TUCSON, Ari., Aug. 22,
2023 /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 today that on August
16, 2023, it 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 Quarterly Report on Form 10-Q for the period ended June
30, 2023 with the Securities and Exchange Commission (the
"SEC").
As previously disclosed in the Form 12b-25 filed on March 31, 2023, by the Company with the SEC, it
was unable to file the Form 10-K by the required due date of
March 31, 2023, due to quantitative
impairment testing and appraisals of goodwill and intangibles in
order to comply with U.S. GAAP accounting principles.
On July 22, 2023, the Staff
granted the Company an exception until October 2, 2023, to file its delinquent Form 10-K
for the fiscal year ended December 31,
2022 (the "Form 10-K") and Forms 10-Q for the period ended
March 31, 2023, and the period ended
June 30, 2023. As a result of this
additional delinquency, the Company must submit an update by
August 31, 2023, to its plan to
regain compliance with respect to the filing requirement. 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 16, 2023, 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. 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.