- AJP Holding Company, LLC agreed to purchase 20.8 million Sonim Technologies Inc (NASDAQ:SONM) shares at $0.84 per share for $17.5 million under a subscription agreement. Sonim shares closed at $0.70 on Wednesday.
- Sonim is a U.S. provider of ultra-rugged mobile devices, accessories, and solutions.
- AJP will own 52% of Sonim's post-transaction outstanding capital stock based on 19.3 million shares outstanding before the transaction.
- Peter Liu, Sonim's EVP for Global Operations and Engineering since 2010, became the CEO, effective April 14.
- Liu is part of the investment group at AJP and leading the strategic development of Sonim's expanded market focus.
- Sonim embarks on a strategy to expand from its core market in ultra-rugged mobile devices into semi-rugged and industrial 5G markets.
- AJP's proposed enhanced strategy is expected to drive revenue growth, improve operating efficiency, accelerate ODM-based product development at lower cost and broaden Sonim's addressable market opportunities.
- Price Action: SONM shares traded higher by 12.1% at $0.79 in the premarket on the last check Thursday.
