鞝� 歆�攵勳潉 氤挫湢頄堧嫟瓿� 欤检灔頃橂姅 氚橂寑韺岆姅 頉勲炒鞛愲摛(Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace)鞐� 雽�頃� 彀劚 韴憸, Sonim鞚� 欤检嫕 瓿勴殟 氚� 瓴届榿歆� 氤挫儊 鞛愲鞐� 雽�頃� 氚橂寑 韴憸, 攴鸽Μ瓿� 順� 鞚挫偓霌れ棎 雽�頃� 旮瓣秾 韴憸毳� 齑夑惮頃橁碃 鞛堨姷雼堧嫟.
韴瀽鞛� 鞁滌偓鞝�: 鞚措矆 鞝滌稖鞚� 韱奠牅甓岇潉 霊橂煬鞁� 鞝侁饭鞝侅澑 瓴届焷鞚� 雮橅儉雮措┌, 靹� 臧�歆� 瓴瓣臣 欷� 頃橂倶搿� 鞚挫柎歆� 靾� 鞛堨姷雼堧嫟: (1) 靸侂嫻頃� 頂勲Μ氙胳梽鞚� 韽暔霅� AJP/Orbic 鞛愳偘 鞚胳垬 鞝滌晥 靾橂澖; (2) 瓿店皽霅橃 鞎婌潃 臁瓣贝 頃橃棎 Social Mobile庐 瓯半灅 靹膘偓; 霕愲姅 (3) 旮办〈 鞚挫偓霌れ澊 鞀闺Μ頃� 瓴届毎 順勳儊 鞙犾. 欤检＜霌れ潃 SONM鞚� 鞝勲灥 氚╉枼, 鞛愲掣 甑“ 氚� 臧�旃橃棎 欷戨寑頃� 鞓來枼鞚� 氙胳範 靾� 鞛堧姅 雼赴 韴憸 瓴办爼鞚� 鞎炿憪瓿� 鞛堨姷雼堧嫟.
Contexte : AJP Holding Company LLC et Orbic North America LLC (ensemble 芦 AJP/Orbic 禄) ont d茅pos茅 un DFAN14A dans le cadre d鈥檜ne lutte de procuration contest茅e chez Sonim Technologies, Inc. (NASDAQ : SONM). Le d茅p么t comprend un communiqu茅 de presse et une lettre ouverte exhortant les actionnaires 脿 remplacer cinq administrateurs en place par la liste AJP/Orbic lors de l鈥橝ssembl茅e G茅n茅rale Annuelle du 18 juillet 2025.
Principales affirmations d鈥橝JP/Orbic :
- Proposition d鈥檃chat d鈥檃ctifs sup茅rieure : Une offre r茅vis茅e, non contraignante, soutenue par une facilit茅 engag茅e de 50 millions de dollars permettrait d鈥檃cqu茅rir 芦 substantiellement tous 禄 les actifs de Sonim 脿 un prix que les dissidents estiment repr茅senter une prime de 66,7 % par rapport 脿 la contrepartie offerte par Social Mobile庐 lors de la signature, ou de 25 % si le plein earn-out de Social Mobile est atteint.
- Manque d鈥檈ngagement : Le Comit茅 Sp茅cial aurait refus茅 tout dialogue, invoquant une exclusivit茅 avec Social Mobile庐. Les actionnaires n鈥檕nt pas 茅t茅 inform茅s des termes de l鈥檈xclusivit茅 ni de l鈥櫭﹖at des accords d茅finitifs.
- 脡rosion rapide de la valeur : Le cours de l鈥檃ction SONM a chut茅 d鈥檈nviron 74,9 % au cours des trois mois se terminant le 3 juillet 2025, puis d鈥檈nviron 38 % suppl茅mentaires apr猫s une offre dilutive de 7,4 millions d鈥檃ctions 脿 0,75 $ chacune.
- R茅forme de la gouvernance : Les dissidents 鈥� qui revendiquent une participation 茅conomique d鈥檈nviron 19 % 鈥� incitent 脿 voter POUR leurs candidats (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace), CONTRE le plan d鈥檃ctions de Sonim et la consultation sur la r茅mun茅ration des dirigeants, et 脿 NE PAS ACCORDER de vote aux administrateurs en place.
Points cl茅s pour les investisseurs : Le d茅p么t signale une lutte active pour le contr么le qui pourrait aboutir 脿 l鈥檜n des trois r茅sultats suivants : (1) acceptation de l鈥檕ffre d鈥檃ctifs d鈥橝JP/Orbic avec une prime significative ; (2) r茅alisation de la transaction avec Social Mobile庐 selon des termes non divulgu茅s ; ou (3) statu quo si les administrateurs en place l鈥檈mportent. Les actionnaires font face 脿 des d茅cisions de vote 脿 court terme susceptibles d鈥檃ffecter de mani猫re significative la strat茅gie, la structure du capital et la valorisation de SONM.
Kontext: AJP Holding Company LLC und Orbic North America LLC (zusammen "AJP/Orbic") haben im Rahmen eines umk盲mpften Proxy-Kampfs bei Sonim Technologies, Inc. (NASDAQ: SONM) ein DFAN14A eingereicht. Die Einreichung umfasst eine Pressemitteilung und einen offenen Brief, in dem die Aktion盲re aufgefordert werden, bei der Hauptversammlung am 18. Juli 2025 f眉nf amtierende Direktoren durch die AJP/Orbic-Kandidatenliste zu ersetzen.
Wesentliche Behauptungen von AJP/Orbic:
- 脺berlegenes Asset-Kaufangebot: Ein 眉berarbeitetes, unverbindliches Angebot, unterst眉tzt durch eine verpflichtete Finanzierung in H枚he von 50 Millionen US-Dollar, w眉rde "praktisch alle" Sonim-Verm枚genswerte zu einem Preis erwerben, der nach Ansicht der Dissidenten eine Pr盲mie von 66,7 % gegen眉ber der von Social Mobile庐 zum Zeitpunkt der Unterzeichnung angebotenen Gegenleistung darstellt 鈥� bzw. 25 %, falls Social Mobile den vollen Earn-out erreicht.
- Fehlende Kommunikation: Das Sonderkomitee soll einen Dialog abgelehnt haben und beruft sich auf eine Exklusivit盲t mit Social Mobile庐. Den Aktion盲ren wurden weder die Exklusivit盲tsbedingungen noch der Stand der endg眉ltigen Vereinbarungen mitgeteilt.
- Schneller Wertverfall: Der Aktienkurs von SONM ist in den drei Monaten bis zum 3. Juli 2025 um ca. 74,9 % gefallen und danach um weitere ca. 38 % nach einer verw盲ssernden Kapitalerh枚hung von 7,4 Millionen Aktien zu je 0,75 US-Dollar.
- Governance-Umstrukturierung: Die Dissidenten 鈥� die einen wirtschaftlichen Anteil von ca. 19 % angeben 鈥� fordern die Aktion盲re auf, f眉r ihre Kandidaten (Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, Michael Wallace) zu stimmen, gegen Sonims Aktienplan und die Beratung zur Vorstandsverg眉tung zu stimmen sowie bei den amtierenden Direktoren die Stimme zu enthalten.
Schlussfolgerungen f眉r Investoren: Die Einreichung signalisiert einen aktiven Machtkampf, der zu einem von drei Ergebnissen f眉hren k枚nnte: (1) Annahme des AJP/Orbic-Asset-Angebots mit betr盲chtlicher Pr盲mie; (2) Abschluss der Social Mobile庐-Transaktion zu nicht offengelegten Bedingungen; oder (3) Status quo, falls die amtierenden Direktoren siegen. Die Aktion盲re stehen kurzfristig vor Abstimmungsentscheidungen, die die strategische Ausrichtung, Kapitalstruktur und Bewertung von SONM ma脽geblich beeinflussen k枚nnen.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF
THE
SECURITIES EXCHANGE ACT OF 1934
| Filed by the Registrant | | ☐ |
| Filed by a Party other than the Registrant | | ☒ |
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ | Definitive Proxy Statement |
| ☒ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |
SONIM TECHNOLOGIES, INC.
(Name of Registrant as Specified in its Charter)
AJP HOLDING COMPANY, LLC
ORBIC NORTH AMERICA, LLC
JEFFREY WANG
PARVEEN NARULA
ASHIMA NARULA
DOUGLAS B. BENEDICT
JOSEPH M. GLYNN
GREGORY MARK JOHNSON
SUREN SINGH
MICHAEL WALLACE
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required. |
| | |
| ☐ | Fee paid previously with preliminary materials. |
| | |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
AJP Holding Company, LCC (“AJP”) and Orbic North America, LLC (“Orbic”), issued the following press release and open letter to stockholders of Sonim Technologies, Inc., a Delaware corporation (the “Company”).
AJP and Orbic Issue Open Letter to Fellow Sonim Stockholders
Hauppauge, New York – July 9, 2025 – AJP Holding Company, LLC (“AJP”) and Orbic North America, LLC (“Orbic”), an international leader in mobile technology innovation, which together have an investment representing an approximately 19% economic interest in Sonim Technologies, Inc. (NASDAQ: SONM) ("Sonim" or the "Company"), today sent an open letter to the stockholders of Sonim.
In its letter, AJP and Orbic highlight, in the view of AJP and Orbic, the continued devastating losses suffered by Sonim and its stockholders under the management of the incumbent Board and a seriously flawed strategic evaluation process pursued by the Special Committee of the Board. All stockholders are urged to support AJP’s and Orbic’s slate of highly qualified and independent nominees at the Company’s upcoming Annual Meeting of Shareholders scheduled for July 18, 2025. Only through an immediate and dramatic transformation in leadership will Sonim and its stockholders see meaningful positive change.
The full text of the letter follows:
July 9, 2025
Dear Fellow Stockholders,
Enough is enough. The entrenched Sonim board just turned down another superior offer to acquire substantially all of the assets of Sonim—an offer that would have delivered an immediate and substantial premium to you, the true owners. Instead, they chose to protect their own positions and ignore your best interests. We are calling for immediate change. That is why we are seeking your support to reconstitute the Board with independent, experienced directors who will prioritize stockholder value over self-preservation. This is your chance to take back control and install a Board that works for you, not against you. WE URGE YOU TO VOTE YOUR SHARES ON THE BLUE PROXY CARD FOR THE AJP/ORBIC NOMINEES.
| ● | SONIM’S SPECIAL COMMITTEE FAILED TO ENGAGE WITH ORBIC ON THE REVISED PROPOSAL: |
| o | LACK OF ENGAGEMENT: We believe Sonim’s current board of directors, and the Special Committee has failed to act in your best interests. Despite presenting a credible, fully committed financed offer to acquire substantially all of the assets of Sonim at a significant premium, the Special Committee has again chosen to mischaracterize the validity of our offer without any dialogue with us. In fact, even despite our clearly superior offer and repeated outreach to Sonim, Sonim would not engage in any discussion regarding a potential transaction, citing that it was prevented from doing so due to exclusivity granted to Social Mobile®. Sonim has not demonstrated that it has made any significant progress on negotiations with Social Mobile® or disclosed to stockholders the length of the exclusivity period. HOW LONG SHOULD YOU BE KEPT IN THE DARK? |
| o | THE REVISED OFFER REPRESENTS A 66.7% PREMIUM: The revised offer represents a 66.7% premium of the amount payable by Social Mobile® at an initial closing of that transaction (and a 25% premium if the earnout feature of the proposed Social Mobile® transaction is achieved). Orbic is prepared to move forward expeditiously with the negotiation of an asset purchase of substantially all of Sonim’s assets. Orbic’s non-binding offer is backed by a $50 million financing commitment from a third-party lender. Sonim’s Special Committee continues to claim that it is committed to maximizing stockholder value; however, they have failed to provide stockholders with the details of how they will achieve the value. |
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| ● | SONIM HAS YET TO SIGN AGREEMENTS WITH SOCIAL MOBILE® OR ITS UNNAMED ACQUIRER FOR THE SALE OF ITS PUBLIC COMPANY SHELL: |
WHERE ARE THE DETAILS?: The Sonim board of directors signed a letter of intent with Social Mobile® over a month ago, however, there has yet to be an agreement signed. WHAT IS TAKING SO LONG? Further, Sonim has still not provided you with any specific details on how the proposed non-binding letter of intent for an asset sale to Social Mobile® or non-binding letter of intent for a proposed sale of Sonim’s public company shell will translate into stockholder value. Sonim’s recent announcements continue to fail to provide sufficiently quantifiable metrics, verifiable data and financial analysis demonstrating how the proposed transactions will deliver tangible benefits. WHAT IS SONIM HIDING?
| ● | SONIM’S PRECIPITOUS STOCK PRICE DECLINE HAS DEVASTATED STOCKHOLDER VALUE: |
| o | SONIM’S STOCK PRICE DECLINED BY APPROXIMATELY 74.94%: Sonim’s stock price has continued to decline approximately 74.94% over the three-month period ending on July 3, 2025, sadly as shown in the chart below: |
| o | SONIM’S SHARES SINK AFTER ANOTHER PUBLIC OFFERING: Following the announcement of our revised offer, Sonim’s board of directors undertook another dilutive stock offering, which has further devastated stockholder value and eroded the value of your investment. Sonim offered an additional 7.4 million shares at $0.75 a share, a steep discount to the market price on July 1, 2025, resulting in its stock price plunging by approximately 38%. |
| o | STOCKHOLDERS SHOULD BE FURIOUS: The Sonim board of directors disastrous track record of operating performance and ill-advised financing strategies have continued to destroy stockholder value, all with little to no communication to stockholders. WHY SHOULD STOCKHOLDER’S TRUST SONIM’S BOARD OF DIRECTORS? |
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| ● | YOU DESERVE BETTER: You deserve better than this. Our slate of nominees will provide Sonim with better leadership to unlock stockholder value. |
WE URGE YOU TO VOTE YOUR SHARES ON THE BLUE PROXY CARD FOR THE AJP/ORBIC NOMINEES.
The outcome of the 2025 Annual Meeting will determine whether stockholders will continue to be subject to an underperforming, entrenched and self-interested board of directors and management team or will have a new group of professional leaders that will breathe life into Sonim. We believe that a transformation in leadership is crucial for Sonim’s future success and stockholder value.
AJP and Orbic strongly contend that it is time for an immediate and dramatic change. Sonim stockholders deserve strong, capable and open-minded directors, such as the AJP/Orbic nominees, who have the experience and desire to explore every opportunity to unlock stockholder value and return Sonim to profitability.
We need your help to unseat Sonim’s incumbent board of directors by electing the AJP/Orbic nominees. A lot rides on your vote and every vote matters! VOTE YOUR SHARES ON THE BLUE PROXY CARD IN FAVOR OF THE AJP/ORBIC NOMINEES.
Respectfully,
Parveen (Mike) Narula,
on behalf of AJP Holding Company, LLC
-and-
Orbic North America, LLC
|
YOUR VOTE IS IMPORTANT NO MATTER HOW FEW SHARES OF ORBIC STOCK YOU OWN. THE AJP/ORBIC PARTIES URGE YOU TO SIGN, DATE AND RETURN THE BLUE UNIVERSAL PROXY CARD OR BLUE VOTING INSTRUCTION FORM TODAY TO VOTE “FOR” EACH OF DOUGLAS B. BENEDICT, JOSEPH M. GLYNN, GREGORY M. JOHNSON, SURENDRA SINGH AND MICHAEL WALLACE TO BE ELECTED TO THE SONIM BOARD OF DIRECTORS, “WITHHOLD” ON THE ELECTION OF THE OPPOSED SONIM NOMINEES AND “AGAINST” THE COMPANY’S EQUITY INCENTVE PLAN PROPOSAL AND “AGAINST” THE ADVISORY APPROVAL OF THE COMPANY’S EXECUTIVE COMPENSATION PROPOSAL. For assistance: If you have any questions or need any assistance in voting your shares, please contact our proxy solicitor, Alliance Advisors LLC, 150 Clove Rd., #400, Little Falls Township, NJ 07424. You can reach them toll-free at 833-218-3964 or by email at [email protected]. |
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For more information or assistance with voting your shares, please call AJP/Orbic's proxy solicitor:
Alliance Advisors LLC
150 Clove Rd, #400
Little Falls Township, NJ 07424
Stockholders Call Toll-Free: 833-218-3964
E-mail: [email protected]
About Orbic
Orbic, a U.S.-headquartered technology company based in New York, reimagines the connected experience by thinking outside of the mainstream. Using best-in-class technology, Orbic provides meaningful features to customers seeking something unique and accessible to all, without exclusion. As a leader in developing and manufacturing innovative mobile solutions for smart, value-tech consumers, Orbic offers a full portfolio of connected solutions from smartphones and tablets to mobile hotspots and connected laptops. Orbic's extensive global ecosystem of partners, suppliers, and carriers ensures that their products deliver exceptional value and performance, making high-quality technology accessible to a wider audience. For more information, visit www.orbic.us.
Important Information and Where to Find It
The AJP/Orbic Parties have filed with the SEC a definitive proxy statement on Schedule 14A, containing a form of BLUE proxy card, with respect to its solicitation of proxies for the 2025 Annual Meeting of Stockholders.
Stockholders are strongly encouraged to read the Company's definitive proxy statement (including any amendments or supplements thereto) and any other documents filed or to be filed with the SEC carefully and in their entirety when they become available because they contain or will contain important information.
You may obtain a free copy of the AJP/Orbic Parties’ proxy statement and any additional soliciting materials that they file with the SEC at the SEC’s website at www.sec.gov, or by contacting Alliance Advisors at the address and phone number indicated above.
Participants in Solicitation
AJP Holding Company, LLC, Orbic North America, LLC, Jeffrey Wang, Parveen Narula, Ashima Narula and their director nominees –Douglas Benedict, Joseph Glynn, Gregory Johnson, Suren Singh, and Michael Wallace – under SEC rules, may be deemed to be participants in the solicitation of proxies of Sonim's stockholders in connection with the election of directors at Sonim's 2025 Annual Meeting to Sonim's stockholders.
Stockholders may obtain more detailed information regarding AJP/Orbic's director nominees, under the captions "Questions and Answers Relating to this Proxy Solicitation" and Certain Information Regarding the Participants” of the AJP/Orbic Parties' definitive proxy statement for the 2025 Annual Meeting filed with the SEC on June 24, 2025.
Investor Contact:
Adam Riches
Alliance Advisors
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Source:
FAQ
What does the AJP/Orbic offer mean for SONM shareholders?
How much of Sonim Technologies (SONM) do AJP and Orbic own?
When is the critical vote for Sonim鈥檚 board replacement?
Why are the dissidents opposing the Social Mobile庐 transaction?
What recent financing action did Sonim take that activists criticize?
Which directors are AJP/Orbic nominating for the SONM board?
