Sonim Technologies (SONM) Stock Dropped In Early Trades. How Did That Happen?

Early on Wednesday, shares of Sonim Technologies Inc. (SONM) fell -4.82% to $2.17. SONM stock finished the last trading session at $2.28. Trading volume for SONM stock was 2.09 million shares, which is below the daily average of 3.31 million shares for the past 50 days. Within the last five days, SONM stock has gained 14.00% but has lost -18.86% over the past month. In the last three months, SONM stock has shed -46.53%, and so far this year, it has lost 68.51 percent. SONM stock has been falling since the company announced the postponement of its annual meeting.

Why did SONM adjourn the meeting?

Sonim Technologies is the main U.S. supplier of super-tough versatility arrangements planned explicitly for task laborers actually occupied with their workplaces, regularly in strategic jobs. SONM solutions incorporates super rough cell phones, a set-up of modern grade extras, and information and work process applications which are all in all intended to expand laborer usefulness, correspondence and wellbeing hands on location.

Sonim Technologies reported that the Company’s 2021 Annual Meeting of Stockholders, on October 26, 2021, at 9:00 a.m., was assembled and suspended, with next to no business being directed, because of the absence of the necessary majority.

• A majority comprises of a larger part of the outstanding shares qualified for vote.
• There were less than a greater part of outstanding shares qualified for vote, either present face to face or addressed as a substitute, at the Annual Meeting.
• The Annual Meeting in this manner had no majority and was suspended to 9:00 a.m. Pacific Time on Friday, November 12, 2021, at 1875 S. Award Street, Suite 750, San Mateo, CA 94402 to permit extra an ideal opportunity for the Company’s investors to decide on the recommendations set out in SONM’s definitive proxy statement recorded with the Securities and Exchange Commission on September 23, 2021.
• During the time of suspension, SINM will keep on requesting votes from its investors concerning the proposition set out in the intermediary statement.
• Just investors of record as of the record date September 13, 2021, are qualified for and are being mentioned to cast a vote.
• At the time the Annual Meeting was deferred, proxies had been put together by investors addressing around 38% of the portions of SONM common stock outstanding and qualified for vote at the Annual Meeting.

How SONM will move ahead?

Proxies recently submitted in regard of the Annual Meeting will be casted a ballot at the deferred Annual Meeting except if appropriately disavowed, and investors who have recently presented an intermediary or in any case casted a ballot need not make any move. SONM empowers all investors of record on September 13, 2021, who have not yet casted a ballot to do as such before November 11, 2021, at 11:59 p.m., Eastern Time.