Post by icemandios on Feb 13, 2023 14:26:36 GMT
COMSovereign Announces an 80% Year-Over-Year Reduction of Outstanding Secured Debt
PR Newswire
Debt Reduction is a Critical Element of the Business Transition Plan as the Company Continues to S treamline Operations, Reduce Costs, and Identify Additional Revenue-Generating Opportunities
TUCSON, Ariz. , Feb. 13, 2023 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems today provided an update on its debt reduction efforts. As of December 31, 2022 , outstanding secured debt totaled approximately $2,200,000 , representing a reduction of approximately 80% from levels reported for the year ended December 31, 2021 .
"Central to our business transition efforts is having a solidified financial foundation, not only by refocusing our operations and cutting costs, but substantially reducing or eliminating our senior secured and convertible debt, which can provide COMSovereign with added fiscal flexibility. We are grateful for our lender's ongoing support which is enabling us to execute on our plan and complete our required regulatory filings," said David Knight , CEO and President of COMSovereign.
The Company intends to file its 10-Q for the quarter ended September 30, 2022 on or before February 24, 2023 , bringing the Company current with all Security Exchange Commission and Nasdaq financial reporting requirements.
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter .
About COMSovereign Holding Corp.
COMSovereign Holding Corp. (Nasdaq: COMS) has assembled a portfolio of communications technology companies that enhance connectivity across the entire data transmission spectrum. Through strategic acquisitions and organic research and development efforts, COMSovereign has become a U.S.-based communications provider able to provide 4G LTE Advanced and 5G telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com .
PR Newswire
Debt Reduction is a Critical Element of the Business Transition Plan as the Company Continues to S treamline Operations, Reduce Costs, and Identify Additional Revenue-Generating Opportunities
TUCSON, Ariz. , Feb. 13, 2023 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems today provided an update on its debt reduction efforts. As of December 31, 2022 , outstanding secured debt totaled approximately $2,200,000 , representing a reduction of approximately 80% from levels reported for the year ended December 31, 2021 .
"Central to our business transition efforts is having a solidified financial foundation, not only by refocusing our operations and cutting costs, but substantially reducing or eliminating our senior secured and convertible debt, which can provide COMSovereign with added fiscal flexibility. We are grateful for our lender's ongoing support which is enabling us to execute on our plan and complete our required regulatory filings," said David Knight , CEO and President of COMSovereign.
The Company intends to file its 10-Q for the quarter ended September 30, 2022 on or before February 24, 2023 , bringing the Company current with all Security Exchange Commission and Nasdaq financial reporting requirements.
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter .
About COMSovereign Holding Corp.
COMSovereign Holding Corp. (Nasdaq: COMS) has assembled a portfolio of communications technology companies that enhance connectivity across the entire data transmission spectrum. Through strategic acquisitions and organic research and development efforts, COMSovereign has become a U.S.-based communications provider able to provide 4G LTE Advanced and 5G telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com .