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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 16, 2023
COMSOVEREIGN HOLDING CORP.
(Exact name of registrant as specified in charter)
Nevada |
|
001-39379 |
|
46-5538504 |
(State or other Jurisdiction of
Incorporation or Organization) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
6890 E Sunrise Drive, Suite 120-506
Tucson, AZ |
|
75254 |
(Address of Principal Executive Offices) |
|
(zip code) |
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
COMS |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants to purchase Common Stock |
|
COMSW |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
9.25% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share |
|
COMSP |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 3.01. Notice of Delisting or Failure to
Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 31, 2023, COMSovereign
Holding Corp. (the “Company”) filed a notice of late filing on Form 12b-25 with the Securities and Exchange Commission
(the “SEC”) to report that its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form
10-K”) would not be timely filed.
On April 18, 2023, the Company
received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed the
Form 10-K, the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely
file all required periodic financial reports with the SEC.
On May 17, 2023, the Company
received a notice from Nasdaq stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2023 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rules.
On August 16, 2023, the Company
received a notice from Nasdaq stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2023, the Company is not in compliance with Nasdaq Listing Rules. The Company has until August 31, 2023 to submit to Nasdaq a
plan to regain compliance with respect to these delinquent reports. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings
Panel.
This notification has no immediate
effect on the listing of the Company’s securities on Nasdaq. However, if the Company fails to timely regain compliance with the
Nasdaq Listing Rule, the Company’s common stock, warrants and 9.25% Series A Cumulative Redeemable Perpetual Preferred Stock will
be subject to delisting from Nasdaq.
The Company is working diligently
to complete the Form 10-K and intends to file the Form 10-K with the SEC as promptly as practicable. Once the Form 10-K has been filed,
the Company intends to complete and file the Form 10-Qs.
Item 9.01 Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirement
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Date: August 22, 2023 |
COMSOVEREIGN HOLDING CORP. |
|
|
|
|
By: |
/s/ David Knight |
|
|
David Knight |
|
|
Chief Executive Officer |
2
Exhibit 99.1
COMSovereign Receives Notice from Nasdaq Regarding
Delayed Quarterly Report
TUCSON, AZ – August 22, 2023 –
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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