Sonim Announces Reverse Stock Split
Sonim Technologies, Inc. ("the Company" or "Sonim") (Nasdaq: SONM), announced that it intends to effect a one-for-ten reverse split of its issued and outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split will become effective as of 5:00 p.m. Eastern Time on September 15, 2021 (the "Effective Date"), and the Company's common stock is expected to begin trading on a split-adjusted basis when the market opens on September 16, 2021.
At Sonim's Annual Meeting of Stockholders held on September 29, 2020 (the "2020 Annual Meeting"), the Company's stockholders approved the amendment to the Company's Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's common stock at a ratio of not less than one-for-two and not more than one-for-twelve, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company's Board of Directors in its sole discretion at any time prior to the first anniversary of the 2020 Annual Meeting. The Board of Directors has now approved the implementation of a one-for-ten Reverse Stock Split with the timing described above.