Sonim Technologies: Falls after co warns of going concern risk

DNA X

12/05/2021 15:11

** Rugged phone maker's shares  SONM.O  fall about 21% to
$0.49
    ** SONM on Tuesday after market said doubt exists regarding
its ability to continue as a going concern as liquidity was hit
by a decline in legacy product sales as well as legal expenses
 urn:newsml:reuters.com:*:nPn3l8qHXa
    ** Reports $2.4 mln in legal expenses and $13.9 mln in cash
and equivalents in Q1
    ** Q1 rev of $12.2 mln misses Refinitiv IBES estimates of
$13 mln
    ** Co plans to explore raising additional capital from the
sale of equity securities or by incurring debt to continue
operations
    ** SONM had fallen 14.4% YTD as of its last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))