ComSovereign Raises $10M Via Lind Partners

ComSovereign Holding Corp COMS inked an agreement to raise $10 million from The Lind Partners managed Lind Global Asset Management IV, LLC.
The proceeds will be utilized to further invest in increased production across business units, fulfill additional customer purchase orders, advance the ongoing build-out of its Tucson facility, supporting its drone and in-house radio manufacturing activities, and advancing its strategic acquisition efforts including the Innovation Digital acquisition.
The debt involves an $11 million 10% convertible note with a 2-year maturity, a fixed conversion price of $4.50 per share, and warrants to purchase 1.82 million shares at an exercise price of $4.50 per share.
ComSovereign will have to make monthly principal and interest payments at 6% p.a. six months after closing.
Price action: COMS shares traded higher by 0.43% at $2.31 on the last check Friday.