DALLAS, Dec. 16,
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 announced the filing yesterday of its quarterly report on
Form 10-Q for the period ended March 31,
2022, a requirement under its continued listing on the
Nasdaq Capital Market.
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 by February 2, 2023, 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.
"The filing of our first quarter 10-Q for the period ended
March 31, 2022 is the first step on
our path to regain compliance with our filing requirements as
outlined by the Nasdaq Panel," said David
Knight, CEO and President of COMSovereign. "It should be
noted that the first quarter report does not yet reflect our
efforts to drastically reduce operating expenses, including
approximately a 75% reduction in headcount."
The Company is working to file its delinquent periodic reports
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.