TMCnet News
COMSOVEREIGN HOLDING CORP. RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM BID REQUIREMENTSDALLAS, Jan. 20, 2022 /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 on January 18, 2022, the Company received a written notice (the "Notice") from the Nasdaq Stock Market LLC indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the Company's closing bid price for common shares were below $1.00 per share for the last 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until July 18, 2022, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's common shares must meet or exceed $1.00 per share for at least 10 consecutive business days during the 180-calendar day compliance period. If the Company is not in compliance by July 18, 2022, the Company may be afforded a second 180-calendar day compliance period. To qualify for this additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq with the exception of the minimum bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's common shares will be subject to delisting. Dan Hodges, Chairman and CEO of COMSovereign Holding Corp., said, "Our management team remains confident in the future of COMSovereign despite the unprecedented volatility now being experienced in both the small cap technology and broader markets. We expect that continued sales growth, the positive impact of significant cost reduction initiatives, an the monetization of non-core operating assets, will provide not only the necessary liquidity but also a robust balance sheet." The Company intends to monitor the closing bid price of its common shares between now and July 18, 2022 and intends to consider available options to cure the deficiency and regain compliance with the minimum bid price requirement within the compliance period. The Company's common shares will continue to be listed and trade on the Nasdaq Capital Market during this period, unaffected by the receipt of the written notice from Nasdaq. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. About COMSovereign Holding Corp. Forward-Looking Statements Investor Relations for COMSovereign Holding Corp.: Steve Gersten, Director of Investor Relations and Dave Gentry Media Relations for COMSovereign Holding Corp.: View original content to download multimedia:https://www.prnewswire.com/news-releases/comsovereign-holding-corp-receives-nasdaq-notification-regarding-minimum-bid-requirements-301465392.html SOURCE COMSovereign Holding Corp. |