Shares of telecom solutions provider COMSovereign Holding (NASDAQ:COMS) have been seeing massive gains in trading volume over the past few weeks.
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COMS has about 161.2 million outstanding shares and over the last 10 days, its average trading volume has been almost 198 million shares. This rise in volumes has been accompanied by nearly 50% gains in its stock price.
Earlier this month, COMS announced an approval for continued listing on Nasdaq from a Nasdaq hearing panel. This listing is subject to COMS complying with the minimum bid price requirement by February 2, 2023, and the filing requirements by February 24, 2023.
Further, the company’s annual meeting on January 18, 2023, when stockholders are expected to vote on a reverse stock split, remains a key event to keep an eye on.
The reverse split is expected to be in the range of 1-for-75 to 1-for-225. Despite the recent price gains, COMS shares are still down 88.3% so far this year.
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