Form 8-K - Current report
September 18 2023 - 4:15PM
Edgar (US Regulatory)
0001178697
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0001178697
2023-09-14
2023-09-14
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d)
of
The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 14, 2023
Sonim
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-38907 |
|
94-3336783 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
4445
Eastgate Mall, Suite 200,
San
Diego, CA 92121
(Address
of principal executive offices, including Zip Code)
(650)
378-8100
(Registrant’s
telephone number, including area code)
Not
applicable.
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each Class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
SONM |
|
The
Nasdaq Stock Market LLC
(Nasdaq
Capital Market) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
September 14, 2023, Sonim Technologies, Inc. (the “Company”) received a letter (the “Notice”) from the listing
qualifications staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is
not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”)
for continued listing. The Bid Price Rule requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing
Rule 5810(c)(3)(A) (the “Compliance Period Rule”) provides that a failure to meet the minimum bid price requirement exists
if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company’s
common stock, par value $0.001 per share (the “Common Stock”), which continues to trade on The Nasdaq Capital Market under
the symbol “SONM.”
In
accordance with the Compliance Period Rule, the Company has 180 calendar days to regain compliance. If, at any time before the end of
this 180-day period, or through March 12, 2024, the closing bid price of the Common Stock closes at or above $1.00 per share for a minimum
of 10 consecutive business days, subject to the Staff’s discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H),
the Staff will provide written notification that the Company has achieved compliance with the Bid Price Rule. If the Company does not
regain compliance during this 180-day period, then the Staff may grant the Company a second 180 calendar day period to regain compliance,
provided the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards
for The Nasdaq Capital Market, with the exception of the bid price requirement. In addition, the Company would be required to notify
Nasdaq of its intent to cure the minimum bid price deficiency during the second compliance period, which may include, if necessary, implementing
a reverse stock split.
The
Company will continue to monitor the closing bid price of its Common Stock and seek to regain compliance with all applicable Nasdaq requirements
within the allotted compliance periods. The Company is evaluating options for regaining compliance with the Minimum Bid Rule, including
seeking stockholder approval at its 2024 annual meeting of stockholders to declare and effect a reverse stock split. If the Company does
not regain compliance within the allotted compliance periods, including any extensions that may be granted by the Staff, the Staff will
provide notice that the Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to
a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the minimum bid price requirement during
the 180-day compliance period, secure a second period of 180 days to regain compliance, or maintain compliance with the other Nasdaq
listing requirements.
Forward-Looking
Statements
This
report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such
forward-looking statements include, among other things, statements regarding the Company’s intent or ability to regain compliance
with Nasdaq’s minimum bid price requirement and other statements that are not statements of historical facts. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as “future,” “believe,” “expect,”
“may,” “will,” “intend,” “estimate,” “continue,” or similar expressions or
the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary
materially from those expressed in or indicated by the forward-looking statements. For example, there can be no assurance that the Company
will meet the bid price requirement during any compliance period or otherwise in the future, otherwise meet Nasdaq compliance standards,
or that Nasdaq will grant the Company any relief from delisting as necessary or whether the Company can agree to or ultimately meet applicable
Nasdaq requirements for any such relief. It is very difficult to predict the effect of known factors, and the Company cannot anticipate
all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated
in the context of these risks, uncertainties and other factors, including those factors disclosed in this Current Report and those factors
disclosed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the SEC and the Company’s
subsequent reports filed with the SEC. Sonim cautions you not to place undue reliance on forward-looking statements, which speak only
as of the date hereof. Sonim assumes no obligation to update any forward-looking statements in order to reflect events or circumstances
that may arise after the date of this report, except as required by law.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
SONIM
TECHNOLOGIES, INC. |
|
|
|
Date:
September 18, 2023 |
By: |
/s/
Clay Crolius |
|
Name: |
Clay
Crolius |
|
Title: |
Chief
Financial Officer |
v3.23.3
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Sep. 14, 2023 |
Cover [Abstract] |
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Document Type |
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Document Period End Date |
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|
Entity File Number |
001-38907
|
Entity Registrant Name |
Sonim
Technologies, Inc.
|
Entity Central Index Key |
0001178697
|
Entity Tax Identification Number |
94-3336783
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4445
Eastgate Mall
|
Entity Address, Address Line Two |
Suite 200
|
Entity Address, City or Town |
San
Diego
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
92121
|
City Area Code |
(650)
|
Local Phone Number |
378-8100
|
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Title of 12(b) Security |
Common
Stock, par value $0.001 per share
|
Trading Symbol |
SONM
|
Security Exchange Name |
NASDAQ
|
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