DALLAS, May 24, 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") and its Quarterly Report on Form 10-Q for
the period ended March 31, 2022, 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 has until June 20, 2022, to submit a plan to regain
compliance with respect to these delinquent reports. 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.
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.