Sonim Technologies Inc. (SONM) stock price was down by 6.79% as of the market closing on September 14th, 2021. This brought the price per share down to USD$0.52 at the end of the trading day. Subsequent premarket fluctuations saw the stock plummet by 27.92%, bringing it down to USD$0.38.
SONM Stock’s Reverse Stock Split
September 14th, 2021 saw SONM stock announce its intention to implement a reverse split of its issued outstanding common stock. The one-for-ten reverse split will become effective as of September 15th at 5:00 p.m. The company’s common stock is expected to begin trading on a split-adjusted basis when market trading commences on September 16th, 2021. The decision to execute the reverse stock split is a result of the amendment to the company’s Amended and Restated Certificate of Incorporation.
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Details of the Reverse Split
This development was approved by stockholders at the company’s Annual Meeting of Stockholders on September 29th, 2020. At the meeting, the reverse stock split was approved for a ratio of not less than one-for-two and not greater than one-for-twelve. The implementation and timing of the split were to be determined by the Board of Directors at any time prior to the completion of one year from the 2020 Annual Meeting.
SONM Stock Launches XP3plus
September 13th, 2021 saw SONM stock announce the launch of its new XP3plus flip phone. The device improves on the design of its predecessor XP3 to deliver additional capabilities. The company is targeted a demographic that works in demanding environments and have a need for voice communication that is simple, fast, and reliable.
Features of XP3plus
The new XP3plus model boasts a larger display than its predecessor, as well as additional programmable buttons to improve productivity. A new intuitive user interface with dynamic soft keys also improves on the old design. The XP3plus houses a larger battery, as well as large, tactile, and glove-friendly PTT and Emergency/SOS buttons. These buttons offer instant communication at critical times with a minimal risk of user error. the device is compatible with a myriad of industrial-grade accessories. These include, but are not limited to, headsets, remote speaker microphones, vehicle mounts, and more.
Future Outlook for SONM Stock
The company reported a promising quarter, rife with exciting developments. The company is keen to capitalize on the opportunities afforded to it over the long term as it fosters further growth. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.