COMSovereign Holding Corp. (NASDAQ:COMS) (“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, 2022 (the “Form 10-K”) and its Quarterly Report on Form 10-Q for the period ended March 31, 2023, with the Securities and Exchange Commission (the “SEC”).
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 because its Form 10-Q for the three and nine months ended September 30, 2022, was filed on February 24, 2022, there was insufficient time to close the books as of December 31, 2022, conduct additional quantitative impairment testing and complete the audit. These complexities have been compounded by the significant reductions in staff.
Under Nasdaq rules, the Company has until June 20, 2023, 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 16, 2023, for it to regain compliance.
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