ConnectM says ‘fundamentals have not changed’ despite Nasdaq suspension

ConnectM (CNTM) Technology Solutions issued a letter to shareholders from Bhaskar Panigrahi, stating in part: “As you may have noticed, Nasdaq suspended trading of our stock this morning. With the guidance of the nation’s top Nasdaq Advisory consultant, we had a meeting with the Hearings Panel two weeks ago to discuss our plan to regain compliance under the Nasdaq market value of listed securities and timely filing requirements and were quite surprised by their sudden suspension notice. I want to be very clear that ConnectM’s fundamentals have not changed. Our operations and growth prospects are as strong as ever. We have several appealing capital raise, organic, and inorganic growth options available to us and management will prudently evaluate these options in the best interest of our stockholders. I believe the future remains bright for ConnectM and our intrinsic value is well above our current market price. Post our Nasdaq hearing, management made substantial progress towards regaining listing compliance and this information has been sent to Nasdaq as of May 7, 2025. As a result, we are currently consulting with our advisors regarding the possibility of appealing the decision and presenting our plan to regain and maintain compliance. While we sort through the above, ConnectM is currently listed on the OTC Pink Market… We plan to uplist the company to the OTCQB Market as soon as possible and ultimately back to either the Nasdaq or NYSE regardless of whether our appeal is successful… Despite this setback, my management team and I want to reiterate our commitment to the company, our employees, our stockholders, and our community. ConnectM is a viable, strong, growing company and we will demonstrate this in due course.”