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Posted December 10, 2019
JACKSONVILLE, Fla., Dec. 4, 2019 /PRNewswire/ -- Drone Aviation Holding Corp. (OTCQB: DRNE) ("Drone Aviation" or the "Company"), a developer of specialized, tethered aerial monitoring and communications platforms serving national defense and homeland security customers, announced today that it has closed on a merger with ComSovereign Corp, a U.S.-based consortium of 5G telecommunications radio, silicon photonics and power systems designed for the next generation of global networks.
The newly merged company will focus on supplying ComSovereign's existing global wireless carrier customer base with new infrastructure technology including industry leading carrier backhaul capability and 5G/NR connectivity for fixed and mobile aerial applications. As a result of the transaction, Drone Aviation has postponed FINRA's previously approved reverse stock split of its shares due to the merger and the change in the board structure. The name of the Company will be changed from Drone Aviation Holding Corp. to ComSovereign Holding Corp. as soon as possible in accordance with State, FINRA and SEC notice requirements, currently expected by December 15th, 2019.
As part of the merger, the Company has enacted a number of management and board personnel changes including the resignation of its CEO and Director, Dan Erdberg, and the appointment of Dan Hodges as Chairman and CEO. Drone Aviation's former Chairman, David Aguilar, will remain as a Director. The members of the Board of Directors of the combined Company include leaders from the government, technology, accounting and finance industries.