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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) October 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 October 16, 2023, COMSovereign
Holding Corp. (the “Company”) received notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq
Stock Market LLC (“Nasdaq”) indicating that the Staff had determined to delist the Company’s securities unless the
Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Staff’s determination was based
upon the Company’s continued non-compliance with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1) because the
Company has not filed its Form 10-K for the year ended December 31, 2022, and the Forms 10-Q for the periods ended March 31, 2023 and
June 30, 2023.
The
Company intends to timely request a hearing before the Panel as well as a further stay of any additional action by Nasdaq pending the
issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing.
There
are no assurances that a stay will be granted or that a favorable decision will be obtained.
Forward-Looking
Statements
This
Current Report on Form 8-K contains forward-looking statements, including within the meaning of the Private Securities Litigation Reform
Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered
forward-looking statements, including, without limitation, statements regarding the Company’s intent to timely request a hearing
before the Panel. In some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,”
“approach,” “believe,” “contemplate,” “could,” “estimate,” “expect,”
“goal,” “intend,” “look,” “may,” “mission,” “plan,” “possible,”
“potential,” “predict,” “project,” “pursue,” “should,” “target,”
“will,” “would,” or the negative thereof and similar words and expressions. These forward-looking statements
are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited
to, the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2021, and our other reports filed with the United States Securities and Exchange Commission. Any such forward-looking
statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking
statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause
our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to
the date of this Current Report on Form 8-K.
Item
9.01 Financial Statements and Exhibits.
(d)
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:
October 20, 2023 |
COMSOVEREIGN
HOLDING CORP. |
|
|
|
|
By: |
/s/
David Knight |
|
|
David
Knight |
|
|
Chief
Executive Officer |
Exhibit 99.1
COMSovereign Announces Receipt of Nasdaq Listing
Determination;
Company to Request Hearing and Further Stay
TUCSON, AZ – October 20, 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 and solutions, today announced that on October 16, 2023, the Company received notice from
the Nasdaq Listing Qualifications Staff (the “Staff”) indicating that the Staff had determined to delist the Company’s
securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company
plans to timely request a hearing before the Panel, at which hearing the Company will present its plan to evidence compliance with Nasdaq’s
filing requirement and request an extension to do so. The Company will also request a further stay of any suspension action pending the
Company’s hearing and the expiration of any extension the Panel may grant to the Company following the hearing.
The Staff’s determination was based upon
the Company’s continued non-compliance with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1) because the Company
has not yet filed its Form 10-K for the year ended December 31, 2022, and Forms 10-Q for the periods ended March 31, 2023, and June 30,
2023.
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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