After receiving notification from the regulator, COMSovereign Holding Corp. (NASDAQ: COMS) shares jumped 46.07% to $0.0986 on Wednesday in premarket trading.
What notification did COMS receive?
COMSovereign (COMS) said that on November 16, 2022, it received notification from The Nasdaq Stock Market LLC’s Listing Qualifications Department (“Nasdaq”). In accordance with Nasdaq Listing Rule 5250(c)(1), the notification said that COMSovereign’s failure to timely submits its Quarterly Report on Form 10-Q for the period ending September 30, 2022 (the “Q3 2022 Form 10-Q”) with the Securities and Exchange Commission (the “SEC”).
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A Nasdaq Hearings Panel has previously heard COMS’s strategy to be back in compliance with the reporting requirement, which includes filing the Q3 2022 Form 10-Q with the SEC (“the Panel”). COMS asked at the hearing that its stocks remain listed on Nasdaq until the company complies with all applicable listing requirements, such as the filing requirement and the $1.00 minimum bid price requirement, which the Panel is now considering. There is no guarantee that the Panel will approve the Company’s request or that COMSovereign will be able to timely comply with the requirements of any extension the Panel may grant. As soon as COMS receives the Panel’s decision, it will update the market.
What has COMS done regarding the listing status?
COMS updated its shareholders on its public listing status on Nasdaq as well as its development in a CEO Update Letter. COMSovereign (COMS) stated that it is making every effort to resolve the filing delays brought on by staff cutbacks and turnover as well as the stock price-related issues that might lead to the delisting of its shares from Nasdaq. In order to help it complete its quarterly financial reports, COMS recently hired more help. To that end, it has asked for a hearing before the Nasdaq Hearings Panel and has been granted a stay of further action until the Panel’s judgment is released.