Ccr | Tetra | Dmr | Lte | P25 | Messaging | 2020-06-10

Sonim announces closing of $27.6 Million public offering, including full exercise of underwriters’ overallotment option

Source: Sonim Technologies

Sonim Technologies, Inc. announced the closing of its previously announced underwritten public offering of 36,800,000 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 4,800,000 additional shares of common stock, at a price to the public of $0.75 per share. The aggregate gross proceeds to Sonim from the offering were approximately $27.6 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares of common stock were sold by Sonim. Sonim intends to use a portion of the net proceeds from the offering to repay $4.0 million of the outstanding principal amount and accrued interest under the subordinated secured convertible promissory note issued to B. Riley Principal Investments, LLC, (the “BRPI Indebtedness”), and the remaining amount of the BRPI Indebtedness shall be converted into shares of Sonim’s common stock at $0.75 per share.

Oppenheimer & Co. Inc. and Lake Street Capital Markets LLC acted as joint book-running managers for the offering.