Sonim Technologies Soars after DOOGEE Acquisition Proposal
Deal News | Jun 16, 2025 | EIN
Sonim Technologies' shares surged to nearly $1.9 after confirming receipt of an unsolicited acquisition proposal from smartphone maker DOOGEE, offering $3.60 per share in cash. This represents a significant premium, given the stock's closing price of $0.93 the day prior. The proposal underscores DOOGEE's interest, even as Sonim is pursuing a reverse merger through a letter of intent (LOI) with Social Mobile. The deal with Social Mobile includes a potential purchase framework of up to $20 million. Sonim's Special Committee, tasked with evaluating strategic options, expressed the need for more information from DOOGEE to assess the proposal properly. Despite DOOGEE's bid, the committee remains focused on the ongoing LOI with Social Mobile. The development has stirred retail investor enthusiasm, as seen in high activity on platforms like Stocktwits.
Sectors
- Technology
- Finance
Geography
- United States – Sonim Technologies is headquartered in the United States, making the location significant to the business and its ongoing strategic activities.
- China – DOOGEE is a Chinese smartphone manufacturer, which is relevant due to its acquisition interest in Sonim Technologies.
Industry
- Technology – The article deals with companies involved in the consumer electronics and mobile phone industry, focusing on the acquisition of Sonim Technologies by DOOGEE.
- Finance – The article involves investment and acquisition activities, highlighting financial strategies and proposals, which are typical financial sector activities.
Financials
- $3.60 per share – Proposed cash offer per share by DOOGEE for all outstanding shares of Sonim Technologies.
- $20 million – Maximum value of the potential transaction between Sonim and Social Mobile, including performance-based payments.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sonim Technologies Inc. | Target | Company | A company specializing in mobile and communication technology equipment. |
| DOOGEE | Bidding Company | Company | A Chinese smartphone manufacturer interested in acquiring Sonim Technologies. |
| Social Mobile | Other Company | Company | Currently engaged in an LOI with Sonim for a potential reverse merger. |
| Sonim Special Committee | Other Entity | Company | A committee within Sonim Technologies formed to oversee strategic alternatives. |
| Stocktwits | Other Company | Company | A platform providing real-time market data and investor sentiment. |