Drone Aviation 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 to ComSovereign Holding Corp as soon as possible in accordance with State, FINRA and SEC notice requirements, currently expected by December 15.
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 the combined company include leaders from the government, technology, accounting and finance industries.
Newly appointed chairman and CEO of Drone Aviation Corp, Dan Hodges, stated, “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.”
Adding: “Integration of our newly validated, disruptive communications technologies also enable superior performance and reliability where it previously never existed.”