COMSovereign Files 10-Q For the Quarter Ended September 30, 2022 Regaining "Current Filer" Status with the Security and Exchange Commission and Nasdaq
- Quarterly Revenue from Continuing Operations Increases by Approximately 16% and Total Operating Expenses Reduced by Over 70% Versus Year-Ago Quarter as Business Refocusing and Cost Cutting Activities Accelerate -
TUCSON, Ariz., Feb. 27, 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 the filing of its quarterly report on Form 10-Q for the period ended September 30, 2022. The filing of the Company's most recently quarterly report brings it into compliance with Security and Exchange ("SEC") and Nasdaq Capital Markets financial reporting requirements.
"The filing of our third quarter 2022 financial report is a milestone as it restores COMSovereign's status as a 'current filer' under SEC and Nasdaq listing requirements. We are especially pleased to have produced revenue growth while dramatically reducing G&A and overall operating expenses as we executed against our streamlining and refocusing initiatives," stated David Knight, CEO and President of COMSovereign. "As we stand here today, we have achieved many of the critical objectives of our business transition plan, specifically, regaining compliance with our filing requirements, cutting operating expenses and significantly reducing our outstanding debt. These actions create a stronger foundation, supporting our team as we continue to focus on driving long-term value for our DragonWave, Fastback, Saguna, and Drone Aiation customers, our global network of partners, and our shareholders."
The Company is addressing its non-compliance with Nasdaq's $1.00 minimum bid rule by effectuating a shareholder-approved reverse split of its common shares prior to market trading on February 10, 2023.
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About COMSovereign Holding Corp.
Steve Gersten, Director of Investor Relations
Media Relations for COMSovereign Holding Corp.:
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SOURCE COMSovereign Holding Corp.