Sonim Technologies Announces Exercise and Closing of Over-Allotment Option of Initial Public Offering

SAN MATEO, Calif., May 22, 2019 /PRNewswire/ -- Sonim Technologies (Nasdaq: SONM), a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, today announced that the underwriters of its initial public offering have exercised in full their option to purchase an additional 505,714 shares of common stock from Sonim and 30,000 shares from the selling stockholder at the initial public offering price less underwriting discounts and commissions. The sale of these additional shares of common stock closed earlier today, following the closing on May 14, 2019 of the sale of 3,571,429 shares by Sonim. As a result, Sonim has received aggregate net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses, of approximately $37.5 million.

Oppenheimer & Co. Inc. acted as lead book-running manager and Lake Street Capital Markets, LLC acted as joint book-running manager for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc., acted as co-manager for the offering.

The offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from: Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8055, or by email at [email protected]; or from Lake Street Capital Markets, LLC, Attention: Equity Syndicate Department, 920 2nd Avenue South, Suite 700, Minneapolis, MN 55402, or by telephone at (612) 326-1305, or by email at [email protected].  

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

SOURCE Sonim Technologies

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