COMSovereign Announces Receipt of Nasdaq Listing Determination; Company to Request Hearing and Further Stay

Rhea-AI Summary

COMSovereign receives notice of potential delisting from Nasdaq

Positive

• COMSovereign plans to request a hearing before the Nasdaq Hearings Panel to present its compliance plan
• The company will also request a stay of any suspension action pending the hearing

Negative

• The company is facing delisting due to non-compliance with filing requirements

TUCSON, Ariz., Oct. 20, 2023 /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 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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SOURCE COMSovereign Holding Corp.

FAQ

Why is COMSovereign at risk of delisting?

COMSovereign has not filed its Form 10-K for 2022 and Forms 10-Q for the first two quarters of 2023, leading to non-compliance with Nasdaq's filing requirement.

What will COMSovereign do to address the potential delisting?

COMSovereign plans to request a hearing before the Nasdaq Hearings Panel to present its plan for compliance and seek an extension. They will also request a stay of any suspension action pending the hearing.

Where can I find more information about COMSovereign?

You can visit www.COMSovereign.com and connect with them on Facebook and Twitter for more information.