Benzinga | Mar 31, 2021 11:05AM EDT

ComSovereign Shares Are Trading Higher On Acquiring RVision For $5.6M

* 4G LTE Advanced and 5G Communication Systems and Solutions developer ComSovereign Holding Corp (NASDAQ: COMS) inked an agreement to acquire RVision. It is a video and communications products and physical security solutions developer for government and private sector commercial industries for a purchase price of $5.58 million consisting exclusively of shares.

* RVision CEO Brian Kelly will continue along with an additional position of EVP, Business Development for ComSovereign.

* RVision's focus on technical innovation in electro-optical sensors can immediately benefit ComSovereign aerial platform business as per ComSovereign CTO Dr. Dustin McIntire.

* RVision's products, along with ComSovereign's advanced access and backhaul radio technologies, can play a crucial role in accomplishing 5G-enabled Smart Cities and Campuses.

* ComSovereign held cash worth $0.73 million as of Dec. 31, 2020.

* Price action: COMS shares traded higher by 4.62% at $2.61 on the last check Wednesday.