DALLAS, April 21,
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 and solutions, today announced that it has received a
letter from the Listing Qualifications Department of the Nasdaq
Stock Market ("Nasdaq") stating that the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because
the Company failed to timely file its Annual Report on Form 10-K
for the year ended December 31, 2021 (the "Form 10-K") with the
Securities and Exchange Commission (the "SEC").
As previously disclosed in the Form 12b-25 filed on March 31, 2022 by the Company with the SEC, the
Company was unable to file the Form 10-K by the required due date
of March 31, 2022 due to the six
acquisitions completed by the Company during the last fiscal year,
two of which are based outside of the
United States, requiring complex outside valuations and
purchase price allocations in order to comply with U.S. GAAP
accounting principles. In addition, the Company is obtaining
appraisals of impairment of goodwill, which has taken more time
than expected.
Under Nasdaq rules the Company now has 60 calendar days to
submit a plan to regain compliance. If Nasdaq accepts the Company's
plan, it may grant an exception of up to 180 calendar days from the
Filing's due date, or until October 12,
2022, for it to regain compliance.
The Company anticipates that it will file its Annual Report on
Form 10-K within 30 days.
For more information about COMSovereign, please visit
www.COMSovereign.com and connect with us on Facebook and
Twitter.
About COMSovereign Holding Corp.
COMSovereign Holding
Corp. (Nasdaq: COMS) has assembled a portfolio of communications
technology companies that enhance connectivity across the entire
data transmission spectrum. Through strategic acquisitions and
organic research and development efforts, COMSovereign has become a
U.S.-based communications provider able to provide 4G LTE Advanced
and 5G telecom solutions to network operators and enterprises. 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, 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.
Contacts:
Steve Gersten, Director of
Investor Relations
COMSovereign Holding Corp.
813-334-9745
investors@comsovereign.com
and
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE COMSovereign Holding Corp.