KonaTel updates IM Telecom sale: partial holdback release, ETC expansion, ACP termination

KonaTel, Inc.

Partial release of $150,000 from $1M holdback to IM Telecom; quarterly reviews for further releases.
IM Telecom now ETC-authorized in 40 states (up from 37); awaiting FCC SAC codes to begin operations.
ACP program terminated June 1, 2024, and not renewed by Congress.
Amended Management Services Agreement gives KonaTel final authority on regulatory and compliance matters.
Parties continue awaiting FCC change-of-control approval for final closing of the sale.

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