COMSOVEREIGN HOLDING CP - COMS STOCK NEWS

COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) reported a significant 80% reduction in outstanding secured debt, totaling approximately $2,200,000 as of December 31, 2022. This successful debt reduction is part of the company's broader strategy to streamline operations and enhance fiscal flexibility. CEO David Knight emphasized the importance of a solid financial foundation for future growth, expressing gratitude for lender support in executing the company’s transition plan. The company plans to file its 10-Q for the quarter ending September 30, 2022, by February 24, 2023, to remain compliant with SEC and Nasdaq reporting requirements.

On February 10, 2023, COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) announced a 1-for-100 reverse stock split to comply with Nasdaq listing requirements. This decision, approved by shareholders on February 8, aims to boost the stock price above the minimum $1.00 bid requirement. Post-split, outstanding shares will decrease from approximately 266 million to 2.66 million, with proportional adjustments to stock options and warrants. No action is required from shareholders to receive post-split shares, as fractional shares will be rounded up. The company continues to pursue additional measures to satisfy listing criteria, including timely submission of its financial filings.

On February 9, 2023, COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) announced the results of its Annual Stockholder Meeting held on February 8, 2023. Shareholders approved all four proposals, including a 1-for-100 reverse stock split effective at 11:59 PM ET on February 9. This move is intended to increase the market price per share to comply with Nasdaq's $1.00 minimum bid price requirement. The number of outstanding shares will be reduced from approximately 266 million to about 2.66 million. The company also increased its long-term incentive plan by 300,000 shares and ratified Marcum LLP as its public accounting firm.

COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) has filed its quarterly report on Form 10-Q for the period ended June 30, 2022, as part of its effort to maintain compliance with Nasdaq listing requirements. The report highlights significant reductions in corporate overhead and a focus on streamlining operations. The Nasdaq Hearings Panel has granted an extension for the company to meet its minimum bid requirement, contingent on the outcome of its upcoming Annual Meeting scheduled for February 8, 2023. The company continues to work on filing its Q3 2022 periodic report while managing costs and improving operational efficiency.

COMSovereign Holding Corp. has postponed its Annual Meeting of Stockholders to February 8, 2023, at 3:30 p.m. Eastern Time, to secure additional votes for a quorum. The record date remains November 21, 2022, and stockholders eligible to vote are urged to submit their proxies promptly. The meeting will cover important proposals, including a reverse stock split to maintain NASDAQ listing compliance, and the replenishment of the Long-Term Incentive Plan. The company emphasizes its commitment to improving revenue generation, completing SEC filings, and enhancing its balance sheet by reducing debt and streamlining operations.

COMSovereign Holding Corp. (NASDAQ: COMS) shared its CEO Update Letter on January 10, 2023, detailing progress in addressing organizational and financial challenges. Key highlights include the successful filing of quarterly reports, a focus on streamlining operations, and significant debt reduction to comply with Nasdaq requirements. The company is set to hold an annual shareholder meeting on January 18, 2023, where critical proposals, including a reverse stock split to maintain Nasdaq listing and the approval of a long-term incentive plan, will be voted on. A strategic focus on innovation and partnerships in 5G technology was also emphasized.

COMSovereign Holding Corp. (NASDAQ: COMS) announced the sale of RVision, Inc., settling two lawsuits in the process. This move is part of the company's ongoing business transition aimed at reducing non-wireless connectivity products and associated operating expenses. CEO David Knight emphasized that this decision eliminates uncertainties related to litigation costs. The sale is expected to streamline operations and focus on their core offerings in 4G LTE Advanced and 5G communication systems.

COMSovereign Holding Corp. (NASDAQ: COMS) announced a transaction to sell its Israel-based subsidiary, Sky Sapience, to Titan Innovations for $1.8 million. This sale is part of the company’s strategy to refocus on its core 4G LTE and 5G wireless technologies. The CEO of COMSovereign stated that the divestiture will simplify operations, reduce expenses, and improve the balance sheet. Titan believes that the acquisition will enhance its capabilities in autonomous systems, leveraging Sky Sapience's unique technology for military and civilian applications.

COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) filed its quarterly report on Form 10-Q for the quarter ended March 31, 2022, as part of its efforts to regain compliance with Nasdaq listing requirements. This follows the Nasdaq Hearings Panel's approval for continued listing, contingent on meeting compliance by February 2, 2023, and filing delinquent reports by February 24, 2023. CEO David Knight stated that the filing marks the first step in compliance, highlighting a significant reduction in operating expenses and a 75% reduction in headcount.