Sonim Technologies Stock Doubles After Company Confirms DOOGEE's Acquisition Proposal, Retail Goes All In

Sonim’s Special Committee, tasked with overseeing strategic alternatives, acknowledged the proposal but noted that it lacks the information needed to properly assess the offer.

Shares of Sonim Technologies Inc. (SONM) more than doubled on Monday morning to nearly $1.9, after the company confirmed receiving an unsolicited acquisition proposal from smartphone manufacturer DOOGEE last week.

DOOGEE had expressed its intent through a public statement issued on June 9, 2025, offering $3.60 per share in cash for all outstanding Sonim shares. Sonim stock had closed at $0.93 on Friday.

Sonim’s Special Committee, tasked with overseeing strategic alternatives, acknowledged the proposal but noted that it lacks the information needed to properly assess the offer. 

The committee emphasized that a meaningful evaluation requires further details on DOOGEE’s funding strategy, the business rationale behind the offer, and how the bidder plans to navigate potential regulatory challenges.

"This unsolicited indication of interest underscores the market's recognition of the underlying value of Sonim and its business," said Chair of the Special Committee, Mike Mulica. 

While DOOGEE suggested that Sonim should reconsider its current exclusive letter of intent (LOI) with another party, the Special Committee remained firm. 

The current LOI, which Sonim has been advancing, is aimed at a reverse merger deal designed to maximize shareholder value.

In early June, Sonim Technologies entered into a preliminary agreement with Social Mobile, outlining the framework for a potential sale of its assets for up to $20 million. 

This amount includes up to $5 million in performance-based payments tied to meeting certain revenue milestones.

The agreement also provides Social Mobile with an exclusive window to finalize negotiations and complete the deal.

The board criticized DOOGEE’s approach, saying that merely waiting for the current LOI to lapse is neither typical nor helpful in pursuing a legitimate acquisition involving a publicly traded firm. 

The acquisition proposal has sparked fresh interest in the company’s ongoing strategic review process. 

On Stocktwits, retail sentiment remained in ‘bullish’ territory while retail chatter jumped to ‘extremely high’ from ‘high’ the previous day.

A Stocktwits user reported buying 9,000 shares.

Sonim stock has lost over 38% of its value in 2025 and more than 77% in the last 12 months.

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