Sonim Technologies (SONM) Granted Nasdaq Extension to Regain Compliance

August 17, 2022 4:03 PM EDT

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Sonim Technologies, Inc. (NASDAQ: SONM) today announced the company has received an extension of 180 days, until February 13, 2023 to regain compliance with the Nasdaq minimum bid price requirement for continued listing. The company previously had until August 15, 2022 to regain compliance. The Nasdaq notification was received on August 16, 2022.

"We believe Sonim is in an excellent position for growth, driven by our new rugged products now in the market, the pending launch of our new rugged smartphone, and the opportunities to leverage our rugged heritage and ODM relationships to expand into the exciting but underserved industrial devices market," said Peter Liu, Chief Executive Officer. "Our strengthened balance sheet and lean operating profile provide a strong basis on which to realize our vision to become a top middle market rugged and industrial device provider in North America."

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. Nasdaq has also approved the company's application to transfer its stock from the Nasdaq Global Market to the Nasdaq Capital Market.

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