COMSovereign receives notice of noncompliance from Nasdaq

COMSovereign Holding announced that it has received a letter from the Listing Qualifications Department of the Nasdaq Stock Market stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company failed to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the Securities and Exchange Commission. As previously disclosed in the Form 12b-25 filed on March 31, 2023 by the Company with the SEC, the Company was unable to file the Form 10-K by the required due date of March 31, 2023 due to delays in obtaining appraisals of intangibles and impairments of goodwill. Under Nasdaq rules the Company now has 60 calendar days to submit a plan to regain compliance. 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 16, 2023, for it to regain compliance.