- Sonim Technologies (SONM, Financial) signs a Letter of Intent for a reverse takeover with a $300 million valuation target company.
- Sonim's shareholders will retain equity valued at $17.5 million in the combined entity.
- The transaction is poised to capitalize on the burgeoning AI infrastructure market, projected to surpass $200 billion by 2028.
Sonim Technologies (NASDAQ: SONM) has signed a non-binding Letter of Intent (LOI) for a reverse takeover (RTO) with a private U.S.-based company specializing in Nvidia-based High-Performance Computing A.I. factories. The target company is valued at approximately $300 million, while Sonim stockholders will retain equity valued at $17.5 million.
This strategic move comes after Sonim's prior announcement of selling its operating assets for $15 million, plus a potential $5 million earn-out. The proposed transaction will see the combined company retain its Nasdaq listing under a new name and ticker. The target company plans to activate thousands of GPUs by 2025, emphasizing High-Performance Computing as a Service (HPCaaS), a market anticipated to grow significantly, targeting over $200 billion by 2028.
The LOI outlines that post-transaction, the target's stockholders will hold a majority stake in the new entity. Despite the non-binding nature of the agreement, it marks a significant shift for Sonim, transitioning from rugged mobile solutions to tapping into the rapidly expanding AI infrastructure sector, which is projected to grow at a 33% annual rate through 2030.
