No more cracked screens for the rooftop construction worker. This tech company is protecting the network of some of the highest climbing, water-exposed, rugged industries.
Sonim Technologies Inc will issue more than 3.57 million shares on the Nasdaq under ticker SONM, according to the firm’s S-1 filing. Priced between $13 and $15, the offering represents 18.3 percent of outstanding shares and is expected to bring in about $61.61 million.
The underwriters include Oppenheimer, Lake Street and National Securities Corporation.
The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.
Based in California, Sonim provides ultra-rugged mobile devices, accessories and cloud-based software services to laborers in harsh work environments. It specifically supports workers in construction, utility services, facilities management, manufacturing, transportation and public safety.
All of its phones run on the Android operating system and include apps built specifically for industrial users.
In the U.S., the devices are sold by Verizon Communications Inc. (NYSE: VZ), AT&T Inc. (NYSE: T) and Sprint Corp (NYSE: S). In Canada, they sell through Rogers Communications Inc. Class B (NYSE: RCI), TELUS Corporation (NYSE: TU) and BCE Inc. (NYSE: BCE).
In 2018, Sonim reported $135.67 million in revenue amounting to a net income of $1.28 million. The previous year, it recorded $59.03 million in revenue for a loss of $8.52 million.
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Photo courtesy of Sonim Technologies.
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