Benzinga | Oct 27, 2021 10:33AM EDT

ComSovereign Holding Announces Pricing Of Public Offering Of 320K Shares Of Series A Cumulative Redeemable Perpetual Preferred Stock

COMSovereign Holding Corp. (NASDAQ:COMS) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions today announced the pricing of its public offering of 320,000 shares of its 9.25% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") at a price to the public of $25.00 per share. Gross proceeds from the offering are expected to be approximately $8 million, before deducting offering expenses.

The shares of Series A Preferred Stock are expected to start trading on The Nasdaq Capital Market on October 27, 2021, under the symbol "COMSP." The offering is expected to close on or about October 29, 2021, subject to the satisfaction of customary closing conditions.

The underwriters have been granted a 30-day option to purchaseup to 48,000 additional shares of Series A Preferred Stock from the Company, exercisable in whole or in part, solely to cover over-allotments, at the public offering price less the underwriting discount.

The Company intends to use the net proceeds from the offering for the repayment of outstanding indebtedness and for general corporate and working capital purposes.

The Benchmark Company, LLC is acting as sole book-running manager for the offering. Aegis Capital Corp. is acting as lead manager and Spartan Capital Securities, LLC is acting as co-manager.

The Series A Preferred Stock was offered under the Company's shelf registration statement on Form S-3 (File No. 333-259307), which was declared effective by the Securities and Exchange Commission ("SEC") on September 14, 2021. A preliminary prospectus supplement and an accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. A final prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained, when available, by contacting The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th Floor, New York, New York 10155 or by calling (212) 312-6700 or by emailing prospectus@benchmarkcompany.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.