Additional Purchase Orders Worth $6.4 Million Cause Premarket Buying Frenzy

Sponsored:

Tuesday, June 14, 2022

A Texas-based tech firm is turning heads this morning after the company announced that it received multiple additional purchase orders totaling $6.4 million for stocking inventory of the company’s upcoming XP5plus feature phone with enhanced PTT capabilities and it’s next-generation XP10 5G rugged smartphone. According to the release, these orders are from a top U.S. carrier customer and two Canadian carriers, adding to previously announced initial stocking orders for $9.5 million on these devices from a top U.S. carrier. This sent shares of Sonim Technologies Inc. (Nasdaq:SONM) higher during Tuesday’s premarket. 

Sonim Technologies Inc. is a provider of ultra-rugged mobile devices, including phones and accessories designed specifically for task workers physically engaged in their work environments, often in mission-critical roles. The company sells its mobile phones and accessories in the United States to AT&T, T-Mobile, Verizon and in Canada to Bell, Rogers and Telus Mobility. Its solutions include ultra-rugged mobile phones that are capable of attaching to both public and private wireless networks, industrial-grade accessories that meet the requirements of specific applications and software applications and cloud-based tools that provide management and deployment services to its customers. The company generates revenue from discounts, price protection and customer incentives.

Traders appear to be bullish on the news as shares are currently bid up at $0.7331/share (+41.09% implied open for sellers) at the time of writing. This move could be an indication of things to come as this stock is trying to buck off it’s multi-month downtrend after finding some consolidation in recent weeks. 

Sponsored: