COMSovereign (COMS) Announces an 80% Year-Over-Year Reduction of Outstanding Secured Debt

COMSovereign Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems today provided an update on its debt reduction efforts. As of December 31, 2022, outstanding secured debt totaled approximately $2,200,000, representing a reduction of approximately 80% from levels reported for the year ended December 31, 2021.

"Central to our business transition efforts is having a solidified financial foundation, not only by refocusing our operations and cutting costs, but substantially reducing or eliminating our senior secured and convertible debt, which can provide COMSovereign with added fiscal flexibility. We are grateful for our lender's ongoing support which is enabling us to execute on our plan and complete our required regulatory filings," said David Knight, CEO and President of COMSovereign.

The Company intends to file its 10-Q for the quarter ended September 30, 2022 on or before February 24, 2023, bringing the Company current with all Security Exchange Commission and Nasdaq financial reporting requirements.

For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.

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