COMSovereign Acquires RF Engineering & Energy Resource For $2.75M Stock And Cash

COMSovereign Holding Corp COMS acquired RF Engineering & Energy Resource (RFEQ) for total consideration of $2.2 million worth shares and $0.55 million cash.
RFEQ is a specialist in the design, outsourced manufacturing, and distribution of ultra-high performance microwave antennas and other branded solutions for the wireless and wireline industries in the U.S. and Latin America.
This accretive acquisition brings many immediate benefits to COMSovereign, including enhancing in-house wireless product development capabilities, adding talented and experienced engineers, and contributing a fully developed sales and distribution channel serving tier-one customers.
RFEQ CEO Thomas Mansfield and the entire team will join COMSovereign under the arrangement.
ComSovereign held $10.9 million in cash and equivalents as of Mar. 31, 2021.
Price action: COMS shares traded higher by 2% at $2.04 in the premarket session on Friday.