Sonim sells enterprise 5G solutions business for $15M cash plus up to $5M earn-out; plans reverse merger

DNA X, Inc.

Purchase price $15M cash (subject to working capital adjustments) plus earn-out: 50% of net revenue above $70M in 12 months ending June 30, 2026, capped at $5M.
Company intends to pursue a reverse merger (RTO) with a target; RTO is complementary to and not a substitute for the asset sale.
Transaction requires stockholder approval; no financing condition; termination fee of $1M payable by company under certain conditions.
Sale includes substantially all assets of enterprise 5G business: rugged handsets, smartphones, wireless internet devices, software, services, and accessories.

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