Sonim Technologies (SONM) Stock Falls 27% After Announcing Reverse Stock Split

During the last trading session, Sonim Technologies’ (SONM) stock worth has decreased sharply, and the stock was closed at $0.39. Furthermore, the price indicators have been showing the negative change in volume on the stock chart altogether with the fall from $0.72 to $0.52, which respectively represents a 27% drop. Moreover, today the company has announced that it intends to effect a one-for-ten reverse split of its issued and outstanding common stock. For today, the total market capitalization of the company is making up 44.539M. At Sonim’s Annual Meeting of Stockholders held on September 29, 2020 (the “2020 Annual Meeting”), the Company’s stockholders approved the amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio of not less than one-for-two and not more than one-for-twelve, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company’s Board of Directors in its sole discretion at any time before the first anniversary of the 2020 Annual Meeting.

Michael Rowels

Weekend Contributor.Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.

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