MARLBOROUGH, Mass., June 02, 2025 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (OTC: CNTM) ("ConnectM" or the "Company"), a high-growth technology company on the leading edge of the modern energy economy, today issued an update to its stockholders regarding the recent buyout offer by a group of longstanding stockholders.
ConnectM received a letter from Optimax Solutions Inc., on behalf of SriSid LLC, Arumilli LLC, and Win-Light Global Co Ltd (collectively, the "Buyout Group"), informing the Company that in light of ConnectM's recent delays filing its Form 10-K and Form 10-Q reports, the Buyout Group have decided to pause their previously submitted buyout proposal and place further acquisition discussions on hold.
The Buyout Group expressed continued support for ConnectM and its management team, particularly in regard to the comprehensive four-month recovery plan the Company recently announced, which is aimed at regaining compliance and relisting on major stock exchange like Nasdaq or NYSE. The Buyout Group stated that they view the successful execution of this plan as critical and indicated their willingness to reengage in buyout discussions upon ConnectM's successful relisting.
ConnectM's Board of Directors and management team remain focused on implementing the strategic actions necessary to restore compliance and deliver long-term value to all stockholders.
ConnectM intends to file its 2024 Annual Report and Q1 2025 Quarterly Reports in June 2025, which will show strong performance across all its operating segments.
The Company appreciates the support and partnership of its major stockholders during this period.
About ConnectM Technology Solutions, Inc.
ConnectM is a constellation of companies powering the next generation of electrified equipment, mobility, and distributed energy-thus enabling a faster, smarter transition to a modern energy economy. The Company provides residential and light commercial service providers and original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, and behavioral economics, ConnectM aims to lower energy costs and reduce carbon emissions globally.
For more information, please visit: https://www.connectm.com/
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "intend," "believe," "estimate," "continue," "project" or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the "Cautionary Note Regarding Forward-Looking Statements" section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Investor Relations
ConnectM Technology Solutions, Inc.
(617) 395-1333
irpr@connectm.com
