Sonim Technologies eyes worst day since March 2020 on reverse split

DNA X

15/09/2021 11:35

** Rugged phone maker's shares  SONM.O  fall 25.2% to $0.39
premarket; stock eyes worst day since March 2020, if losses hold
    ** SONM announces a 1-for-10 reverse split of its issued and
outstanding shares, effective on Sept. 15 after market close
 urn:newsml:reuters.com:*:nPn1n70gda
    ** Stock to begin trading on post-split basis on Sept. 16
    ** No fractional shares will be issued in connection with
the reverse stock split
    ** The reverse stock split is intended to ensure SONM
regains full compliance with Nasdaq's minimum bid price
requirement and maintains its listing there
    ** SONM has ~85.16 mln shares outstanding worth ~$44.54 mln,
per Refinitiv data
    ** About 505,637 shares of the Austin, Texas-based company
have traded so far premarket, ~4% pct of their 30-DMA volume
    ** Two of 3 brokerages rate the stock "buy" and 1 "hold";
their median PT is $1.50 - Refinitiv data
    ** As of last close, stock had fallen ~27.8% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))