UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in charter)
(State or other Jurisdiction of Incorporation or Organization) |
(Commission File Number) | (IRS Employer Identification No.) |
|
||
(Address of Principal Executive Offices) | (zip code) |
(
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
The Stock Market LLC | ||||
The | ||||
The Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On January 30, 2023, COMSovereign Holding Corp. (“we,” “us,” or “our company”) issued a press release entitled “COMSovereign Files 10-Q For the Quarter Ended June 30, 2022.” A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information under this Item 8.01, including Exhibit 99.1, is deemed “furnished” and not “filed” under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed with this Current Report on Form 8-K:
Exhibit Number |
Description | |
99.1 | Press Release, dated January 30, 2023, entitled “COMSovereign Files 10-Q For the Quarter Ended June 30, 2022.” | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
Cautionary Note Regarding Forward-Looking Statements
The information in this Current Report on Form 8-K, including Exhibit 99.1, may contain “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Certain statements furnished 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,” “expect,” “may,” "looks to," “will,” “should,” “could,” “continue,” “anticipate” “optimistic,” “forecast” “intend,” “estimate,” “preliminary,” “project,” “seek,” “plan,” “looks to,” “on condition,” “target,” “potential,” “guidance,” “outlook” or “trend,” or other comparable terminology, or by a general discussion of strategy or goals or other future events, circumstances, or effects. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 (particularly in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations), and other risks and uncertainties listed from time to time in our other filings with the SEC. There may be other factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. In addition, there is uncertainty regarding the COVID-19 virus and the impact it may have on our operations, the demand for our products or services, global supply chains and economic activity in general. We do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement. Further information relating to factors that may impact our results and forward-looking statements are disclosed in our filings with the SEC. The forward-looking statements contained in this report are made as of the date of this report, and we disclaim 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.
2
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: January 30, 2023 | COMSOVEREIGN HOLDING CORP. | |
By: | /s/ David Knight | |
David Knight | ||
Interim Chief Executive Officer |
3
Exhibit 99.1
COMSovereign Files 10-Q For the Quarter Ended June 30, 2022
- Company Makes Continued Progress in
Business Transition and in Efforts to Regain Compliance
with Nasdaq Listing Requirements -
TUCSON, AZ – January 30, 2023 – 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 the filing of its quarterly report on Form 10-Q for the period ended June 30, 2022, a requirement under its continued listing on the Nasdaq Capital Market.
“We are pleased to have completed the filing of our second quarter financial report as we continue to make progress on our compliance plan approved by the Nasdaq Panel. The results of the quarter ended June 30, 2022 include the initial impacts of streamlining efforts, highlighted by a decrease in G&A and non-recurring, non-cash charges related to significant reductions in corporate overhead. These actions, combined with the additional business transition initiatives implemented late last year, are designed to refocus the Company, reduce expenses and debt, and improve its operational efficiencies, all critical steps in our plan to move COMSovereign forward,” stated David Knight, CEO and President of COMSovereign.
As announced on December 1, 2022, the Nasdaq Hearings Panel (the “Panel”) granted the Company’s request for continued listing on The Nasdaq Capital Market (“Nasdaq”). The continued listing is subject to its evidencing compliance with the minimum bid price requirement and the filing requirements of timely periodic financial reports with the Securities and Exchange Commission, including filing its quarterly reports on Form 10-Q, all to be filed by February 24, 2023, and certain other conditions. On January 17, 2023, the Panel granted the Company an extension of its deadline to meet its minimum bid requirement, pending the results of its 2023 Annual Meeting, scheduled for February 8, 2023, at which stockholders are being asked, amongst other items, to vote on a reverse stock split required to maintain its listing on Nasdaq. The Company’s full proxy statement is available for review here: Definitive Proxy Statement.
“Our team remains focused on executing against our business transition plan, highlighted by the recent sales and disposition of non-core assets, cost reductions, the paydown of debt and progress with the filing of our quarterly financial reports,” Mr. Knight added. “We are continually reviewing our business operations as we seek to further reduce costs and streamline the business as we begin implementing our wireless connectivity roadmap and associated solutions for our partners and customers under our long-term growth plan.”
The Company is working to file its Q3 2022 periodic report with the Securities and Exchange Commission as soon as practicable and is otherwise taking definitive steps to evidence compliance with all other applicable criteria for continued listing on Nasdaq. The Company must continue to satisfy the time frame granted by the Panel.
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. Moreover, forward-looking statements in this release include, but are not limited to, the impact of the current COVID-19 pandemic, which may limit access to the Company’s facilities, customers, management, support staff, and professional advisors, and to develop and deliver advanced voice and data communications systems, demand for the Company’s products and services, the availability of parts and components for the manufacture of products, economic conditions in the U.S. and worldwide, and the Company’s ability to recruit and retain management, technical, and sales personnel. 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
4G&3?3 2&[[H L/YK;SL*17OO4*(!GFSKCD3.)E@D45<>..R.+\6CRH3F)
MS3@F%4^EXYE %(KI&HX]BN:OUS@Q%> ;2<1$I_+E>3/HI9@];H)C8%K'2, /
M[)D%+4W%A#M@5(5_"?[?H:,Y.BL>)N6_T-IC#B4()\Z>7*W_*58V#0?X&+\"
M VQ?3)4AP>D5A%_
MW* !&$J2):ALR!NFI(1MHN4[@?5!(CKC(:7O"<%I
M*<%M=90 A9;D1"/\NU)QP)6)3[I+'W#V*F(+4E)!SJ$MI=!2/2E$Y$LFG9M
M\_QB@L#ZQ!>Y1G$;%\$/D:NX1HFB@.<+P^@+^VU+#*=\)#P!G$8"A]#N*X>U
M4]Q0C%OT"SR>7/30W0$JD_X.!XQ+WY;IE<[%C&@G8J'SX'G"7>@C(U;J1:Q)
M;&Y([LU#_T7ED&YYO/.J20:7# /)G(H,(&D\#42.'S0AZ%F)J1X/A@\M.,+TE).MVL-C$_,7K@JXN0\/.D14SX-V--L@V.;W@Q
MA#$2/FO >YEZK%'[DH>IQ/PE*O'C>_&"+=._2**>'Y&J"9VB765H5QLJJT-E
M?3V&];_],/[Y\/6W?A&_W\)T+MK2M6[*14Z6H#6#QG6G5#AGM-66#E@I0G](
MV3>O+K\?$/R,BUSPCYVG*!6A$S :1HUPE"K_ -&MM4 BI$AJOR\I*0D.EO1A
M%))(0<(_[-C@__GZG@8;23,O46M0<[<-#B!3HO?U?<[['#"D]W0A04)CN8-/
M><6AJ/P\QDN#?6V_K2XVVBKZN+;3BTXV.=)[N=0@(7+5S>])&K!H+:Y