DALLAS, Jan. 20, 2022 /PRNewswire/ -- COMSovereign
Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the
"Company"), a U.S.-based developer of 4G LTE Advanced and 5G
communication systems announced that on January 18, 2022, the Company received a written
notice (the "Notice") from the Nasdaq Stock Market LLC indicating
that the Company was not in compliance with Nasdaq Listing Rule
5550(a)(2), as the Company's closing bid price for common shares
were below $1.00 per share for the
last 30 consecutive business days.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a 180-calendar day compliance period, or until July
18, 2022, to regain compliance with the minimum bid price
requirement. To regain compliance, the closing bid price of the
Company's common shares must meet or exceed $1.00 per share for at
least 10 consecutive business days during the 180-calendar day
compliance period.
If the Company is not in compliance by July 18, 2022, the Company may be afforded a
second 180-calendar day compliance period. To qualify for this
additional time, the Company will be required to meet the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for Nasdaq with the exception
of the minimum bid price requirement and will need to provide
written notice of its intention to cure the deficiency during the
second compliance period. If the Company does not regain compliance
within the allotted compliance period(s), including any extensions
that may be granted by Nasdaq, Nasdaq will provide notice that the
Company's common shares will be subject to delisting.
Dan Hodges, Chairman and CEO of
COMSovereign Holding Corp., said, "Our management team remains
confident in the future of COMSovereign despite the unprecedented
volatility now being experienced in both the small cap technology
and broader markets. We expect that continued sales growth, the
positive impact of significant cost reduction initiatives, and the
monetization of non-core operating assets, will provide not only
the necessary liquidity but also a robust balance sheet."
The Company intends to monitor the closing bid price of its
common shares between now and July 18,
2022 and intends to consider available options to cure the
deficiency and regain compliance with the minimum bid price
requirement within the compliance period. The Company's common
shares will continue to be listed and trade on the Nasdaq Capital
Market during this period, unaffected by the receipt of the written
notice from Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About COMSovereign Holding Corp.
COMSovereign Holding
Corp. (Nasdaq: COMS and COMSP) has assembled a portfolio of
communications technology companies that enhance connectivity
across the entire network. By combining strategic acquisitions with
organic research and development efforts, COMSovereign has built a
U.S.-based communications solution provider able to deliver
end-to-end 4G LTE Advanced and 5G-NR telecom solutions to network
operators, enterprises, and governments. For more information about
COMSovereign, please visit www.COMSovereign.com.
Forward-Looking Statements
Certain statements in this
press release that are not historical facts are forward-looking
statements that reflect management's current expectations,
assumptions, and estimates of future performance and economic
conditions, and involve risks and uncertainties that could cause
actual results to differ materially from those anticipated by the
statements made herein. Forward-looking statements are generally
identifiable by the use of forward-looking terminology such as
"believe," "expects," "may," "looks to," "will," "should," "plan,"
"intend," "on condition," "target," "see," "potential,"
"estimates," "preliminary," or "anticipates" or the negative
thereof or comparable terminology, or by discussion of strategy or
goals or other future events, circumstances, or effects. Moreover,
forward-looking statements in this release include, but are not
limited to, regaining compliance with Nasdaq's continued listing
requirements, and timing and effect thereof, the impact of the
current COVID-19 pandemic, which may limit access to the Company's
facilities, customers, management, support staff, and professional
advisors, and to develop and deliver advanced voice and data
communications systems, demand for the Company's products and
services, the availability of parts and components for the
manufacture of products, economic conditions in the U.S. and
worldwide, and the Company's ability to recruit and retain
management, technical, and sales personnel. Further information
relating to factors that may impact the Company's results and
forward-looking statements are disclosed in the Company's filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date of this press release, and
the Company disclaims any intention or obligation, other than
imposed by law, to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Investor Relations for COMSovereign Holding Corp.:
Steve Gersten, Director of
Investor Relations
COMSovereign Holding Corp.
813-334-9745
investors@comsovereign.com
and
Dave Gentry
RedChip Companies, Inc.
407-491-4498
dave@redchip.com
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE COMSovereign Holding Corp.