ConnectM Delivers on Turnaround Plan: Back to OTCQB and Aiming for National Exchange Uplisting

Rhea-AI Summary

ConnectM (OTC: CNTM) announced it has restored current SEC reporting, uplisted from the OTC Expert Market to OTCQB, and engaged ThinkEquity to advise on a potential uplisting to a major U.S. exchange. Management reports sustained operational progress including ~60% year-to-date revenue growth through Q3 2025, >$10 million of debt and derivative retirements in 2025, and a move from an initial ~$50 million stockholders’ deficit to an estimated pro forma $0.75M equity after recent acquisitions. The company launched Keen Labs and completed multiple acquisitions to expand electrification, energy storage and logistics capabilities.

Positive

• ~60% year-to-date revenue growth through Q3 2025
• Retired $10M+ of debt and derivative liabilities in 2025
• Pro forma $0.75M positive stockholders’ equity after acquisitions
• Uplisted from OTC Expert Market to OTCQB
• Launched Keen Labs and closed multiple strategic acquisitions

Negative

• Nasdaq delisting following de-SPAC redemption and stock decline
• Initial post–de-SPAC stockholders’ deficit of approximately $50M
• Future uplisting depends on market conditions and listing requirements
• Plans to raise growth capital may dilute existing shareholders

News Market Reaction

+22.22%

1 alert

+22.22% News Effect

On the day this news was published, CNTM gained 22.22%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Post de-SPAC price drop: $10 to ~$1 per share Initial deficit: ≈$50 million YTD revenue growth: ≈60% growth +3 more

6 metrics

Post de-SPAC price drop $10 to ~$1 per share Stock move after July 2024 de‑SPAC combination

Initial deficit ≈$50 million Initial stockholders’ deficit after de‑SPAC

YTD revenue growth ≈60% growth Year-to-date through Q3 2025

Debt/liability reduction >$10 million Debt and derivative liabilities retired YTD 2025

Pro forma equity ≈$0.75 million Estimated positive stockholders’ equity after Amperics and Geo Impex

Distribution agreement $1.7 million Initial Greentech Renewables Keen smart heat pump deal

Market Reality Check

Price: $0.2900 Vol: Volume 223,582 is below 2...

low vol

$0.2900 Last Close

Volume Volume 223,582 is below 20-day average 407,196 (relative volume 0.55x). low

Technical Price 0.4151 is trading above 200-day MA at 0.33, after a 7.24% daily gain.

Peers on Argus

CNTM gained 7.24% while higher-affinity peers like EPAZ, SBIG and WINKF showed d...

CNTM gained 7.24% while higher-affinity peers like EPAZ, SBIG and WINKF showed declines between -6.37% and -13.06%, indicating stock-specific strength rather than a sector-wide move.

Historical Context

5 past events · Latest: Dec 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Product launch	Positive	+7.2%	Keen Labs introduced Hi-C™ hybrid energy storage line for high-power uses.
Dec 08	Shareholder letter	Positive	+1.4%	Annual letter detailed turnaround to positive equity and strong 2025 growth.
Dec 03	Operational update	Positive	+7.9%	Announced $35M organic revenue run rate and return to positive equity.
Dec 01	Turnaround milestone	Positive	+22.2%	Reported return to OTCQB, current SEC status and hiring ThinkEquity for uplisting.
Nov 20	JV announcement	Positive	-5.0%	Formed StarConnectM JV to build AI-powered connected vehicle platforms.

Pattern Detected

Recent operational and turnaround updates have generally been followed by positive price reactions, with only one notable divergence on AI/joint-venture news.

Recent Company History

Over the last few weeks, ConnectM has consistently highlighted its turnaround: moving from a roughly $50M deficit to about $0.75M positive equity, restoring current SEC reporting, and uplisting back to OTCQB. Operationally, it reported strong Q3 2025 growth, a $35M organic revenue run rate, and multiple acquisitions plus the launch of Keen Labs and the StarConnectM JV. These updates, including the current uplisting and turnaround milestone release, have typically coincided with double‑digit percentage gains, reinforcing a pattern of positive market responses to de‑risking and growth-focused news.

Market Pulse Summary

The stock surged +22.2% in the session following this news. A strong positive reaction aligns with p...

Analysis

The stock surged +22.2% in the session following this news. A strong positive reaction aligns with prior responses to ConnectM’s turnaround milestones, such as the 22.22% move on similar uplisting news. The company highlighted ~60% YTD revenue growth, >$10M in liability reductions, and a shift from a roughly $50M deficit to about $0.75M positive equity. With volume at 223,582 below its 20‑day average, sustainability of a move would depend on whether follow‑up execution and additional updates attract broader participation.

Key Terms

otcqb, expert market, sec reporting, de-spac, +4 more

8 terms

otcqb financial

"uplist to OTCQB as a step toward a major U.S. exchange"

OTCQB is a tier of the over‑the‑counter (OTC) market where smaller or developing companies list their shares for trading without being on a major stock exchange. Think of it like a well‑kept side street market: companies must meet basic reporting and transparency checks so investors get more information than the lowest OTC tier, but trading is usually less liquid and riskier than on big exchanges. Investors care because OTCQB listings can offer early access to growth stories but come with higher price swings and greater chance of limited resale options.

expert market financial

"Lost its Nasdaq listing and ultimately landed on the OTC Expert Market"

An expert market is a trading venue or segment where a designated professional or market maker actively runs the buying and selling process for certain securities, especially those that are complex or thinly traded. Like an auctioneer at a niche market who knows the products and keeps transactions flowing, the expert helps set fair prices and provide liquidity; for investors this affects how easily they can trade, the transparency of prices, and potential costs or risks when buying or selling.

sec reporting regulatory

"Regain current SEC reporting status"

SEC reporting is the process by which publicly traded companies regularly share important financial information with the government agency responsible for overseeing the stock market. This information helps investors understand a company's financial health and make informed decisions, much like how a doctor’s check-up provides insight into a person's well-being. Consistent and transparent reporting ensures trust and fairness in the financial markets.

de-spac financial

"After its de-SPAC combination in July 2024, ConnectM:"

A de-spac occurs when a company that was created through a special type of public listing, called a SPAC, officially becomes a regular publicly traded company. This process is similar to a startup moving out of its temporary workspace into a permanent office, allowing investors to see the company's true value and operations. For investors, de-spacs are important because they mark the transition to a more established company, often leading to clearer financial information and investment opportunities.

nasdaq delisting regulatory

"provides an update on its capital markets turnaround since its Nasdaq delisting"

Nasdaq delisting is when a company’s shares are removed from trading on the Nasdaq stock exchange because it no longer meets listing rules or the company withdraws voluntarily. For investors this matters because it can make the stock harder to buy or sell, reduce transparency and analyst coverage, and often signals financial or governance problems — like a storefront moving from a busy shopping mall to a less-visited side street, reducing customers and visibility.

industrial iot technical

"technology subsidiary focused on AI, industrial IoT, battery systems"

Industrial IoT (Industrial Internet of Things) is a system of connected sensors, machines and control devices in factories, power plants and transportation networks that collect real-time data and allow remote monitoring and automated adjustments. Think of it like a smart home for heavy equipment: tiny sensors act like thermostats and motion detectors, giving operators instant feedback and control. For investors, IIoT can cut costs, boost output and predict breakdowns—changing revenue, margins and capital needs—while also introducing cyber and implementation risks.

virtual power plants technical

"adding next-generation hybrid battery technology to support virtual power plants"

A virtual power plant is a coordinated network of many small energy sources — like rooftop solar panels, batteries, and flexible demand — that are pooled and controlled to act like a single power plant. Investors care because it creates new revenue and cost-saving opportunities by selling power and grid services, improving reliability and smoothing demand; think of it as combining many backyard generators to behave like a utility-scale asset that can be monetized and scaled.

ai hyperscalers technical

"investor appetite for companies enabling AI hyperscalers, battery power"

AI hyperscalers are the very large technology providers that build and operate massive compute and data centers specialized for artificial intelligence, offering services like model hosting, large-scale processing and APIs that other companies rent. They matter to investors because they dominate the infrastructure and customer relationships that power AI products—think of them as the utilities or highways of AI—so their pricing, capacity and partnerships strongly influence who wins or loses in AI markets.

AI-generated analysis. Not financial advice.

Company moved from Expert Market to OTCQB, restored SEC reporting, continues to grow revenue and builds Keen Labs platform in fast-growing battery and energy storage markets

MARLBOROUGH, Mass., Dec. 01, 2025 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (OTC: CNTM) (“ConnectM” or the “Company”), a constellation of technology-driven businesses powering the modern energy economy, today provides an update on its capital markets turnaround since its Nasdaq delisting in May 2025 and announces that it has engaged ThinkEquity LLC as its investment bank to advise on an anticipated uplisting to a major U.S. exchange. Management believes investor appetite for companies enabling AI hyperscalers, battery power, energy storage and backup power solutions remains strong and that its Keen Labs subsidiary gives ConnectM focused exposure to these trends.

From De-SPAC Stress to OTCQB

Where we were

After its de-SPAC combination in July 2024, ConnectM:

• Saw its stock fall from $10 to roughly $1 per share as more than 99% of SPAC shares were redeemed
• Faced an initial stockholders’ deficit of approximately $50 million and a limited public float
• Lost its Nasdaq listing and ultimately landed on the OTC Expert Market, with extremely limited liquidity
  
  

Where we told stockholders we were going

In May 2025, management laid out an ambitious plan to:

• Regain current SEC reporting status
• Move off the lower OTC tier and uplist to OTCQB as a step toward a major U.S. exchange
• Grow revenue in electrification, logistics and AI-driven energy platforms
• Reduce liabilities, simplify the balance sheet and raise growth capital
  
  

Strong Execution by Management

As of today, management has delivered on all key pillars of its plan. “Our journey since the Nasdaq delisting has been challenging, but also very focused,” said Bhaskar Panigrahi, Chief Executive Officer and Chairman of ConnectM. “We told stockholders we would get current on our SEC filings, move off the Expert Market and onto OTCQB, grow revenue, reduce debt and position ConnectM for a return to a major exchange. We believe we have delivered on those commitments.”

1. Back to current SEC reporting and a higher trading tier

• Filed all outstanding SEC reports and restored current reporting status
• Uplisted from the OTC Expert Market to the OTCQB Venture Market under the symbol “CNTM”
  
  

2. Delivering strong revenue growth

• Generated double-digit year-over-year revenue growth in each quarter since the Nasdaq delisting
• Achieved approximately 60% year-to-date revenue growth through Q3 2025, supported by both organic growth and acquisitions
  
  

3. Strengthening the balance sheet

• Retired more than $10 million of debt and derivative liabilities year-to-date 2025 through conversions and structured settlements
• Moved from an initial stockholders’ deficit of approximately $50 million shortly after the de-SPAC transaction to an estimated positive stockholders’ equity of approximately $0.75 million, pro forma for the acquisitions of Amperics and Geo Impex
  
  

4. Building a platform in high-growth electrification and energy storage markets

Since May 2025, ConnectM has:

• Launched Keen Labs, a wholly owned technology subsidiary focused on AI, industrial IoT, battery systems and distributed energy platforms
• Acquired Amperics, adding next-generation hybrid battery technology to support virtual power plants and energy-intelligent AI data centers
• Acquired Geo Impex & Logistics, securing a regulatory-approved site for an AI-driven data center and multimodal logistics park
• Completed acquisitions of Air Temp Service Co. and Cambridge Energy Resources Ltd., expanding its HVAC services and distributed/telecom energy footprint
• Formed StarConnectM LLP, a joint venture with Star Engineers in India, to develop AI-powered connected vehicle platforms on Keen Labs’ smart mobility technology
• Signed an initial $1.7 million distribution agreement with Greentech Renewables to scale its Keen smart heat pump technology across Greentech’s U.S. dealer network
  
  

Management believes investor appetite for battery power, energy storage and backup power solutions remains strong and that Keen Labs gives ConnectM focused exposure to these trends.

“Very few companies make it back from the Expert Market,” Panigrahi added. “We did it while growing revenue at double-digit rates, cutting liabilities, closing strategic acquisitions and launching Keen Labs and StarConnectM. We believe this combination of operational momentum and financial clean-up is exactly what longer-term investors look for in a turnaround story.”

Looking Ahead

Near- and medium-term priorities include:

• Scaling revenue and margins across the Owned Service Network, Logistics and Keen Labs technology platforms.
• Continuing to reduce liabilities and raise growth capital on an opportunistic basis.
• Integrating recent acquisitions and pursuing targeted M&A in electrification, logistics and AI-driven energy infrastructure.
• Advancing Keen Labs’ battery, distributed energy and AI infrastructure initiatives, including ongoing discussions with leading AI hyperscalers and data center partners regarding potential collaborations and deployments.
• Working with ThinkEquity LLC to refine the Company’s capital markets strategy and prepare its governance, reporting and capital structure for a potential uplisting to a major U.S. exchange, subject to market conditions and applicable listing requirements.
  
  

About ConnectM Technology Solutions, Inc.

ConnectM is a constellation of technology-driven businesses powering the modern energy economy. Through its Owned Service Network, Managed Solutions, Logistics and technology subsidiary Keen Labs, the Company delivers AI-powered electrification, distributed energy, last-mile delivery and industrial IoT solutions to customers worldwide. For more information, visit www.connectm.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q that we file with the Securities and Exchange Commission. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations
ConnectM Technology Solutions, Inc.
+1 617-395-1333
irpr@connectm.com

FAQ

What did ConnectM (CNTM) announce on December 1, 2025 about SEC reporting and market tier?

ConnectM announced it restored current SEC reporting and uplisted from the OTC Expert Market to OTCQB under symbol CNTM.

How much revenue growth did ConnectM (CNTM) report through Q3 2025?

Management reported approximately 60% year-to-date revenue growth through Q3 2025.

What balance-sheet improvements did ConnectM (CNTM) report in the December 1, 2025 announcement?

The company said it retired over $10 million of debt and moved from a ~$50M deficit to an estimated pro forma $0.75M equity.

What strategic moves did ConnectM (CNTM) make to expand into energy and AI infrastructure?

ConnectM launched Keen Labs, acquired Amperics, Geo Impex, Air Temp Service Co. and Cambridge Energy Resources, and formed StarConnectM LLP.

What is the purpose of ThinkEquity's engagement with ConnectM (CNTM)?

ThinkEquity was engaged to advise on refining capital markets strategy and a potential uplisting to a major U.S. exchange.

Does ConnectM (CNTM) guarantee an uplisting to a major exchange and by when?

No—ConnectM said the uplisting is subject to market conditions and applicable listing requirements, with no guaranteed timeline.