Announcement • Mar 29
COMSovereign Holding Corp. Files Form 15 COMSovereign Holding Corp. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister Common Stock, Warrants to purchase Common Stock, and 9.25% Series A Cumulative Redeemable Perpetual Preferred under the Securities Exchange Act of 1934, as amended. Announcement • Mar 21
Nasdaq to Delist Common Stock of COMSovereign Holding Nasdaq announced that it will delist the perpetual preferred stock, common stock, and warrants of COMSovereign Holding Corp. COMSovereign Holding’s shares of perpetual preferred stock were suspended on January 23, 2024; the company’s shares of common stock and warrants were suspended on January 31, 2024, and have not traded on Nasdaq since that time. Announcement • Feb 02
COMSovereign Holding Corp.(OTCPK:COMS) dropped from S&P TMI Index COMSovereign Holding Corp.(OTCPK:COMS) dropped from S&P TMI Index Announcement • Feb 01
COMSovereign Holding Corp.(OTCPK:COMS) dropped from NASDAQ Telecom Index COMSovereign Holding Corp. has been dropped from NASDAQ Telecom Index . Announcement • Jan 31
COMSovereign Holding Corp.(OTCPK:COMS) dropped from NASDAQ Composite Index COMSovereign Holding Corp. has been dropped from NASDAQ Composite Index . Announcement • Jan 27
COMSovereign Holding Receives Non-Compliance Notice From Nasdaq On January 24, 2024, COMSovereign Holding Corp. (the “Company”) received written notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), because the closing bid price for the Company’s common shares was below $1.00 per share for the last 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until July 22, 2024, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common shares must meet or exceed $1.00 per share for at least 10 consecutive business days during the 180-calendar day compliance period. If the Company is not in compliance by July 22, 2024, the Company may be afforded a second 180-calendar day compliance period. To qualify for this additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq with the exception of the minimum bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period. Currently, the Company does not meet the minimum stockholders’ equity requirement of $2,500,000 as set forth in Nasdaq Listing Rule 5550(b)(1). If the Company does not regain compliance within any allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s common shares will be subject to delisting. The Company intends to monitor the closing bid price of its common shares between now and July 22, 2024 and intends to consider available options to cure the deficiency and regain compliance with the minimum bid price requirement within the compliance period. Because the Company is not compliant with the required minimum stockholders’ equity, its common shares and warrants (“securities”) are subject to delisting by Nasdaq. There can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing rules, and as such, there can be no assurance that the Company will be able to maintain the listing of its securities on Nasdaq. Announcement • Dec 18
COMSovereign Holding Receives Non-Compliance Notice From Nasdaq On December 12, 2023, COMSovereign Holding Corp. (the “Company”) received written notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Staff had determined that an additional basis exists to delist the Company’s securities because its stockholders’ equity as reported in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 was less than the minimum requirement of $2,500,000 as set forth in Nasdaq Listing Rule 5550(b)(1), and it did not otherwise satisfy the alternative minimum requirements for market value of listed securities or net income from continuing operations. The Company previously requested and was granted a hearing before the Nasdaq Hearings Panel (the “Panel”), as well as a further stay of any suspension action by Nasdaq pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing. At the hearing, the Company intends to present its plan to regain compliance with all applicable continued listing criteria and request an extension to do so. If the Panel denies the Company’s request for continued listing or if the Company is unable to evidence compliance within any extension of time that may be granted by the Panel, Nasdaq will provide written notification that the Company’s securities will be delisted and, as such, there can be no assurance that the Company will be able to maintain the listing of its securities on Nasdaq. Announcement • Nov 23
COMSovereign Holding Announces Receipt of Additional Nasdaq Listing Determination COMSovereign Holding Corp. announced that on November 16, 2023, the Company received an additional notice of non-compliance from the Nasdaq Listing Qualifications Staff given that, in addition to the Form 10-K for the year ended December 31, 2022, and the Forms 10-Q for the periods ended March 31, 2023 and June 30, 2023, the Company has not yet filed its Form 10-Q for the period ending September 30, 2023 with the Securities and Exchange Commission, as required by Nasdaq Listing Rule 5250(c)(1). The Company previously requested and was granted a hearing before the Nasdaq Hearings Panel (the “Panel”), at which it will present its plan to regain compliance with the filing requirement, as well as a further stay of any additional action by Nasdaq pending the issuance of the Panel’s decision and the expiration of any extension the Panel may grant to the Company following the hearing. There can be no assurance that the Panel will grant the Company’s request for continued listing or that the Company will be able to file the Delayed Reports within any extension of time that may be granted by the Panel. Announcement • Oct 21
COMSovereign Announces Receipt of Nasdaq Listing Determination, Company to Request Hearing and Further Stay COMSovereign Holding Corp. announced that on October 16, 2023, the Company received notice from the Nasdaq Listing Qualifications Staff (the "Staff") indicating that the Staff had determined to delist the Company's securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company plans to timely request a hearing before the Panel, at which hearing the Company will present its plan to evidence compliance with Nasdaq's filing requirement and request an extension to do so. The Company will also request a further stay of any suspension action pending the Company's hearing and the expiration of any extension the Panel may grant to the Company following the hearing. The Staff's determination was based upon the Company's continued non-compliance with the filing requirement set in Nasdaq Listing Rule 5250(c)(1) because the Company has not yet filed its Form 10-K for the year ended December 31, 2022, and Forms 10-Q for the periods ended March 31, 2023, and June 30, 2023. Announcement • Aug 23
COMSovereign Receives Notice from Nasdaq Regarding Delayed Quarterly Report On August 22, 2023, COMSovereign Holding Corp. announced that on August 16, 2023, it 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 Quarterly Report on Form 10-Q for the period ended June 30, 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, it was unable to file the Form 10-K by the required due date of March 31, 2023, due to quantitative impairment testing and appraisals of goodwill and intangibles in order to comply with U.S. GAAP accounting principles. On July 22, 2023, the Staff granted the Company an exception until October 2, 2023, to file its delinquent Form 10-K for the fiscal year ended December 31, 2022 (the ‘Form 10-K’) and Forms 10-Q for the period ended March 31, 2023, and the period ended June 30, 2023. As a result of this additional delinquency, the Company must submit an update by August 31, 2023, to its plan to regain compliance with respect to the filing requirement. 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. Announcement • May 22
COMSovereign Receives Notice from Nasdaq Regarding Delayed Quarterly Report On May 19, 2023, COMSovereign Holding Corp. 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. Announcement • Jan 31
COMSovereign Holding Provides Compliance Update COMSovereign Holding Corp. announced the filing of its quarterly report on Form 10-Q for the period ended June 30, 2022, a requirement under its continued listing on the Nasdaq Capital Market. "We are pleased to have completed the filing of our second quarter financial report as we continue to make progress on our compliance plan approved by the Nasdaq Panel. The results of the quarter ended June 30, 2022 include the initial impacts of streamlining efforts, highlighted by a decrease in G&A and non-recurring, non-cash charges related to significant reductions in corporate overhead. These actions, combined with the additional business transition initiatives implemented late last year, are designed to refocus the Company, reduce expenses and debt, and improve its operational efficiencies, all critical steps in our plan to move COMSovereign forward," stated David Knight, CEO and President of COMSovereign. As announced on December 1, 2022, the Nasdaq Hearings Panel (the "Panel") granted the Company's request for continued listing on The Nasdaq Capital Market ("Nasdaq"). [2] The continued listing is subject to its evidencing compliance with the minimum bid price requirement and the filing requirements of timely periodic financial reports with the Securities and Exchange Commission, including filing its quarterly reports on Form 10-Q, all to be filed by February 24, 2023, and certain other conditions. On January 17, 2023, the Panel granted the Company an extension of its deadline to meet its minimum bid requirement, pending the results of its 2023 Annual Meeting, scheduled for February 8, 2023, at which stockholders are being asked, amongst other items, to vote on a reverse stock split required to maintain its listing on Nasdaq. The Company's full proxy statement is available for review here: Definitive Proxy Statement. "Our team remains focused on executing against our business transition plan, highlighted by the recent sales and disposition of non-core assets, cost reductions, the paydown of debt and progress with the filing of our quarterly financial reports," Mr. Knight added. "We are continually reviewing our business operations as we seek to further reduce costs and streamline the business as we begin implementing our wireless connectivity roadmap and associated solutions for our partners and customers under our long-term growth plan." The Company is working to file its Third Quarter 2022 periodic report with the Securities and Exchange Commission as soon as practicable and is otherwise taking definitive steps to evidence compliance with all other applicable criteria for continued listing on Nasdaq. The Company must continue to satisfy the time frame granted by the Panel. Announcement • Jan 19
COMSovereign Holding Corp., Annual General Meeting, Feb 08, 2023 COMSovereign Holding Corp., Annual General Meeting, Feb 08, 2023, at 15:30 US Eastern Standard Time. Announcement • Jan 06
An unknown buyer acquired RVision, Inc. from COMSovereign Holding Corp. (NasdaqCM:COMS). An unknown buyer acquired RVision, Inc. from COMSovereign Holding Corp. (NasdaqCM:COMS) on December 29, 2022. The sale of RVision happned due to a lawsuit. The consideration for the sale was the dismissal of the two lawsuits and $100.00.An unknown buyer completed the acquisition of RVision, Inc. from COMSovereign Holding Corp. (NasdaqCM:COMS) on December 29, 2022. Announcement • Dec 08
COMSovereign Holding Corp., Annual General Meeting, Jan 18, 2023 COMSovereign Holding Corp., Annual General Meeting, Jan 18, 2023, at 15:30 US Eastern Standard Time. Agenda: To approve a proposal to authorize the Board, in its sole and absolute discretion, and without further action of the stockholders, to file an amendment to Articles of Incorporation, to effect a reverse stock split of issued and outstanding common stock; to approve an amendment to the Company's 2020 Long-Term Incentive Plan, or the 2020 Plan, to increase the number of shares of common stock authorized for issuance under the 2020 Plan by 30,000,000 shares; to elect the four nominees for director; to ratify the appointment of Marcum LLP and to conduct any other business properly brought before the meeting, to increase the number of shares of common stock authorized for issuance under the 2020 Plan by 30,000,000 shares. Announcement • Feb 12
COMSovereign Holding Corp. has completed a Follow-on Equity Offering in the amount of $24.000001 million. COMSovereign Holding Corp. has completed a Follow-on Equity Offering in the amount of $24.000001 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,647,059
Price\Range: $4.25
Discount Per Security: $0.37 Announcement • Feb 02
ComSovereign Holding Corp. (OTCPK:COMS) entered into an agreement to acquire Skyline Technology Partners, LLC for approximately $14 million. ComSovereign Holding Corp. (OTCPK:COMS) entered into an agreement to acquire Skyline Technology Partners, LLC for $13.9 million on August 24, 2020. The consideration includes, $1.25 million in cash, $1.5 million aggregate principal amount of ComSovereign Holding Corp. term debentures, $11.15 million aggregate principal amount of ComSovereign Holding Corp. convertible debentures, which shall be convertible by each holder into shares of ComSovereign common stock, at a conversion price of $1.74 per share, subject to adjustment. The Membership Units and Profit Units of Skyline issued and outstanding shall be cancelled and extinguished and automatically converted into the right to receive aggregate merger consideration. Pursuant to the merger, Skyline Technology Partners LLC will continue as the surviving entity of the Merger as a wholly-owned subsidiary of ComSovereign Holding Corp.
The transaction is subject to government and regulatory approvals, third party approval, ComSovereign shall have consummated a debt or equity offering, or an offering of debt and equity securities, in which ComSovereign received gross proceeds of at least $5 million, Skyline Warrants shall have been exercised or terminated, and CHC shall have consummated an offering of equity securities in which ComSovereign shall have received gross cash proceeds of at least $12 million and ComSovereign shall have converted into ComSovereign equity an additional $5 million of ComSovereign debt securities currently outstanding. The Board of Directors of Skyline has unanimously approved the transaction and has determined that the Merger is fair to and in the best interests of the members of Skyline, and has also recommended that the members of Skyline approve and adopt this Agreement and approve the Merger. The ComSovereign Holding Corp Board has unanimously approved the transaction. The transaction provides certain termination rights in the event the Closing has not been consummated before September 30, 2020.
Eric M. Hellige of Pryor Cashman LLP acted as legal advisor to ComSovereign Holding Corp. John Gaddis of Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC acted as legal advisor to Skyline Technology Partners, LLC.
ComSovereign Holding Corp. (OTCPK:COMS) completed the acquisition of Skyline Technology Partners, LLC on February 1, 2021. Announcement • Jan 29
COMSovereign Holding Corp. Appoints Kay Kapoor as Board of Director On January 26, 2021 (the Closing Date), COMSovereign Holding Corp. sold an aggregate of 3,855,422 units at a price to the public of $4.15 per unit, each unit consisting of one share of the company’s common stock, par value $0.0001 per share, and a warrant to purchase one share of Common Stock at an exercise price of $4.50 per share, pursuant to that certain Underwriting Agreement, dated as of January 21, 2021, between the Company and Kingswood Capital Markets, division of Benchmark Investments Inc., as representative of the several underwriters named in the Underwriting Agreement. On the Closing Date, in connection with the closing of the Offering, Kay Kapoor joined the Board of Directors of the Company. Ms. Kapoor will serve on the Board until the next annual meeting of stockholders of the Company at which directors are elected, at which time she is expected to stand for re-election. Kay Kapoor, age 57. Since January 2018, Ms. Kapoor has been the Chief Executive Officer of Arya Technologies, LLC. From January 2013 to October 2017, Ms. Kapoor was the Executive Vice President and President of AT&T’s Global Public Sector organization. Announcement • Jan 23
COMSovereign Holding Corp. has completed an IPO in the amount of $16.000001 million. COMSovereign Holding Corp. has completed an IPO in the amount of $16.000001 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 3,855,422
Price\Range: $4.15 Announcement • Dec 23
ComSovereign Holding Corp. Delivers First Tethered Drone-Based LTE Network COMSovereign Holding Corp. announced that its Drone Aviation business unit has delivered its first fully integrated, drone-deployed LTE network system to a customer. This milestone marks the commercial availability of a new tethered drone-based aerial platform that allows customers to "stand up" a fully operational LTE network without reliance on existing infrastructure. Built on Drone Aviation's highly portable WATT 200 tethered drone, the new aerial LTE network platform features the FeatherLite™ airborne LTE communications package developed by Virtual NetCom (VNC), another unit of COMSovereign Holding Corp. Unlike other drone-based telecommunication network solutions, FeatherLite leverages advanced network function virtualization to create a complete 3GPP standards-compliant airborne LTE network with a virtualized LTE EPC (Evolved Packet Core), eNodeB small cell base station, integrated specialized application software, and multiple backhaul solutions. As a complete hosted airborne LTE network solution, the FeatherLite-integrated WATT 200 can be quickly deployed to create a network "bubble" supporting connectivity within range of the drone in response to emergencies and natural disasters, temporarily increase wireless coverage at special events or to provide connectivity in areas without any existing infrastructure. Alternatively, this solution can connect through SATCOM, microwave backhaul, or wired infrastructure to provide a link into existing commercial networks. This entire system is portable, contained within two ruggedized suitcases for easy deployment nearly anywhere. Announcement • Dec 19
COMSovereign's DragonWave-X Signs Latin America Distribution Agreement with RF Engineering & Energy Resources for Telecom 'Any Haul' Radios for Tier-1 Operators COMSovereign Holding Corp. announced that its DragonWave-X, telecom backhaul business unit, has executed a new direct distribution agreement with RF Engineering & Energy Resource to support its tier-1 network customers in Latin America. For over 20 years, RFEQ has been serving the needs of global customers with expertise in advanced connectivity solutions including antennas, cellular routers, IP-TV Solutions, and broadband radios. In response to increased interest received from local operators in Mexico including Telcel, AT&T Mexico and Claro, seeking hardware solutions to support 5G expansion and Huawei network hardware replacement, RFEQ has turned to DragonWave-X as a new radio technology provider. Under terms of the distribution agreement, RFEQ intends to provide its customers with the full suite of 'any haul' access/transport radio products sourced from both DragonWave-X and Virtual NetCom (VNC), another unit of COMSovereign Holding Corp. Core products include DWX's Harmony Enhanced and Harmony Enhanced MC packet microwave solutions and VNC's 5G and LTE access radios and vCore, virtualized core products. Announcement • Dec 17
COMSovereign's VEO Breaks Terabit Data Transmission Boundary with its Innovative Dielectric Silicon Photonics Technology COMSovereign Holding Corp. announced that its silicon photonics unit, VEO Photonics, has been granted a patent on a new technology which has the potential to break the current limit of existing silicon data transmission speeds utilizing standard silicon foundry processes. VEO's dielectric technology will permit a silicon modulator to operate at up to 10x the speed of its PN diode equivalent. With its performance advantage, a 400Gb transceiver can be delivered with half the power of existing units, dramatically increasing total capacity while reducing the high costs currently associated with transmission and cooling of large data centers and telecommunication backbones. Applications for this technology extend to 5G, artificial intelligence, switch fabrics, quantum computing, and many others. VEO's technology can also be easily scaled to support volume manufacturing. Announcement • Nov 17
ComSovereign Holding Corp. Appoints Kay Kapoor as Director ComSovereign Holding Corp. announced that, on recommendation of the Corporate Governance & Nominating Committee, the Board of Directors of the Company voted to expand the size of the Board from six directors to seven directors and to elect Kay Kapoor to fill the new position, effective on the date of closing of the Company’s proposed public offering of common stock and warrants, until her successor is duly elected and qualified or her earlier resignation or removal. On November 11, 2020, Ms. Kapoor accepted such appointment, effective on the Closing Date. Ms. Kapoor has been determined to be independent under Nasdaq listing standards. Announcement • Nov 14
ComSovereign Holding Corp. announced delayed 10-Q filing On 11/13/2020, ComSovereign Holding Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Sep 29
ComSovereign Holding Corp. has filed an IPO in the amount of $20 million. ComSovereign Holding Corp. has filed an IPO in the amount of $20 million.
Security Name: Units
Security Type: Equity/Derivative Unit Announcement • Sep 08
ComSovereign Holding Corp. (OTCPK:COMS) acquired Transform-X, Inc. ComSovereign Holding Corp. (OTCPK:COMS) acquired Transform-X, Inc. on April 1, 2019.
ComSovereign Holding Corp. (OTCPK:COMS) completed the acquisition of Transform-X, Inc. on April 1, 2019. Announcement • Aug 26
ComSovereign Holding Corp. announced that it has received $1.5 million in funding from RedDiamond Partners LLC On August 25, 2020, ComSovereign Holding Corp. (OTCPK:COMS) closed the transaction. The company has amended the terms of the transaction. The company has now issued common shares, convertible promissory notes, and warrants for gross proceeds of $1,500,000. The transaction included participation from single investor. The securities have been issued pursuant to Regulation D. The minimum investment accepted from any outside investor is $1,500,000. On the same date, the company has received $1,250,000 in its second tranche closing. Announcement • Aug 25
ComSovereign Holding Corp. (OTCPK:COMS) agreed to acquire all equity interests of Skyline Technology Partners, LLC for $14 million. ComSovereign Holding Corp. (OTCPK:COMS) agreed to acquire all equity interests of Skyline Technology Partners, LLC for $14 million on August 24, 2020. Terms of the transaction include total consideration of approximately $14 million consisting of cash, debentures, and debentures convertible into common stock. The transaction includes all operations, customers and intellectual property of Fastback. The transaction is expected to close within approximately 30 days and is subject to several closing conditions. Announcement • Jul 18
ComSovereign Holding Corp. announced that it has received $0.2 million in funding On July 23, 2019, ComSovereign Corp. closed the transaction. The company received $200,000 in the transaction from 2 investors. Announcement • Jul 10
ComSovereign Holding Corp. Auditor Raises 'Going Concern' Doubt ComSovereign Holding Corp. filed its 10-K on Jul 06, 2020 for the period ending Dec 31, 2019. In this report its auditor, Haskell & White LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Jul 08
ComSovereign Holding Corp. (OTCPK:COMS) completed the acquisition of Virtual Network Communications, Inc. for approximately $19 million. ComSovereign Holding Corp. (OTCPK:COMS) signed a letter of intent to acquire Virtual Network Communications, Inc. for $21.8 million on February 27, 2020. ComSovereign Holding Corp. (OTCPK:COMS) signed a definitive agreement to acquire Virtual Network Communications, Inc. on May 21, 2020. In connection with the merger, all of the issued and outstanding capital stock of VNC will be automatically cancelled and converted into the right to receive aggregate merger consideration consisting of (i) $2,000,000 in cash (ii) 16,000,000 shares of our common stock, par value $0.0001 per share and (iii) our payment at closing of up to $1,000,000 of outstanding payables of VNC. The transaction is subject to the satisfactory completion of due diligence and the negotiation and execution of a definitive acquisition agreement. Upon-closing, the separate existence of Virtual Network will be ceased. The transaction is subject to shareholder approval of ComSovereign and Virtual Network and Each of the Mohan Tammisetti employment agreement and the Keith Kaczmarek employment agreement shall have been executed, ComSovereign shall have consummated a debt or equity offering, or an offering of debt and equity securities, in which ComSovereign received gross proceeds of at least $3,000,000. The ComSovereign Board unanimously approved the transaction. The transaction is expected to be completed on or before April 15, 2020. Eric M. Hellige of Pryor Cashman LLP acted as legal advisor for ComSovereign Holding. Geoff Willard, A. Vanderlaan and M. Stracqualursi of Orrick, Herrington & Sutcliffe LLP acted as legal advisors for Virtual Network. Clear Trust, LLC is transfer agent for Virtual Network in the deal.
ComSovereign Holding Corp. (OTCPK:COMS) completed the acquisition of Virtual Network Communications, Inc. for approximately $19 million on July 6, 2020. Terms of the transaction include total consideration of approximately $19 million consisting of $3 million in cash - provided primarily by management members- and the issuance of common stock. In connection with the closing of the Acquisition, ComSovereign Holding entered into an employment agreement with Mohan Tammisetti, Virtual Network Communications’s Chief Executive Officer, to serve as our Senior Vice President – Engineering and an employment agreement with Keith Kaczmarek, Virtual Network Communications’s Chief Strategy Officer, to serve as our Senior Vice President – Business Development.