HomeTop MoversIs this update behind Sonim Technologies, Inc. (Nasdaq: SONM), stock rise in...

Is this update behind Sonim Technologies, Inc. (Nasdaq: SONM), stock rise in the post market session

Sonim Technologies, Inc. (Nasdaq: SONM), the stock was up 9.54% to $0.92 in the extended-hours session.

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Among the leading U.S. providers of ultra-rugged mobility solutions, Sonim Technologies is a leading provider of rugged, in-field solutions.

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The most recent development…

Sonim Technologies, Inc. (Nasdaq: SONM), has announced that the firm has been given a 180-day extension until 19 July 2021 to reassure compliance with the minimum bid price Nasdaq provision for continued listing. The company had previously re-enforced enforcement until 18 January 2021 and issued its extension notice on 20 January 2021.

“We remain optimistic in Sonim’s transformation strategies, particularly the extensive restructuring we have undergone to reduce our operational expenses and boost margins over the long run, which are already apparent from our studies. We have recently also revealed that our manufacturing activities in Shenzhen will be moved to Unicair as well as a new app development agreement with Coforge, which should further improve our cost structure in 2021,” said Tom Wilkinson, CEO.

The firm plans to track the price of the closing offer of its Common Stock and has told Nasdaq in writing that it will enforce open options, where appropriate, to re-comply with the condition of the minimum bid price including a reverse stock division within the range previously decided by the investors. The company’s offer to move its shares from the Nasdaq World Exchange to the Nasdaq Share Market has also been supported by Nasdaq.

Conclusion

Investors took the report as a good sign, as the stock responded by rising in the trading session in the night.

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