TUCSON,
Ariz., Feb. 10, 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 announced that its Board of
Directors approved a 1-for-100 reverse stock split of its common
stock shares and that the common stock shares will begin trading on
a split-adjusted basis at the commencement of trading today,
January 10, 2023. The common stock
shares will trade on the Nasdaq Capital Market under the same
symbol "COMS" with a new CUSIP number, 205650401.
"We wish to thank our investors for their continued support as
we work to refocus COMSovereign's operations. The approval of the
reverse spilt under the Company's plan to maintain its Nasdaq
listing and the replenishment of the Long-Term Incentive Plan are
two important elements of our growth strategy. These developments,
together with our ongoing refocusing efforts, better position us to
realize the great potential we see ahead," stated David Knight, Chief Executive Officer and
President of COMSovereign Holding Corp.
As per the results of the Company's annual meeting, the Board of
Directors approved a 1-for-100 reverse stock split of the Company's
issued and outstanding shares of common stock, par value
$0.001 per share. Every 100 shares of
the Company's issued and outstanding common stock will
automatically convert into one share of common stock without any
change to the par value of $0.0001
per share. The amount of common stock outstanding will be reduced
from approximately 266 million shares to approximately 2.66 million
shares. Proportional adjustments will be made to the number of
shares of common stock issuable upon exercise of COMSovereign's
outstanding stock options and warrants, as well as the applicable
exercise price.
COMSovereign expects that the reverse stock split, which was
approved by shareholders at its shareholder meeting on February 8, 2023, will increase the market price
per share of the Company's common stock, bringing the Company into
compliance with The Nasdaq Capital Market's $1.00 minimum bid price requirement. The Company
intends to continue to pursue additional actions to satisfy the
exchange's listing requirement including the filing of its 10-Q for
the quarter ended September 31, 2022
before the end of February 2023.
Registered stockholders holding pre-split shares of the
Company's common stock are not required to take any action to
receive post-split shares. Stockholders owning shares via a broker,
bank, trust or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, and will
not be required to take any action in connection with the reverse
stock split.
No fractional shares will be issued in connection with the
reverse stock split. Any fractional shares created as a result of
the reverse stock split will be rounded up to the nearest whole
share for each stockholder. The reverse stock split impacts all
holders of COMSovereign's common stock proportionally and will not
impact any shareholders' percentage ownership of common stock
(except as to rounding up changes).
Additional information regarding the reverse stock split is
available on the Form 8-K filed February 9,
2023, as well as in the Company's definitive proxy statement
(Form DEF 14A) filed with the United States Securities and Exchange
Commission on December 7, 2022. Any
additional questions can be directed to the Company's transfer
agent, ClearTrust, at (813) 235-4490 or
www.cleartrustonline.com.
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.