<SEC-DOCUMENT>0001193125-22-180251.txt : 20220623
<SEC-HEADER>0001193125-22-180251.hdr.sgml : 20220623
<ACCEPTANCE-DATETIME>20220623165459
ACCESSION NUMBER:		0001193125-22-180251
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220623
DATE AS OF CHANGE:		20220623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SONIM TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001178697
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				943336783
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38907
		FILM NUMBER:		221036113

	BUSINESS ADDRESS:	
		STREET 1:		6500 RIVER PLACE BLVD.
		STREET 2:		BUILDING 7, SUITE 250
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730
		BUSINESS PHONE:		650-378-8100

	MAIL ADDRESS:	
		STREET 1:		6500 RIVER PLACE BLVD.
		STREET 2:		BUILDING 7, SUITE 250
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730
</SEC-HEADER>
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<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d361491ddefa14a.htm
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Sonim Technologies, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s)
Filing Proxy Statement, if other than the Registrant) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed previously with preliminary materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>SUPPLEMENT NO. 1, DATED JUNE&nbsp;23, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>(to the Proxy Statement dated May&nbsp;23, 2022) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT NO. 1. TO THE PROXY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE SPECIAL MEETING OF SONIM TECHNOLOGIES, INC. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Supplement No.&nbsp;1, dated
June&nbsp;23, 2022 (this &#147;Supplement No.&nbsp;1&#148;), updates and supplements the proxy statement dated May&nbsp;23, 2022 (as supplemented to date, the &#147;Proxy Statement&#148;) with information relating to the composition of Sonim
Technologies, Inc.&#146;s (the &#147;Company&#146;s) board of directors (the &#147;Board of Directors&#148;) upon consummation of the transactions contemplated by the Subscription Agreement, by and between the Company and AJP Holding Company, LLC.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Supplement is being filed by the Company with the U.S. Securities and Exchange Commission (&#147;SEC&#148;) to supplement certain
information contained in the Proxy Statement. Except as otherwise set forth below, the information set forth in the Proxy Statement remains unchanged. Capitalized terms used but not defined herein have the meanings ascribed to them in the Proxy
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Supplement is not complete without, and may not be utilized except in connection with, the Proxy Statement, including any
supplements and amendments thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>You should read carefully and in their entirety this Supplement and the Proxy Statement and all
accompanying annexes and exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>This supplement to the Proxy Statement is dated June&nbsp;23, 2022. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Company Board of Directors Following Consummation of the Transactions Contemplated by the Subscription Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with and subject to the consummation of the First Closing under the Subscription Agreement, the parties intend
that John Kneuer and Susan&nbsp;G. Swenson will resign from the Company&#146;s Board of Directors effective immediately prior to the First Closing and that the remaining members of the Company&#146;s Board of Directors, Alan Howe and Mike Mulica,
will appoint new members to the Company&#146;s Board of Directors as contemplated by the Subscription Agreement. Messrs.&nbsp;Mulica and Howe will continue to serve on the Board of Directors following the First Closing. The new members to be
appointed to the Company&#146;s Board of Directors effective as of the First Closing and as contemplated by the Subscription Agreement are currently contemplated to be James Cassano, Jack Steenstra and Jeffrey Wang, which, together with Messrs.
Mulica and Howe, will constitute the full Board of Directors of the Company as of the First Closing. The biographies of the contemplated Board of Directors are below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Mr.&nbsp;Alan Howe</B>, 60, has served as a member of the Company&#146;s Board of Directors since October 2017. Since April
2001, Mr.&nbsp;Howe has served as <FONT STYLE="white-space:nowrap">co-founder</FONT> and Managing Partner of Broadband Initiatives, LLC, a boutique corporate development and strategic consulting firm since 2001. Previously, Mr.&nbsp;Howe held
various executive management positions at Covad Communications, Inc., a provider of broadband voice and data communications, Teletrac, Inc., a location-tracking software company, Sprint Corporation, a telecommunications company, and Manufacturers
Hanover Trust Company, a commercial bank. Mr.&nbsp;Howe currently serves on the boards of Babcock and Wilcox, a company providing environmental technologies for the power industry, Orion Energy Systems, Inc., a LED lighting and intelligent controls
company, Resonant Inc., a hardware development company for mobile devices, and Spartacus Acquisition Corporation, a blank check company formed for the purpose of a merger with one or more business. Mr.&nbsp;Howe previously served on the board of
directors for Data I/O Corporation, magicJack, VocalTec, Ltd., a cloud communications company, CafePress, an online retailer of user-customized products, Urban Communications, a provider of fiber optic services, Qualstar Corporation, a data storage
products manufacturer, Determine. Inc., a provider of life cycle management solutions software, and Widepoint Corporation, a provider of technology products and services. The Board of Directors believes that Mr.&nbsp;Howe&#146;s extensive financial,
executive and board experience with multiple private and public companies qualifies him to serve on our Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Mr.&nbsp;Mike Mulica</B>, 59, has served as a member of the Company&#146;s Board of Directors since April 2021.
Mr.&nbsp;Mulica has served as Chairman at AlefEdge since March 2018 and as its Chief Executive Officer since August 2021. From May 2018 to present, Mr.&nbsp;Mulica has served as the Global Management Advisor at Mulica Consulting, advising public and
private companies on global mobile internet and application platforms. From May 2016 to August 2018, Mr.&nbsp;Mulica served as Chief Executive Officer and President of Actility Technologies, Inc., an IoT communications and software company. From
June 2014 to May 2016, Mr.&nbsp;Mulica served as the President, Worldwide Sales and Business Development at Real Networks, Inc., a content and internet software company. From October 2011 to July 2014, Mr.&nbsp;Mulica served as the Chief Executive
Officer and President of Openwave Systems, Inc., a mobile internet software company. Prior to his service at Openwave Systems, he held various leadership positions at Motorola, Inc., a communications systems company, Synchronoss Technologies, an
internet software and services company, FusionOne, Inc., a mobile internet software company, BridgePort Technologies, Inc., a mobile internet software company, Phone.com, inc., inventor of the mobile internet, California Microwave, Inc., a microwave
and satellite systems company, and Tandem Computers, a fault tolerant computer manufacturer. Mr.&nbsp;Mulica holds a BS in Finance from Marquette University and an MBA from the Kellogg School of Management at Northwestern University. The Board of
Directors believes that Mr.&nbsp;Mulica&#146;s extensive operational, executive and board experience with numerous private and public companies at various internet, mobile and software companies qualifies him to serve on our Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Mr.&nbsp;Jack Steenstra</B>, 60, has served as the Chief Technology Officer of Meta Technologies Inc. since August 2017.
From November 2015 to August 2017, he was a freelance technology consultant with various startups including VRx Medical, an immersive digital therapeutics company, contributing to the technical, business, and product innovation of new products,
services, and associated businesses developing new wireless devices. From July 1995 to November 2015, Mr.&nbsp;Steenstra was Vice President of Engineering at Qualcomm, where he led a cross-functional department developing new products to support new
business opportunities. Prior to that, he was an engineer at Abbott Laboratories, where he developed digital surveillance systems, software, and medical devices. Since January 2012, he has been a board member of Stepping Stone San Diego, a drug and
alcohol rehabilitation and treatment program specializing in the Gay, Lesbian, Bisexual and Transgender community. Mr.&nbsp;Steenstra holds a BS in Electrical and Electronics Engineering from the University of Michigan and a MS in Electrical and
Electronics Engineering from the University of Southern California. The Board of Directors believes that Mr.&nbsp;Steenstra&#146;s extensive operational experience with wireless mobile technology and executive experience qualifies him to serve on
our Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Mr.&nbsp;Jeffrey Wang</B>, 29, has served as a Software Engineer at Plaid Inc., a
California-based financial services company, since April 2022. Previously he was a Senior Software Engineer at Waymo LLC, Google LLC&#146;s autonomous driving technology company, from August 2019 to April 2022 with the data warehouse team, a Senior
Software Engineer with the search ads backend infrastructure at Google LLC from February 2015 to August 2019, and a Software Development Intern with both Amazon Web Services, Inc. and Amazon.com, Inc. (NASDAQ: AMZN) in 2014 and 2013. Mr.&nbsp;Wang
holds a BA in Computer Science from the University of California, Berkeley. The Board of Directors believes that Mr.&nbsp;Wang&#146;s experience with multiple conglomerates qualifies him to serve on our Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Mr.&nbsp;James Cassano</B>, 76<B>, </B>is currently a Partner &amp; Chief Financial Officer of CoActive Health Solutions,
LLC, a worldwide contract research organization, supporting the pharmaceutical and biotechnology industries. He also has been serving as a board member of Ideanomics, Inc. (NASDAQ: IDEX), a global electric vehicle company, since January 2008.
Mr.&nbsp;Cassano has served as executive vice president, chief financial officer, secretary and director of Jaguar Acquisition Corporation a Delaware corporation (OTCBB: JGAC), a blank check company, since its formation in June 2005.
Mr.&nbsp;Cassano has served as a managing director of Katalyst LLC, a company which provides certain administrative services to Jaguar Acquisition Corporation, since January 2005. In June 1998, Mr.&nbsp;Cassano founded New Forum Publishers, an
electronic publisher of educational material for secondary schools, and served as its chairman of the Board and chief executive officer until it was sold to Apex Learning, Inc., a company controlled by Warburg Pincus, in August 2003. He remained
with Apex until November 2003 in transition as vice president business development and served as a consultant to the company through February 2004. In June 1995, Mr.&nbsp;Cassano co-founded Advantix, Inc., a high volume electronic ticketing software
and transaction services company which handled event related client and customer payments, that was renamed Tickets.com and went public through an IPO in 1999. From March 1987 to June 1995, Mr.&nbsp;Cassano served as senior vice president and chief
financial officer of the Hill Group, Inc., a privately-held engineering and consulting organization, and from February 1986 to March 1987, Mr.&nbsp;Cassano served as vice president of investments and acquisitions for Safeguard Scientifics, Inc., a
public venture development company. From May 1973 to February 1986, Mr.&nbsp;Cassano served as partner and director of strategic management services (Europe) for the strategic management group of Hay Associates. Mr.&nbsp;Cassano received a BS in
Aeronautics and Astronautics from Purdue University and an MBA from Wharton Graduate School at the University of Pennsylvania. Mr.&nbsp;Cassano has significant senior management experience, including service as chief executive officer, executive
vice president, chief financial officer, secretary and director. The Board of Directors believes that Mr.&nbsp;Cassano&#146;s extensive executive experience with public and private companies and his educational background led us to the conclusion
that he is qualified to serve on our Board of Directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Issuance of Common Stock to Mr.&nbsp;Peter Liu </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject to the consummation of the First Closing, as contemplated by Section&nbsp;1.1 of the Subscription Agreement,
Mr.&nbsp;Peter Liu will purchase 952,381 shares of Common Stock as the designee of the Purchaser and execute a Purchaser Voting Agreement pursuant to the Subscription Agreement. </P>
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