Sonim Technologies (SONM) investor AJP Holding agreed in principle to sell a "substantial portion" of its Sonim stake to Orbic North America for an undisclosed price.
Orbic said Wednesday in a statement it will become the largest shareholder of Sonim after a definitive agreement is signed.
Orbic plans to begin discussions with Sonim to explore operating and financial synergies, including research and development, supply chain collaboration, and global market expansion across the US, Europe, India and the Asia-Pacific.
Sonim shares rose 2.6% in recent Wednesday trading, paring earlier gains.
Price: 3.52, Change: +0.09, Percent Change: +2.63
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