- Company Makes Continued Progress in Business
Transition and in Efforts to Regain Compliance with Nasdaq Listing
Requirements -
TUCSON,
Ariz., Jan. 30, 2023 /PRNewswire/ -- COMSovereign
Holding Corp. (NASDAQ: COMS) (NASDAQ: COMSP) ("COMSovereign" or the
"Company"), a U.S.-based developer of 4G LTE Advanced and 5G
communication systems announced the filing of its quarterly report
on Form 10-Q for the period ended June 30,
2022, a requirement under its continued listing on the
Nasdaq Capital Market.
"We are pleased to have completed the filing of our second
quarter financial report as we continue to make progress on our
compliance plan approved by the Nasdaq Panel. The results of the
quarter ended June 30, 2022 include
the initial impacts of streamlining efforts, highlighted by a
decrease in G&A and non-recurring, non-cash charges related to
significant reductions in corporate overhead. These actions,
combined with the additional business transition initiatives
implemented late last year, are designed to refocus the Company,
reduce expenses and debt, and improve its operational efficiencies,
all critical steps in our plan to move COMSovereign forward,"
stated David Knight, CEO and
President of COMSovereign.
As announced on December 1, 2022,
the Nasdaq Hearings Panel (the "Panel") granted the Company's
request for continued listing on The Nasdaq Capital Market
("Nasdaq"). The continued listing is subject to its evidencing
compliance with the minimum bid price requirement and the filing
requirements of timely periodic financial reports with the
Securities and Exchange Commission, including filing its quarterly
reports on Form 10-Q, all to be filed by February 24, 2023, and certain other conditions.
On January 17, 2023, the Panel
granted the Company an extension of its deadline to meet its
minimum bid requirement, pending the results of its 2023 Annual
Meeting, scheduled for February 8,
2023, at which stockholders are being asked, amongst other
items, to vote on a reverse stock split required to maintain its
listing on Nasdaq. The Company's full proxy statement is available
for review here: Definitive Proxy Statement.
"Our team remains focused on executing against our business
transition plan, highlighted by the recent sales and disposition of
non-core assets, cost reductions, the paydown of debt and progress
with the filing of our quarterly financial reports," Mr. Knight
added. "We are continually reviewing our business operations as we
seek to further reduce costs and streamline the business as we
begin implementing our wireless connectivity roadmap and associated
solutions for our partners and customers under our long-term growth
plan."
The Company is working to file its Q3 2022 periodic report with
the Securities and Exchange Commission as soon as practicable and
is otherwise taking definitive steps to evidence compliance with
all other applicable criteria for continued listing on Nasdaq. The
Company must continue to satisfy the time frame granted by the
Panel.
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.