Sonim Announces 1-For-10 Reverse Stock Split

 Sonim Technologies, Inc. ("the Company" or "Sonim") (NASDAQ:SONM), today 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.

The Company's common stock will continue to trade on The Nasdaq Stock Market LLC ("Nasdaq") under the symbol "SONM." The new CUSIP number for the common stock following the Reverse Stock Split will be 83548F200.

No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive a fractional share will instead be entitled to receive cash (rounded down to the nearest cent, without interest and subject to applicable withholding taxes) in lieu of such fractional share from the Company's transfer agent, American Stock Transfer & Trust Company, LLC, in an amount equal to the product obtained by multiplying (a) the closing price per share of the Company's common stock as reported on Nasdaq on the Effective Date, by (b) the fraction of the share owned by such stockholder. Holders of the Company's common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the Reverse Stock Split. Stockholders of record will be receiving information from the Company's transfer agent regarding their common stock ownership post-Reverse Stock Split.

The Reverse Stock Split will not modify any rights or preferences of the Company's common stock and there will be no change in the par value per share. The Reverse Stock Split is intended to increase the market price per share of the Company's common stock to ensure the Company regains full compliance with Nasdaq's minimum bid price requirement and maintains its listing on Nasdaq. The Reverse Stock Split will also make available an increased number of authorized but unissued shares of the Company's common stock, allowing the Company to pursue additional financing activities and/or other strategic transactions.