They just filed with SEC a request to extend their 10Q filing five calendar days from due date. Due to refi and going concern. Let’s all hope for the best.
jlmiflores
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@superTed, you said yesterday we were going to get refi news today and zippo.
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In my opinion, the price levels now lend to day traders and algos to impact daily price. Algos and people who have no clue on fundamentals will be in for a surprise. Look at the tangible value per share at $14 plus, this thing will explode with catalysts like refinancing news, contract of $550M reaffirmation and potential offer for acquisition which even if it doesn’t get approved by board it will validate pricing per share at much higher levels. Have a nice weekend everyone.
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Some would say, but there is $185M in debt, which gets subtracted from value of the deal to which I’d say, sure, but take a look at current assets (in excess of $340M!).
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Current market cap about $71M, someone comes in an even if it offers 500% premium to current share price still a bargain compared their visibility on revenues. All of their tribe of chiefs will be gone, lots of synergies and consolidation, this is not a matter of if, it is a matter of when and I’m putting my blood on it owning 25K shares which is the most I have ever committed to a single position.
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Once they get re-confirmed on their $550M contract under protest now, they immediately become target of acquisition from peer players in their field. Compare CMTL’s current market cap vs this contract value.
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@MazaFernando, please provide link to validate your statement CMTL is being dropped off the Russell.
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Quarterly results just one week away. I have seen it go up couple dollars, sometimes more, on good results. At this point in time, meeting revenue expectations and good gross margin will do the trick as this report influence is heightened by recent events. Good chances of a short squeeze to occur.
I have been in and out of this position for several years and very familiar with its performance history. Never had these many shares, 25K, in it to win it.
Looking forward to see their quarterly presentation and attend their conference call. -
I am also staying put, wish I had extra money to further average down at these levels.
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Earnings are out next Thursday. With good results this will move up at least a couple dollars. Risk averse shorts must be the ones covering now and driving it up.
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@Startrader, in addition to your comment, the other great news from your post is that it seems finally they have started reducing the number of Chiefs! Your shared article mentions about “FORMER Chief Growth Officer Nicole Robinson”!, once again I remind other investors, Comtech had shares priced above $20 with only 3 Chiefs prior to Peterson making that mess of a multitude of Chiefs (greatly affecting gross margins).
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@charliesheen, such a stupid thing to post when we are bleeding. Obviously you have no shares or skin in the game as this situation is serious and don’t need stupid posts like yours.
I averaged down to $3.89, and still believe that the best course of action is to let it play, I will not participate in any class action suits or the likes, that would only elongate the time for me to not just recover my investment but to make tons of money with it. Sure thing there is nothing anyone can do, it is what it is, let’s hope they are able to recover something, but to me the smart thing to do is to see 2024 results, see they do more than $20M in sales and at least break even. -
The SEC.GOV form 12B states the company will file the 10Q within the time period provided by Exchange Act Rule 12b-25 which is 5 days after the original due date, so that means the 10Q will be out Monday, but the damage has been done with the known loss. The same notice states they are seeking recovery of the funds, so there is still hope on this.
Although felt like a tons of bricks, I am still very positive on the outlook, mostly on all the 5G products they have released and available for sale. -
In my opinion there are three nice catalysts in the very near horizon:
- New CEO hiring which should immediately trigger removal of all the other Chiefs which the previously fired CEO appointed.
- Protest of CMTL awarded contract is completely affirmed by issuer.
- Refinance announcement.
With shorts still at all time high, any of the above happening is a nice short squeeze.
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@trufflehog, most interesting is who is not part of this program. I certainly hope this means they are correcting the number of Chiefs really needed. The CEO voluntarily elected not to participate in this program.
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Some shorts are starting to cover.
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At least previous BOD managed to get a decent shareholder value. Current BOD must be fired. No communication, no ‘letter to shareholders’
We are still sinking and no reaction from anybody!!! -
With the 911 service woes, Western states should be more amenable now to follow AZ lead’s and switch to CMTL 911 system.
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Also, as it’s name implies, shelf registration,
Which is to be executed at the future date, not immediately. -
A few things to take into consideration:
Book value at $14.29 (total assets - total liabilities). A large size equity investment firm, in my personal opinion, should already be looking at the opportunity to take this private and re-IPO 3 - 5 yrs from now and double or triple their initial investment.
This is a win win situation for shareholders and equity investment firm. Again, book value at $14.29 per share the equity firm can buy at a substantial discount knowing the board must recognize that once a public company loses the zest of investors will only dwell in the basement for years.
This is reality. So board of directors, do the right thing, the company doesn’t need so many chiefs, it operated for over 25 years with only a CEO, CFO and only recently, give or take 5 years added a COO, and most recently 5+ C level executives joined. I’m also seeing shorts increased their take. BOD it is your fiduciary duty to do the right thing. Say something, issue a letter to shareholders, regain some trust.
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