COMSovereign Holding Corp. (NasdaqCM:COMS) agreed to acquire Saguna Networks Ltd. for $12.1 million on May 18, 2021. COMSovereign Holding Corp. entered into a Share Purchase Agreement to acquire Saguna Networks Ltd. on August 17, 2021, as per terms of transaction, purchase price consisting of $0.038157 million in cash and an aggregate of approximately 6.487159 million shares of COMSovereign Holding Corp. common stock.The total consideration consists exclusively of shares of restricted common stock. Approximately 4.486255 million shares of Common Stock of the acquisition consideration will be issued to lenders or other counterparties in satisfaction of certain outstanding loan and contractual obligations of Saguna. An aggregate of approximately 1.297432 million shares of the Common Stock issuable by us will be held in an escrow fund for purposes of satisfying any post-closing indemnification claims of the current Saguna security holders under the Purchase Agreement.

COMSovereign Holding Corp. acquired majority stake in Saguna Networks Ltd on August 18, 2021. . The transaction is expected to close within approximately 15 days subject to traditional closing conditions. The Company expects to complete the transaction, subject to shareholder approval of Saguna Networks Ltd., third party consent and other customary closing conditions, in approximately 30 days in compliance with Israeli law. Pryor Cashman LLP acted as legal advisor to COMSovereign Holding Corp.

COMSovereign Holding Corp. (NasdaqCM:COMS) completed the acquisition of Saguna Networks Ltd. on October 4, 2021.