Drone Aviation and ComSovereign, a U.S.-based consortium of businesses involved in 5G telecommunications radio, power systems and silicon photonics, have completed their merger for an undisclosed sum.
The newly combined company will operate as ComSovereign Holding and will focus on providing wireless carrier customers with 5G/NR connectivity and carrier backhaul capability for fixed infrastructure and mobile aerial communications platforms, Drone Aviation said Wednesday.
Dan Hodges, board chairman, CEO and co-founder of ComSovereign, will serve as chairman and CEO of the combined entity. David Aguilar, former chairman of Drone Aviation, will continue to serve as a director, while Dan Erdberg stepped down from his post as CEO of Drone Aviation.
"Through this unique and synergistic business combination, ComSovereign gains an immediate capability, enabling us to emplace entire LTE networks, from small private networks to city-scale systems, in a matter of days instead of years,” Hodges said.
Fordham Financial Management’s ThinkEquity division served as ComSovereign’s financial adviser in the transaction.
Drone Aviation decided to postpone its planned reverse stock split due to the merger and board changes.