Exhibit 99.1
Sonim Receives Nasdaq Extension
AUSTIN, TX – January 20, 2021 – Sonim Technologies, Inc. (Nasdaq: SONM), today announced the company has received an extension of 180 days, until July 19, 2021 to regain compliance with the Nasdaq minimum bid price requirement for continued listing. The company previously had until January 18, 2021 to regain compliance, and received its extension notice on January 20, 2021.
“We remain confident in our turnaround plans at Sonim, including the significant restructuring we have previously undertaken to lower our operating expenses and improve margins long term, the benefits of which are already starting to be seen in our reported results. We also recently announced transfer of our Shenzhen manufacturing operations to Unicair, and a new software development relationship with Coforge, both of which are expected to further streamline our cost structure in 2021,” said Tom Wilkinson, Chief Executive Officer. “In addition to our operating model improvements, we have deepened our relationship with major carriers over the past year, including updating our existing mobile devices to meet specific carrier needs and extend the life of these devices, plus advancing plans for the launch of new carrier supported mobile devices incorporating user requested feature enhancements. Additionally, our first new SmartScanner handheld computer with integrated barcode scanner, as well as the company’s first tablet device, also with integrated scanner, are expected to begin shipping in Q1 2021, opening a new worldwide addressable market opportunity estimated at approximately $2 billion in size.”
The Company intends to monitor the closing bid price of its Common Stock and has given written notice to Nasdaq that it will, if necessary, implement available options to regain compliance with the minimum bid price requirement, including a reverse stock split within the range previously approved by stockholders. Nasdaq has also approved the company’s application to transfer its stock from the Nasdaq Global Market to the Nasdaq Capital Market.
About Sonim Technologies, Inc.
Sonim Technologies is a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, often in mission-critical roles. The Sonim solution includes ultra-rugged mobile phones, a suite of industrial-grade accessories, and data and workflow applications which are collectively designed to increase worker productivity, communication and safety on the job site. For more information, visit www.sonimtech.com.
