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COMSovereign Holding Corp. (NASDAQ: COMS) has announced its acquisition of Innovation Digital, LLC for a total consideration of $8 million, comprising $1.6 million in cash and convertible debt, and $6.4 million in restricted common stock. The deal aims to enhance COMSovereign’s signal processing capabilities, contributing approximately $3 million in net revenue this year from existing clients. Dr. Scott Velasquez, founder of Innovation Digital, will join COMSovereign as Chief Research Officer, overseeing several business units. The transaction is expected to close within 10 days.
COMSovereign Holding Corp. (NASDAQ: COMS) has announced its agreement to acquire RVision, Inc. for approximately $5.58 million, paid entirely in restricted common stock. The transaction, expected to close within 15 days, aims to enhance COMSovereign's offerings in 5G communication systems and smart city solutions. RVision specializes in advanced video and communication products for government and commercial sectors, serving global military and allied customers. This acquisition is anticipated to strengthen synergies in smart city developments, leveraging advanced technologies like IoT and AI.
COMSovereign Holding Corp. (NASDAQ: COMS) reported its financial results for the fiscal year ended December 31, 2020, with revenues of $9.4 million and a gross profit of $4.8 million, reflecting a 51% gross margin. The company ended the year with $730,502 in cash and raised approximately $45 million in early 2021, paying off $20.4 million in maturing debt. The company aims to ramp up production at its new Tucson facility and anticipates increasing revenues from product sales starting in Q2 2021. COMSovereign plans to seek further acquisitions to enhance its telecom solutions.
COMSovereign Holding Corp. (NASDAQ: COMS) announced its participation in the Q1 Virtual Summit hosted by the Investor Summit Group on March 25, 2021. CEO Dan Hodges will present the company’s advancements in 4G LTE and 5G communication systems, highlighting its infrastructure solutions and recent milestones, including acquisitions and enhanced manufacturing capabilities. The presentation will take place at 1:00 PM ET and will include one-on-one meetings with investors. Interested parties can register for the webcast online.
COMSovereign Holding Corp. (NASDAQ: COMS) announced the appointment of Bud Patterson as Chief Operating Officer, bringing over 30 years of experience in wireless communication systems. Patterson previously led operations at Silver Bullet Technology and is expected to enhance product production and operational efficiency. He will oversee the Tucson facility's launch of InduraPower battery production and 4G LTE/5G radio products. COMSovereign has secured over 121 patents and serves more than 700 telco customers worldwide, indicating strong growth potential in the 5G sector.
COMSovereign Holding Corp. (NASDAQ: COMS) announced the acquisition of Israel-based Sky Sapience for approximately $12.7 million, comprising $2.7 million in cash and 2.55 million shares of common stock. This acquisition will enhance COMSovereign's offerings in 4G and 5G aerial communication systems, providing vital national security solutions to clients including the U.S. Department of Homeland Security. The addition of Sky Sapience's tethered drone technology is expected to drive synergies and expand market reach, fulfilling growing demands for advanced surveillance and communications.
COMSovereign Holding Corp. (NASDAQ: COMS) has engaged MZ Group to spearhead a strategic investor relations initiative aimed at enhancing visibility in the investment community. Recently uplisted to NASDAQ, the company raised approximately $43.6 million through public stock offerings, enabling the acquisition of Fastback Networks and establishing a 140,000 sq. ft. manufacturing facility in Tucson, Arizona. COMSovereign positions itself to benefit from the growing demand for 4G and 5G solutions by capitalizing on its technological capabilities and expanding product offerings across telecom markets.
COMSovereign Holding Corp. (NASDAQ: COMS) announced the appointment of Martin R. Wade III as Chief Financial Officer, effective February 20, 2021, succeeding Brian T. Mihelich. Wade brings 40 years of experience in business strategy and has held senior positions at major investment firms. This leadership transition comes as COMSovereign has secured over $40 million in growth capital following its Nasdaq listing. The company aims to enhance its growth plan, focusing on ramping up product production and commercialization of next-gen wireless technologies.
COMSovereign Holding Corp. (NASDAQ: COMS) announced a reseller agreement with Hughes Network Systems (NASDAQ: SATS) to integrate VNC's RAID 4G/LTE communication solution into Hughes' SatCell Connect service. This partnership aims to provide portable, secure, and rapidly deployable communication capabilities for emergency response and remote operations. The RAID system enhances wireless connectivity through satellite backhaul, ensuring 4G and upcoming 5G services are available even in areas lacking infrastructure.
COMSovereign Holding Corp. (NASDAQ: COMS) has successfully closed an underwritten public offering, issuing 6,494,117 shares of common stock at a price of $4.25 per share. This resulted in gross proceeds of approximately $27.6 million, following the full exercise of the underwriter's over-allotment option. Kingswood Capital Markets served as the Sole Book Runner for this offering. A final prospectus related to this offering was filed with the SEC on February 10, 2021, providing further details about the transaction.