COMSOVEREIGN 9.25 PFD A - COMSP 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. (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.

COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) announced that it will maintain its listing on the Nasdaq Capital Market, following approval from the Nasdaq Hearings Panel on November 29, 2022. The company must comply with the minimum bid price requirement by February 2, 2023, and file necessary periodic reports by February 24, 2023. Failure to meet these conditions may result in delisting. COMSovereign is actively working to fulfill these requirements to maintain its securities listing.

On November 23, 2022, COMSovereign Holding Corp. appointed David Knight as Chief Executive Officer, enhancing its leadership stability amid ongoing corporate transitions. Knight, who served as interim CEO since September 7, has initiated operational improvements and cost reductions while focusing on revenue generation in wireless and drone units. The Board expressed unanimous support for Knight's vision and leadership, aiming to leverage existing technologies to drive growth. These strategic efforts are crucial for maximizing the company's potential in the competitive telecom market.

COMSovereign Holding Corp. (NASDAQ: COMS, COMSP) received a notice from Nasdaq on November 16, 2022, regarding its failure to file the Q3 2022 Form 10-Q by the deadline. This could lead to delisting under Nasdaq Listing Rule 5250(c)(1). The company has presented its plan for compliance and requested continued listing while it fulfills the Filing Requirement and maintains the $1.00 bid price. However, there is no guarantee that Nasdaq will approve this request or that the company can meet any granted extension terms.