Sonim Gains $27M from Stock Offering for Debt Reduction
Wednesday, June 10, 2020 | Comments

Sonim Technologies closed its previously announced underwritten public offering of 36.8 million shares of its common stock. The aggregate gross proceeds to Sonim from the offering were about $27.6 million, before deducting underwriting discounts and commissions and offering expenses.

The offering includes the full exercise of the underwriters' option to purchase 4.8 million additional shares of common stock, at a price to the public of 75 cents per share. 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 million of the outstanding principal amount and accrued interest under the subordinated secured convertible promissory note issued to B. Riley Principal Investments, and the remaining amount of the BRPI Indebtedness shall be converted into shares of Sonim's common stock at 75 cents per share.

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