AUSTIN, Texas, Jan. 20, 2021 /PRNewswire/ — Sonim Applied sciences, Inc. (Nasdaq: SONM), immediately introduced the corporate has acquired an extension of 180 days, till July 19, 2021 to regain compliance with the Nasdaq minimal bid price requirement for continued itemizing. The corporate beforehand had till January 18, 2021 to regain compliance, and acquired its extension discover on January 20, 2021.
“We stay assured in our turnaround plans at Sonim, together with the numerous restructuring we’ve got beforehand undertaken to decrease our working bills and enhance margins long run, the advantages of that are already beginning to be seen in our reported outcomes. We additionally not too long ago introduced switch of our Shenzhen manufacturing operations to Unicair, and a brand new software program improvement relationship with Coforge, each of that are anticipated to additional streamline our value construction in 2021,” mentioned Tom Wilkinson, Chief Government Officer. “Along with our working model enhancements, we’ve got deepened our relationship with main carriers over the previous 12 months, together with updating our present cell gadgets to satisfy particular provider wants and lengthen the life of those gadgets, plus advancing plans for the launch of latest provider supported cell gadgets incorporating consumer requested characteristic enhancements. Moreover, our first new SmartScanner handheld pc with built-in barcode scanner, in addition to the corporate’s first pill gadget, additionally with built-in scanner, are anticipated to start delivery in Q1 2021, opening a brand new worldwide addressable market alternative estimated at roughly $2 billion in measurement.”
The Firm intends to observe the closing bid price of its Widespread Stock and has given written discover to Nasdaq that it’s going to, if obligatory, implement obtainable choices to regain compliance with the minimal bid price requirement, together with a reverse stock break up throughout the vary beforehand permitted by stockholders. Nasdaq has additionally permitted the corporate’s software to switch its stock from the Nasdaq International Market to the Nasdaq Capital Market.
About Sonim Applied sciences, Inc.
Sonim Applied sciences is a number one U.S. supplier of ultra-rugged mobility options designed particularly for job staff bodily engaged of their work environments, usually in mission-critical roles. The Sonim answer contains ultra-rugged cell phones, a set of industrial-grade equipment, and knowledge and workflow functions that are collectively designed to extend employee productiveness, communication and security on the job website. For extra data, go to www.sonimtech.com.
Essential Cautions Relating to Ahead-Wanting Statements
This launch comprises forward-looking statements throughout the which means of the Non-public Securities Litigation Reform Act of 1995. These statements relate to, amongst different issues, the outcomes of our turnaround plans, value financial savings, efficiency and outcomes of the agreements with Unicair and Coforge, growth of our world attain, and future progress. These forward-looking statements are primarily based on Sonim’s present expectations, estimates and projections about its enterprise and business, administration’s beliefs and sure assumptions made by the Firm, all of that are topic to vary. Ahead-looking statements typically will be recognized by means of forward-looking terminology similar to, “future”, “consider,” “count on,” “may,” “will,” “intend,” “estimate,” “proceed,” or related expressions or the detrimental of these phrases or expressions. Such statements contain dangers and uncertainties, which may trigger precise outcomes to range materially from these expressed in or indicated by the forward-looking statements. Components that may trigger precise outcomes to vary materially embody Sonim’s skill to proceed to generate optimistic cash stream, and skill to be worthwhile; anticipated tendencies, similar to the usage of and demand for its merchandise; its skill to draw and retain prospects to buy and use its merchandise; its skill to draw wi-fi carriers as prospects for its merchandise; the evolution of know-how affecting its merchandise and markets; its skill to efficiently handle the technical points recognized with respect to its merchandise; its skill to introduce new merchandise and improve present merchandise, in addition to the opposite potential elements described below “Danger Components” included in Sonim’s Quarterly Report on Kind 10-Q for the three months ended March 31, 2020, the Kind 10-Q for the three months ended June 30, 2020, and the Kind 10-Q for the three months ended September 30, filed November 12, 2020, and different paperwork on file with the Securities and Trade Fee (obtainable at www.sec.gov). Sonim cautions you to not place undue reliance on forward-looking statements, which replicate an evaluation solely and communicate solely as of the date hereof. Sonim assumes no obligation to replace any forward-looking statements with the intention to replicate occasions or circumstances that may come up after the date of this launch, besides as required by legislation.
SOURCE Sonim Applied sciences, Inc.