Benzinga | Jul 16, 2021 09:14AM EDT

COMSovereign Acquires RF Engineering & Energy Resource For $2.75M Stock And Cash

* COMSovereign Holding Corp (NASDAQ:COMS) acquired RF Engineering & Energy Resource (RFEQ) for total consideration of $2.2 million worth shares and $0.55 million cash.

* RFEQ is a specialist in the design, outsourced manufacturing, and distribution of ultra-high performance microwave antennas and other branded solutions for the wireless and wireline industries in the U.S. and Latin America.

* This accretive acquisition brings many immediate benefits to COMSovereign, including enhancing in-house wireless product development capabilities, adding talented and experienced engineers, and contributing a fully developed sales and distribution channel serving tier-one customers.

* RFEQ CEO Thomas Mansfield and the entire team will join COMSovereign under the arrangement.

* ComSovereign held $10.9 million in cash and equivalents as of Mar. 31, 2021.

* Price action: COMS shares traded higher by 2% at $2.04 in the premarket session on Friday.