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COMSovereign Holding Corp. (COMS) stock rallied today: Here’s Why

COMSovereign Holding Corp. (COMS) stock rallied in the intraday trading following the announcement of Google Certification for Android TV-Powered IPTV Box. COMS stock price saw a push of 12.45% to reach $1.31 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 13.70% at closing. Let’s take a closer look at this stock.

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COMSovereign Holding Corp. operates by providing the design and development of technologically advanced telecom solutions to enterprises and government units across the globe. The stock has a market cap of $91.9 million and 198,985 average trading volume. The company was founded in 2014 and its headquarters are located in Dallas, Texas.

What’s Happening?

COMS stock today announced that its RF Engineering & Energy Resource unit has received Google’s “Android TV Operator Tier” certification for its new IPTV (Internet Protocol Television) device. This certification has enabled the COMS stock to customize completely its Android TV software experience that include user interface, features and functionality.  Furthermore, this certification also provides customer support to service providers and system integrators.

This is a significant achievement of COMS stock which will provide an opportunity to capitalize on the immense growth in streaming and over-the-top media services. The management of the stock is anticipating to cofunction with content stream providers and operators to provide a customized and unique experience to their subscribers.

Previous Announcement by COMS stock:

On October 04, 2021, COMS stock did announce the promotion of Fran Jandjel, MBA, CPA, CGMA, ACMA, to new Chief Financial Officer (“CFO”) and Executive Vice President. Ms. Jandjel replaced Martin R. Wade III who stepped down from his role of Chief Financial Officer and Executive Vice President. Ms. Jandjel has profound experience of 25 years in strategic accounting and financial leadership.

COMS stock files Form S-3 Mixed “Shelf” Registration with SEC:

In the first week of September, COMS stock did announce that it had filed the mixed shelf registration statement on Form S-3 with the Securities and Exchange Commission. The COMSovereign stock will be able via the shelf registration statement to sell up to $65 million of various types of securities for the next three years.

Wrap Up:

The sentiment is positive for COMS stock after the recent announcement by the company. It would be interesting to see how long this trend will persist as every rise is followed by a decline and vice versa. As of now, COMS stock has lost almost 79% in 2021.

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