Business
Sonim Announces Receipt of Nasdaq Listing Determination; Requests Hearing and Further Stay
Remains Focused on Driving Revenue Growth, Achieving Profitability with Current Balance Sheet San Diego, California--(Newsfile Corp. - February 21, 2023) -
About this update from Dna X, Inc.
[{"type":"text","content":"Remains Focused on Driving Revenue Growth, Achieving Profitability with Current Balance Sheet\nSan Diego, California--(Newsfile Corp. - February 21, 2023) - Sonim Technologies (NASDAQ: SONM) today announced that it requested a hearing pertaining to the notice by the Listing Qualifications Department (the \"Staff\") of The Nasdaq Stock Market LLC (\"Nasdaq\") received on February 14, 2023.\nThe notice from the Staff stated that based upon the Company's non-compliance with the $1.00 bid price requirement for continued listing on The Nasdaq Capital Market, the Company's common stock was subject to delisting unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the \"Panel\") to address the deficiency.\nThe Company has requested a hearing before the Panel, which will stay any further delisting action by the Staff at least pending the ultimate outcome of the hearing and the expiration of any extension that may be granted by the Panel. Sonim's common stock will remain listed and eligible for trading on Nasdaq at least pending the conclusion of the hearing process. At the hearing, the Company will present its plan to evidence compliance with all applicable Nasdaq listing criteria.\n\"As anticipated, we received formal notice from Nasdaq on February 14 and requested a hearing, which stays any action on the matter pending our presentation to the hearings panel,\" said Peter Liu, Sonim's Chief Executive Officer. \"Sonim has measures in place to regain compliance with the minimum bid price rule, including an existing reverse split authorization, should it be needed. We will make additional disclosures as we receive updates from Nasdaq.\"\nMr. Liu added, \"We continue to grow Sonim's business and improve operating performance in accordance with our new management team's plan. We have announced expected fourth quarter 2022 revenue in excess of $24 million, representing a 51% or more increase in revenue year-over-year as we scale our fully refreshed line of best-in-class rugged mobile devices with Tier-1 carriers and expand into large and underserved adjacent markets. We have also significantly reduced operating costs toward our goal to drive the Company to profitability on our current balance sheet. Sonim is just getting started, and we will continue to expand our device offerings with new core industrial and consumer ...