COMSovereign Holding, a developer of 5G and 4G LTE communications systems, is selling 3,855,422 units consisting of a share of common stock and one warrant at a price of $4.15 per unit through a public offering to raise $16 million in gross proceeds.
The company said Thursday it has secured approval from Nasdaq to list its common stock and warrants on the exchange using ticker symbols “COMS” and “COMSW,” respectively, and plans to use the net proceeds to repay debt, acquire new companies and products and support inventory production and marketing operations and other general corporate purposes.
The offering is expected to kick off on Friday, Jan. 22, and close on Jan. 26, subject to customary closing conditions.
COMSovereign has given underwriters a 45-day option to buy up to 578,312 additional units at a price less the underwriting commissions and discounts.
Kingswood Capital Markets serves as the sole book runner while Dawson James Securities acts as co-manager for the public offering.
