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ConnectM Provides Update to Stockholders on Buyout Group's Offer
GlobeNewswire News Room· 2025-06-02 16:30
Core Viewpoint - ConnectM Technology Solutions, Inc. has received a buyout offer from a group of longstanding stockholders, which has been paused due to recent delays in filing financial reports [2][3]. Group 1: Buyout Offer and Company Response - The Buyout Group, consisting of Optimax Solutions Inc., SriSid LLC, Arumilli LLC, and Win-Light Global Co Ltd, has decided to pause their buyout proposal in light of ConnectM's delays in filing its Form 10-K and Form 10-Q reports [2]. - The Buyout Group continues to support ConnectM and its management, emphasizing the importance of the company's four-month recovery plan aimed at regaining compliance and relisting on major stock exchanges like Nasdaq or NYSE [3]. Group 2: Company Strategy and Future Plans - ConnectM's Board of Directors and management are focused on implementing strategic actions to restore compliance and deliver long-term value to stockholders [4]. - The company plans to file its 2024 Annual Report and Q1 2025 Quarterly Reports in June 2025, which are expected to demonstrate strong performance across all operating segments [4]. Group 3: Company Overview - ConnectM is positioned as a high-growth technology company that powers the next generation of electrified equipment, mobility, and distributed energy, facilitating a transition to a modern energy economy [5]. - The company provides a proprietary Energy Intelligence Network platform to service providers and original equipment manufacturers, aiming to lower energy costs and reduce carbon emissions globally through technology, data, artificial intelligence, and behavioral economics [5].
ConnectM Stockholder Update - Path Forward & Strategic Milestones
Prnewswire· 2025-05-13 18:34
Core Viewpoint - ConnectM Technology Solutions, Inc. remains committed to its growth strategy despite recent trading suspension on Nasdaq, emphasizing strong company fundamentals and operational momentum [2][4][5]. Group 1: Business Overview - ConnectM is positioned as a high-growth technology company at the forefront of the modern energy economy, focusing on optimizing energy usage through its Energy Intelligence Network and various subsidiaries in HVAC, distributed energy, and digital operations [4][8]. - The company aims to lower energy costs and reduce carbon emissions globally by leveraging technology, data, artificial intelligence, and behavioral economics [8]. Group 2: Trading Status - Following Nasdaq's suspension, ConnectM shares are now trading on the OTC Pink Market, with over 10 million shares traded in the last three days, indicating strong liquidity and shareholder engagement [5]. - The stock remains accessible through major brokers, including Fidelity, Charles Schwab, and E*TRADE [5]. Group 3: Growth and Milestones - The company has outlined a clear plan to regain compliance and visibility, including filing its 10-K and 10-Q reports, uplisting to OTCQB, and preparing for a potential relisting on Nasdaq or NYSE [6][10]. - Key objectives include achieving $2.5 million in stockholder equity, completing integrations of acquired companies, and maintaining sequential and year-over-year revenue growth [10]. Group 4: Communication and Accountability - The management team is committed to providing weekly updates on progress towards their objectives, emphasizing transparency and accountability to stakeholders [7].
ConnectM Provides Update from CEO
Prnewswire· 2025-05-10 00:39
Core Viewpoint - ConnectM Technology Solutions, Inc. is focused on regaining compliance and plans to re-list on Nasdaq, emphasizing that its fundamentals and growth prospects remain strong despite recent challenges [1][2]. Company Operations - The company has several appealing options for capital raising, both organic and inorganic, which management will evaluate in the best interest of stockholders [2]. - ConnectM has down-listed to the OTC Pink Open Market to provide immediate liquidity to stockholders, with trading available through major brokerage accounts [3]. Financial Reporting - The company is prioritizing the filing of its Annual Report on Form 10-K for the year ended December 31, 2024, followed by the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 [4]. - The complexity of financial reports has increased significantly, with the team spending 10 times more hours compiling them since 2023, leading to delays [4]. Compliance and Uplisting Plans - Management is evaluating options to uplist from OTC Pink to a higher OTC exchange tier, which requires current reporting status and enhances credibility and investor confidence [5]. - In conjunction with the capital raise process, the company is considering an IPO or uplisting back to Nasdaq or NYSE as soon as possible [6]. Company Vision - ConnectM aims to power the next generation of electrified equipment and mobility, facilitating a transition to a modern energy economy while leveraging technology and data to lower energy costs and reduce carbon emissions globally [7][8].
ConnectM Issues Letter to Stockholders
Prnewswire· 2025-05-08 18:42
Core Viewpoint - ConnectM Technology Solutions, Inc. has faced a suspension of its stock trading on Nasdaq, but the company's fundamentals and growth prospects remain strong, with plans to regain compliance and uplist to a higher market tier [1][2][3]. Company Operations - The company has several appealing options for capital raising and growth, both organic and inorganic, which management will evaluate in the best interest of shareholders [2]. - Management has made substantial progress towards regaining compliance with Nasdaq listing requirements and has communicated this progress to Nasdaq as of May 7, 2025 [3]. Stock Trading Status - Currently, ConnectM is listed on the OTC Pink Market, and trading is available through certain brokerage accounts, including Charles Schwab, Fidelity, E*Trade, and Interactive Brokers [4]. - The company plans to uplist to the OTCQB Market as soon as possible and aims to return to either Nasdaq or NYSE, regardless of the outcome of their appeal [5]. Future Plans - The company is focused on filing its Annual Report on Form 10-K for the year ended December 31, 2024, followed by its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 [5]. - More details regarding the company's plans will be provided by May 9, 2025 [5]. Company Overview - ConnectM is positioned as a high-growth technology company that supports the transition to a modern energy economy through its proprietary Energy Intelligence Network platform, aimed at reducing energy costs and carbon emissions globally [6].
ConnectM Announces Acquisition of Air Temp, Strengthening Owned Service Network
Prnewswire· 2025-05-06 12:00
Core Insights - ConnectM Technology Solutions, Inc. has acquired Air Temp Service Co., a leading HVAC provider in New Jersey, for 1.5 million shares of ConnectM common stock [1] - The acquisition enhances ConnectM's Owned Service Network segment and allows for cross-selling of distributed energy solutions to Air Temp's existing customer base [2] - ConnectM aims to leverage its Connected Operations applications to monitor Air Temp's HVAC equipment, integrating performance data into its Energy Intelligence Network to improve predictive capabilities and increase recurring revenue [2] Company Overview - Air Temp has over 25 years of experience in providing reliable HVAC services, known for quality craftsmanship and exceptional customer care [4] - ConnectM is focused on powering the next generation of electrified equipment and distributed energy, with a proprietary Energy Intelligence Network platform designed to optimize energy efficiency and support sustainable innovation [5] - The strategic addition of Air Temp aligns with ConnectM's mission to accelerate the transition to a smarter, cleaner energy economy [3]
ConnectM Provides Update on $1.60 per Share Buy-Out Offer
Prnewswire· 2025-04-29 12:00
Group 1 - ConnectM Technology Solutions, Inc. is a high-growth technology company focused on the energy economy, providing an advanced Energy Intelligence Network platform to optimize energy efficiency and support sustainable innovation [3][2] - The Buy-Out Group, which includes SriSid LLC, Arumilli LLC, and Win-Light Global Co. Ltd., has increased its holdings in ConnectM to approximately 16.1 million shares, representing about 31.4% of the company's outstanding shares as of April 28, 2025 [2][5] - The Buy-Out Group submitted a non-binding proposal to acquire all remaining outstanding shares of ConnectM at a cash price of $1.60 per share [1][2] Group 2 - SriSid LLC owns approximately 7,553,664 shares (14.8% of outstanding shares), Arumilli LLC owns approximately 5,069,384 shares (9.9% of outstanding shares), and Win-Light Global Co. Ltd. owns approximately 3,475,016 shares (6.8% of outstanding shares) [5][2] - The ConnectM Board of Directors is currently reviewing the Buy-Out Group's proposal, with no assurance that a definitive offer will be made or accepted [2]
ConnectM Receives Nasdaq Notice on Late Filing of its Form 10-K
Prnewswire· 2025-04-23 20:49
Core Points - ConnectM Technology Solutions, Inc. has received a notice from Nasdaq indicating non-compliance with SEC periodic reporting requirements due to the failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 by the due date [1] - The company previously received a notice regarding non-compliance with the $50 million market value of listed securities requirement, which provided a 180-day period to regain compliance [2] - ConnectM has requested a hearing to address the potential delisting of its securities after failing to regain compliance with Nasdaq rules [3] - The company intends to file the 2024 10-K in the near term and is seeking a limited extension for this filing, although there is no guarantee of regaining compliance or receiving an extension from Nasdaq [4] Company Overview - ConnectM is a technology company focused on the energy economy, providing an advanced Energy Intelligence Network platform aimed at optimizing energy efficiency and supporting sustainable innovation [5]
SRISID LLC Increases Position to 7.55M Shares of ConnectM, Representing 15.1% of the Company's Outstanding Common Stock
Prnewswire· 2025-04-22 15:20
Core Insights - ConnectM Technology Solutions, Inc. has announced that SRISID LLC, an institutional investor, now owns 7,553,664 shares, representing approximately 15.1% of the company's outstanding common stock [1][2] - SRISID LLC is part of a buy-out group that made an offer on March 31, 2025, to acquire all remaining outstanding stock of ConnectM at a cash price of $1.60 per share [2] Company Overview - ConnectM is a technology company focused on the energy economy, providing advanced solutions for energy efficiency and sustainability [3] - The company operates an Energy Intelligence Network platform aimed at optimizing energy efficiency and enhancing operational performance for service providers and manufacturers [3] - ConnectM leverages technology, data, artificial intelligence, and behavioral economics to reduce energy costs and carbon emissions globally [3]
ConnectM Retires Additional $9M Debt in April, Reducing Annual Interest Expense by 90%
Prnewswire· 2025-04-17 12:00
Company Overview - ConnectM Technology Solutions, Inc. is a high-growth technology company focused on the energy economy, providing advanced solutions for energy efficiency and sustainability [3] - The company operates an Energy Intelligence Network platform aimed at optimizing energy performance for residential and commercial service providers [3] Financial Performance - Since March 31, 2025, the company has retired an additional $9 million of debt, totaling $40 million in liabilities eliminated since going public on July 15, 2024 [1] - The total outstanding debt is now less than $8 million [1] - The company anticipates achieving a positive stockholder equity position by Q2 2025 [2]
ConnectM Retains ThinkEquity as Financial Advisor to Support Evaluation of $46.5M Stockholder Buy-Out Offer
Prnewswire· 2025-04-09 12:00
Core Viewpoint - ConnectM Technology Solutions, Inc. has appointed ThinkEquity as its non-exclusive financial advisor to assist in evaluating a non-binding buy-out offer from its three largest institutional stockholders [1][2][3] Group 1: Company Overview - ConnectM is a high-growth technology company focused on the energy economy, providing a proprietary Energy Intelligence Network platform to facilitate the transition to all-electric heating, cooling, and transportation [4] - The company aims to lower energy costs and reduce carbon emissions globally by leveraging technology, data, artificial intelligence, and behavioral economics [4] Group 2: Buy-Out Offer Details - The buy-out offer proposes the acquisition of all outstanding shares of ConnectM at a cash price of $1.60 per share, which implies a total equity value of approximately $46.5 million [3] - If accepted, the buy-out would result in ConnectM becoming a privately held company [3] - The Board and management are committed to a thorough evaluation of the buy-out offer and any strategic alternatives that may better serve the interests of all stockholders [3]