B. Riley Financial, Inc. Assists Sonim Technologies, Inc. in $37 Million Capital Raise
December 12 2017 - 4:30PM
B. Riley Financial, Inc. (NASDAQ:RILY), a diversified financial
services company, announced today that it assisted Sonim
Technologies, Inc. (“Sonim”) and its stockholders in successfully
raising $37 million of capital. Sonim, a leading manufacturer
of ultra-rugged phones for the toughest conditions, will use the
proceeds to fund several growth opportunities, including its public
safety platform, and to purchase stock from existing stockholders.
The funding includes $27 million of equity capital and $10 million
of subordinated debt capital through a revolving credit facility,
which were raised by B. Riley Financial’s operating subsidiaries,
B. Riley FBR, Inc. and B. Riley Principal Investments, LLC.
B. Riley FBR, a leading investment bank, served as Sonim’s
financial advisor, sourcing the equity and debt provider on both
transactions. B. Riley Principal Investments, a group that makes
proprietary investments in public and private companies, served as
the lead investor in the debt and equity transactions. As part of
the financing, Kenny Young, CEO of B. Riley Principal Investments
will join the Sonim Board of Directors.
“The teams at B. Riley Financial have a deep understanding of
our capital needs and how we plan on allocating the proceeds,” said
Bob Plaschke, CEO of Sonim. “Sonim is committed to innovating the
best ultra-rugged cell phones to meet the increasing demands of
workers in rugged, commercial and public safety markets around the
world. This financing provides us the resources to build the
additional solutions the public safety market desperately needs and
to support the rollout of dedicated broadband networks across the
U.S.”
“We are pleased to have been able to assist and provide a
multitude of services to Sonim, including serving as the lead
investor,” said Bryant Riley, Chairman and CEO of B. Riley
Financial. “Our history with Sonim, combined with our experience
and the firm’s diverse platform, enabled us to source an effective
solution that will advance Sonim’s business objectives.”
About Sonim Technologies, Inc. Sonim
Technologies (http://www.sonimtech.com/) is the only US
manufacturer of mission-critical smart phone based solutions
designed specifically for workers in extreme, hazardous and
isolated environments. The Sonim solution includes ultra-rugged
mobile phones, business-process applications and a suite of
industrial-grade accessories, collectively designed to increase
worker productivity, accountability and safety on the job site.
Sonim’s industry-leading, 3-year comprehensive warranty has
redefined customer expectations of rugged technology. The company
is headquartered in San Mateo, Calif., and offers its products with
mobile operators around the world.
About B. Riley Financial, Inc. B. Riley
Financial, Inc. is a publicly traded, diversified financial
services company which takes a collaborative approach to the
capital raising and financial advisory needs of public and private
companies and high net worth individuals. The Company operates
through several wholly-owned subsidiaries, including B. Riley
FBR, Inc., Wunderlich Securities, Inc., Great American
Group, LLC, B. Riley Capital Management, LLC (which
includes B. Riley Asset Management, B. Riley Wealth
Management, and Great American Capital Partners, LLC) and B.
Riley Principal Investments, a group that makes proprietary
investments in other businesses, such as the acquisition
of United Online, Inc.
Media ContactJoe LoBelloLoBello
Communications516-902-2684Joe@LoBelloCommunications.com
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