MARLBOROUGH, Mass., May 13, 2025 /PRNewswire/ — ConnectM Technology Solutions, Inc. (OTC: CNTM) (“ConnectM” or the “Company”), a high-growth technology company on the leading edge of the energy economy, today issued the following letter to shareholders:
Dear ConnectM Stockholders,
I want to thank you for your continued support and engagement as we navigate a pivotal chapter in our company’s evolution.
While we are disappointed by Nasdaq’s sudden decision to suspend our trading, our vision, trajectory, and company fundamentals remain strong and we are undeterred by this setback.
I know you all are eagerly awaiting the release of our Form 10-K. We intend to release draft FY2024 financial as well as draft Q1 2025 financials within a week while our auditors complete their audit and review procedures.
Below is an update on our current status, recent developments, and the concrete steps we are taking to enhance value for all stakeholders.
1. Business Overview – Continuing to Build on Momentum
ConnectM remains a high-growth technology company at the forefront of the modern energy economy. Through our Energy Intelligence Network and our constellation of companies across HVAC, distributed energy, and digital operations, we continue to integrate cutting-edge software and data-driven insights to optimize energy usage across residential and commercial markets.
2. Trading Status – Now on OTC Pink Market
As of this week, ConnectM shares are trading on the OTC Pink Market. While the transition was sudden, trading stabilized over the past three trading days with over 10 million shares in combined volume—demonstrating strong liquidity and engagement from our shareholder base. Our stock remains tradable via brokers such as Fidelity, Charles Schwab, E*TRADE, TD Ameritrade, Merrill Edge, Ally Invest, and Interactive Brokers
3. Reaffirming Our Plan – As Outlined on May 9, 2025
As shared in our May 9th press release, our plan remains intact:
File our 10-K and 10-Q to regain current reporting statusUplist to OTCQB to demonstrate transparency and accountability, thereby increasing liquidity for our common sharesRefile our resale S-1Continue to add assets and reduce liabilities to position the company for a potential re-listing to Nasdaq or NYSEContinue working with ThinkEquity to align on capital market strategy and raise growth capitalApply to relist on a major exchange
4. Sustained Growth – Q4 2024 & Q1 2025 Highlights
Despite capital market disruptions, our operational momentum has not slowed. We continue to deliver:
Sequential and year-over-year revenue growthImproved profitabilityExpanded customer deploymentsStrong performance across our Home and Building Electrification, Transportation, and Logistics segments
5. Our Milestone Calendar – Tracking to Re-Listing
We are holding ourselves accountable by sharing our key monthly objectives through August 2025:
May
Cut stockholder deficit in half (from –$20M to <-$10M) through 3(a)(9), 3(a)(10) and other debt to equity conversions (already completed)File Form 10-KComplete integrations of Cambridge Energy Resources and Air TempImplement SOPs to ensure timely Q2 Form 10-Q filing
June
File Q1 ’25 Form 10-QFile resale S-1Reach $2.5M in stockholder equity (in process of acquiring a $15M+ asset)Apply for uplisting to OTCQB
July
Achieve resale S-1 effectivenessDraw on equity line of credit for growth initiatives as neededBegin relisting preparation
August
File Q2 Form 10-Q on timeSubmit formal relisting application to Nasdaq or NYSE
I intend to provide weekly updates on the above progress. My management team and I are committed to transparency and accountability to right the ConnectM ship.
We remain confident that the work we are doing now will not only restore compliance and visibility but will also build a stronger, more resilient ConnectM for years to come. We appreciate your continued support and invite your questions or comments anytime at:
📧 CNTM@redchip.com
📞 1-407-644-4256
Sincerely,
Bhaskar Panigrahi
Chairman & CEO, ConnectM Technology Solutions, Inc.
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
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
CNTM@redchip.com
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SOURCE ConnectM Technology Solutions, Inc.
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