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- Company Works to File its Delinquent Quarterly Reports for 2023 as it Continues its Business Transition Plan Including Cost-Cutting and Streamlining its Corporate Structure -
TUCSON, Ariz., Dec. 7, 2023 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ:COMS) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions, announced the filing of its annual report on Form 10-K for the year ended December 31, 2022.
"When I joined the Company a year ago, we developed and implemented a comprehensive business transition designed to address the significant operational and accounting challenges COMSovereign faced. Foremost among these challenges was a complex portfolio of 16 operating units, each of which required extensive, individual audits and appraisal of goodwill and intangibles. That is why the filing of the 10-K is just one of the many accomplishments our team has achieved as we work to move the business forward," said David Knight, CEO and President of COMSovereign. "Importantly, in 2023, we have successfully transformed the business, creating a single, focused, and unified reporting entity that is better able to support our core wireless connectivity and aerial platform businesses. It is this integrated and streamlined focus which will be a key enabler for us as we continue serving the needs of our customers and partners today and into the future," stated David Knight.
Business Transition Achievements and Recent Highlights
The Company has successfully completed a number of activities under its business transition plan including:
"With the filing of our 10-K behind us, we are committed to a goal of completing our outstanding quarterly reports for the first, second and third quarters of 2023 as soon as possible as we continue our work to ultimately return the Company to a current-filer status. As we approach the start of 2024, our team continues to focus on supporting the needs of our customers and on the ways we can best maximize the value of our product portfolio, technologies, and intellectual property. We anticipate updating our shareholders on our planned developments early next year as we position the Company for continued progress," added Mr. Knight.
As announced on October 20, 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") for its non-compliance with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1) because it had 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. The Panel has granted the Company's request for a hearing at which it will present its plan to evidence compliance with Nasdaq's filing requirements and other matters. The Company is currently addressing its non-compliance with Nasdaq's timely quarterly filings due to the delayed completion of its Form 10-K Annual Report.
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.
Posted In: COMS
