- The shares of Sonim Technologies, Inc. (Nasdaq: SONM) have been executed into a one-for-ten reverse split of its issued and outstanding common stock. These are the details.
The shares of Sonim Technologies, Inc. (Nasdaq: SONM) have been executed into a one-for-ten reverse split of its issued and outstanding common stock. The reverse stock split officially became effective as of 5:00 p.m. ET yesterday. And the company’s common stock started trading on a split-adjusted basis when the market opened today.
At Sonim’s Annual Meeting of Stockholders held on September 29, 2020, the company’s stockholders approved the amendment to the Amended and Restated Certificate of Incorporation to effect a reverse stock split of the common stock at a ratio of not less than 1-for-2 and not more than 1-for-12 with such ratio and the implementation and timing of the reverse stock split to be determined by the company’s Board of Directors in its sole discretion at any time prior to the first anniversary of the 2020 Annual Meeting. The Board of Directors approved the implementation of a 1-for-10 reverse stock split
The company’s common stock is continuing to trade on The Nasdaq Stock Market LLC under the symbol “SONM.” And the new CUSIP number for the common stock following the Reverse Stock Split will be 83548F200.
No fractional shares were issued in connection with the reverse stock split. And stockholders who otherwise would be entitled to receive a fractional share will instead be entitled to receive cash (rounded down to the nearest cent, without interest and subject to applicable withholding taxes) in lieu of such fractional share from the company’s transfer agent American Stock Transfer & Trust Company, LLC in an amount equal to the product obtained by multiplying (a) the closing price per share of the company’s common stock as reported on Nasdaq on the Effective Date, by (b) the fraction of the share owned by such stockholder.
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