M&A - AJP Holding Company, LLC

Form Type: SCHEDULE 13D/A

Filing Date: 2025-05-19

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025045072

Filing Summary: AJP Holding Company, LLC, along with other reporting persons, has filed this Amendment No. 9 to Schedule 13D, reflecting updates regarding their beneficial ownership of common stock in Sonim Technologies, Inc. The filing outlines that Orbic North America, LLC has submitted a revised non-binding proposal to acquire Sonim Technologies for a cash price of $1.81 per share. This proposal is to be funded using cash on hand and financing from Capstone Project Finance, LLC. The filing notes that beneficial ownership computations are updated based on the latest information from Sonim's reports. Detailed information on ownership percentages and beneficial interest of shares leading to potential multiple reporting under SEC rules is provided, explaining involvement of key individuals such as Jeffrey Wang and Parveen Narula.

Form Type: PRRN14A

Filing Date: 2025-04-30

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025037151

Filing Summary: On January 10, 2025, Orbic North America, LLC entered into a preliminary agreement with AJP Holding Company, LLC to purchase 973,173 shares of Sonim Technologies, Inc. These shares were initially acquired by AJP in 2022. The agreement aims to facilitate discussions for a strategic business combination with Sonim, focusing on operational synergies. A special committee was formed by Sonim to explore strategic alternatives. AJP and Orbic expressed concerns over Sonim's lack of engagement, leading to a formal proposal on March 31, 2025, for a cash purchase of Sonim shares at $4.00 each. After Sonim rejected their nominations for board seats on April 7, AJP and Orbic contested this decision. They subsequently filed a complaint against Sonim in Delaware Court seeking to enforce their rights to nominate directors and alleging breaches of fiduciary duties by Sonim's Board. The document highlights the participants' intent to transform Sonim's leadership to enhance stockholder value and address financial underperformance.

Form Type: PREC14A

Filing Date: 2025-04-16

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025032622

Filing Summary: AJP Holding Company, LLC, along with Orbic North America, LLC and several nominees, is soliciting proxies for the upcoming 2025 Annual Meeting of stockholders of Sonim Technologies, Inc. The solicitation stems from a perceived lack of engagement from Sonim’s current Board regarding a potential strategic business combination and dissatisfaction with the company’s direction and financial performance. AJP and Orbic have proposed to acquire Sonim in a business combination, offering a cash purchase price of $4.00 per share for stockholders. The proposal includes nominating five individuals with strong qualifications to Sonim’s Board of Directors, which the AJP/Orbic Parties believe is essential for the company’s turnaround. Despite a submission of nominees, Sonim's Board rejected the nominations, claiming they were deficient. AJP and Orbic view the rejection and the ongoing situation as requiring legal action to ensure stockholder rights are upheld and to challenge the current Board’s entrenchment tactics. The AJP/Orbic parties are committed to ensuring stockholders have a choice and voice in the company's leadership, emphasizing the necessity of change for enhancing stockholder value and addressing the company’s recent poor financial performance, including a significant net loss reported in 2024.

Form Type: SCHEDULE 13D/A

Filing Date: 2025-03-31

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025026465

Filing Summary: On March 31, 2025, AJP Holding Company, LLC and its associated parties, including Jeffrey Wang, Orbic North America, LLC, Ashima Narula, and Parveen Narula, filed Amendment No. 5 to Schedule 13D concerning their ownership of common stock of Sonim Technologies Inc. This amendment details a non-binding proposal submitted by Orbic to acquire Sonim Technologies Inc., with an offer for a cash purchase price of $4.00 per share. Additionally, a Books and Records Demand was submitted by Orbic to Sonim's Board of Directors, which is intended to review the company's records connected to shareholder interests, particularly in relation to the upcoming annual stockholder meeting.