COMSovereign (COMS) Receives Notice from Nasdaq Regarding Delayed Quarterly Report

May 24, 2022 4:09 PM EDT
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COMSovereign Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions, today announced that it has received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because the Company failed to timely file its Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the period ended March 31, 2022, with the Securities and Exchange Commission (the "SEC").

As previously disclosed in the Form 12b-25 filed on March 31, 2022 by the Company with the SEC, the Company was unable to file the Form 10-K by the required due date of March 31, 2022 due to the six acquisitions completed by the Company during the last fiscal year, two of which are based outside of the United States, requiring complex outside valuations and purchase price allocations in order to comply with U.S. GAAP accounting principles. In addition, the Company is obtaining appraisals of impairment of goodwill, which has taken more time than expected.

Under Nasdaq rules, the Company has until June 20, 2022, to submit a plan to regain compliance with respect to these delinquent reports. If Nasdaq accepts the Company's plan, it may grant an exception of up to 180 calendar days from the Filing's due date, or until October 12, 2022, for it to regain compliance.

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