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- Corporate Streamlining Efforts Dramatically Reduced General and Administrative Expenses as Company Continues Support for Wireless Connectivity and Aerial Platform Customers -
TUCSON, Ariz., Jan. 10, 2024 /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 delayed and outstanding quarterly reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2023, regaining its current filer status.
"The positive impact of our comprehensive streamlining efforts can be clearly seen by dramatic reductions in general and administrative expenses throughout 2023, as we focused the business to better support our wireless connectivity and aerial platform businesses. This simplified and more efficient organizational structure has enabled us to improve our reporting processes as a single entity as evidenced by the rapid completion of our outstanding 10-Qs for the first, second and third quarters of 2023. Collectively, these filings support the Company's return to current filer status and continue our efforts to move the business forward," said David Knight, CEO and President of COMSovereign.
The Company filed its Annual Report on Form 10K for the year ended December 31, 2022 on December 7, 2023 following the extensive individual appraisals of goodwill and intangibles across its portfolio of 16 operating units. Throughout late 2022 and the first nine months of 2023, under its ongoing business transition plan, the Company has successfully simplified its organizational structure and reduced costs through a series of transactions including the sale and disposition of certain business assets.
"Our priorities over the near-term are clear as we continue to address Nasdaq and SEC requirements while meeting the needs of our customers and partners. The tangible results of our transformation plan have already contributed to building a foundation which can support a return to growth and the progress we expect to make throughout 2024," added Mr. Knight.
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.
Posted In: COMS
