The COMSovereign Holding Corp (NASDAQ: COMS) stock rallied 17.9% after naming a new Chief Executive Officer (CEO). The company’s board unanimously appointed David Knight as their new substantive CEO. David had been serving as the firm’s interim CEO.
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The last significant announcement from Comsovereign was by David Knight eight weeks into his role as interim CEO when he shared his initial thoughts about the company. The board was quite impressed by his vision for the company and decided to appoint him as the CEO.
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Mr Knight identified three crucial areas which required his immediate attention, including the timely filing of their quarterly report with the Securities and Exchange Commission (SEC), securing interim capital to fund the company’s operations and meeting the requirements for continued listing on the Nasdaq exchange.
He had already taken steps to rectify two main concerns by hiring external consultants to help the company file all its pending quarterly reports with the SEC. He had also requested a hearing before the Nasdaq Hearings Panel to stop its pending delisting from the exchange.
David also confirmed that they were currently discussing the company’s interim and long-term funding needs with several parties. Securing additional funding would help the company would help it improve its production and take care of some crucial back-office tasks, such as the timely compilation of its financial reports.
Today’s announcement triggered a positive response from investors, but the stock later gave up most of its gains as sellers overpowered buyers. Nevertheless, Comsovereign shares have formed a bottoming pattern this month and could be headed higher under the new CEO.
Retail interest in the stock remains high as millions of shares change hands daily.
*This is not investment advice.
COMSovereign stock price.
The ComSovereign stock price rallied 17.93% to trade at $0.1256, rising from Monday’s closing price of $0.1065.
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