| COMSovereign Files Form 15 to Voluntarily Deregister and Suspend its SEC Reporting Obligations While Continuing to Trade on the OTC Exchange |
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- Company to Focus on Completing its Ongoing Business Transition Plan Prioritizing Improving its Balance Sheet to Reduce Debt and Resuming Production and Revenue Generation Activities -
TUCSON, AZ – March 28, 2024 – COMSovereign Holding Corp. (OTC: 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 it filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to deregister its common stock, Series A Preferred Stock and common stock warrants under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to suspend its reporting obligations under Section 15(d) of the Exchange Act (the “Deregistration”). The Company’s obligation to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will cease upon filing of the Form 15. Once the Form 15 is effective, which is expected to occur within 90 days of filing, the Company will no longer be a public reporting company and its obligations to file other reports with the SEC will also be suspended.
As the Company seeks to complete its ongoing business transition plan, the Board and management believe the decision to proceed with the Deregistration will allow it to further reduce the complexity and costs of its financial reporting following the recent delisting of its shares from the NASDAQ Capital Market. Eliminating the public company reporting obligations will allow the management team to focus their efforts on completing transition activities including addressing its outstanding debt, balance sheet and enabling the resumption of product production and revenue generation in support of current and future customers. The Company’s shares will continue to trade on the OTC under its current stock ticker symbol.
“Over the past year, our team has successfully navigated the challenges of streamlining and refocusing the business while meeting our financial reporting obligations including returning the Company to current filer status. As we seek to complete the critical work of improving our financial foundation and investing in revenue generation, the Board and our team believe it is in the best interests of the Company and its shareholders to cease the costly SEC financial reporting requirements for now. We remain optimistic about the future of our Company based upon the strength of our technology and the continued interest received from our customers and partners who demand the reliability and cost effectiveness that our Fastback and DragonWave wireless connectivity solutions can deliver,” said David Knight, CEO and President of COMSovereign.
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. (OTC: 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 |
| Mar 28, 2024 |
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