COMSovereign Holding Corp, a U.S.-based developer of 4G LTE Advanced and 5G communication systems announced that its Board of Directors approved a 1-for-100 reverse stock split of its common stock shares and that the common stock shares will begin trading on a split-adjusted basis at the commencement of trading today, January 10, 2023. The common stock shares will trade on the Nasdaq Capital Market under the same symbol “COMS” with a new CUSIP number, 205650401.
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“We wish to thank our investors for their continued support as we work to refocus COMSovereign’s operations. The approval of the reverse spilt under the Company’s plan to maintain its Nasdaq listing and the replenishment of the Long-Term Incentive Plan are two important elements of our growth strategy. These developments, together with our ongoing refocusing efforts, better position us to realize the great potential we see ahead,” stated David Knight, Chief Executive Officer and President of COMSovereign Holding Corp.
As per the results of the Company’s annual meeting, the Board of Directors approved a 1-for-100 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share. Every 100 shares of the Company’s issued and outstanding common stock will automatically convert into one share of common stock without any change to the par value of $0.0001 per share. The amount of common stock outstanding will be reduced from approximately 266 million shares to approximately 2.66 million shares. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise of COMSovereign’s outstanding stock options and warrants, as well as the applicable exercise price.
COMSovereign expects that the reverse stock split, which was approved by shareholders at its shareholder meeting on February 8, 2023, will increase the market price per share of the Company’s common stock, bringing the Company into compliance with The Nasdaq Capital Market’s $1.00 minimum bid price requirement. The Company intends to continue to pursue additional actions to satisfy the exchange’s listing requirement including the filing of its 10-Q for the quarter ended September 31, 2022 before the end of February 2023.
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Registered stockholders holding pre-split shares of the Company’s common stock are not required to take any action to receive post-split shares. Stockholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, and will not be required to take any action in connection with the reverse stock split.
No fractional shares will be issued in connection with the reverse stock split. Any fractional shares created as a result of the reverse stock split will be rounded up to the nearest whole share for each stockholder. The reverse stock split impacts all holders of COMSovereign’s common stock proportionally and will not impact any shareholders’ percentage ownership of common stock (except as to rounding up changes).
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