DALLAS, Jan. 27, 2021 /PRNewswire/ -- COMSovereign
Holding Corp. (NASDAQ: COMS) ("COMSovereign" or "Company"), a
U.S.-based developer of 4G LTE Advanced and 5G Communication
Systems and Solutions, today announced the closing of its
previously announced underwritten public offering of 3,855,422
units at a price to the public of $4.15 per unit (the "Offering"). Each unit
consists of one share of common stock and one warrant exercisable
for one share of common stock at $4.50 per share. The gross proceeds to the
Company from this offering were approximately $16,000,000, less offering expenses, commissions
and underwriting discounts. The Company has granted the
representative of the underwriters a 45-day option to purchase up
to an additional 578,312 units at the public offering price to
cover over-allotments, which the representative partially exercised
to purchase 578,312 warrants on the closing date.
The Company intends to use the net proceeds from the offering
primarily for the repayment of outstanding indebtedness, the
acquisition of new companies or products, inventory production and
marketing, operating expenses, working capital and general
corporate purposes.
Kingswood Capital Markets, division of Benchmark Investments,
Inc., is acting as Sole Book Runner with Dawson James Securities
Inc. acting as Co-Manager for the offering.
In connection with the offering, Kay
Kapoor has joined the Company's board as a new independent
director as previously announced.
The units described above were offered by COMSovereign pursuant
to a registration statement on Form S-1 (File No. 333-248490) that
was initially filed with the U.S. Securities and Exchange
Commission ("SEC") on August 28, 2020
and declared effective by the SEC on January
21, 2021. The Offering was made by means of a written
prospectus that forms a part of the registration statement.
A final prospectus relating to this offering was filed with the
Securities and Exchange Commission on January 25, 2021. Copies of the final prospectus
relating to this offering can be obtained at the SEC's website at
www.sec.gov or from Kingswood Capital Markets, division of
Benchmark Investments Inc., 17 Battery Place, Suite 625,
New York, NY 10004, Attention:
Syndicate Department, or via email at
syndicate@kingswoodcm.com or telephone at (212) 404-7002.
Before investing in this offering, interested parties should read
in their entirety the prospectus, which provides more information
about the Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About COMSovereign Holding Corp.
COMSovereign Holding
Corp. 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-NR 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, 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:
Investor Relations for COMSovereign Holding Corp.:
Steve Gersten
813-334-9745
investors@comsovereign.com
Dave Gentry
RedChip Companies, Inc.
407-491-4498
dave@redchip.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.