Benzinga | Sep 15, 2021 02:55PM EDT

Why Sonim Technologies' Stock Is Getting Slammed Today

Sonim Technologies Inc (NASDAQ:SONM) is trading significantly lower Wednesday after the company announced a one-for-10 reverse stock split.

The reverse stock split will become effective sometime after the market closes today and the common stock is expected to begin trading on a split-adjusted basis when the market opens tomorrow.

Sonim Technologies is a U.S-based company that provides ultra-rugged mobile phones and accessories, which are designed specifically for task workers physically engaged in hazardous environments. The company also offers workforce-critical communication and connectivity tools for industrial enterprises and public sector agencies.

SONM Price Action: Sonim Technologies has traded as high as $1.70 and as low as 36 cents over a 52-week period.

The stock was down 28.50% at 37 cents at time of publication.

Photo: Oleg Gamulinskiy from Pixabay.