ATLANTA, Dec. 23,
2024 /PRNewswire/ -- KORE Group Holdings,
Inc. (NYSE: KORE) ("KORE" or the "Company"), the global
pure-play Internet of Things ("IoT") hyperscaler and provider of
IoT Connectivity, Solutions, and Analytics, today announced it has
received notification (the "Acceptance Letter") from the New York
Stock Exchange (the "NYSE") that the NYSE has accepted the
Company's previously-submitted plan (the "Plan") to regain
compliance with the NYSE's continued listing standards set forth in
Section 802.01B of the NYSE Listed
Company Manual relating to minimum market capitalization and
stockholders' equity. In the Acceptance Letter, the NYSE granted
the Company an 18-month period from September 12, 2024 (the "Plan Period") to regain
compliance with the continued listing standards. As part of the
Plan, the Company is required to provide the NYSE quarterly updates
regarding its progress towards the goals and initiatives in the
Plan. In the Plan, Kore included details regarding previously
reported operational restructuring activities, as well as an
outlook on the Company's business.
The Company expects its common stock will continue to be listed
on the NYSE during the Plan Period, subject to the Company
adherence to the Plan and compliance with other applicable NYSE
continued listing standards. The Company's receipt of such
notification from the NYSE does not affect the Company's business,
operations or reporting requirements with the U.S. Securities and
Exchange Commission.
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"guidance," "project," "may," "will," "estimate," "continue,"
"anticipate," "intend," "expect," "should," "would," "plan,"
"predict," "potential," "seem," "seek," "future," "outlook," and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding expected progress with the Company's
compliance plan submitted to the NYSE, expected compliance with
continued listing standards of the NYSE and expected continued
listing of the Company's common stock on the NYSE. These statements
are based on various assumptions and on the current expectations of
KORE's management. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as and
must not be relied on by any investor or other person as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of KORE.
These forward-looking statements are subject to a number of risks
and uncertainties, including general economic, financial, legal,
political and business conditions and changes in domestic and
foreign markets; the potential effects of COVID-19; risks related
to the rollout of KORE's business and the timing of expected
business milestones; risks relating to the integration of KORE's
acquired companies, including the acquisition of Twilio's IoT
business, changes in the assumptions underlying KORE's expectations
regarding its future business; our ability to negotiate and sign a
definitive contract with a customer in our sales funnel; our
ability to realize some or all of estimates relating to customer
contracts as revenue, including any contractual options available
to customers or contractual periods that are subject to termination
for convenience provisions; the effects of competition on KORE's
future business; and the outcome of judicial proceedings to which
KORE is, or may become a party. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that KORE presently does not know or that
KORE currently believes are immaterial that could also cause actual
results to differ materially from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect KORE's expectations, plans or forecasts of future events
and views as of the date of this press release. KORE anticipates
that subsequent events and developments will cause these
assessments to change. However, while KORE may elect to update
these forward-looking statements at some point in the future, KORE
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing KORE's assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
KORE Investor Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
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SOURCE KORE Group Holdings, Inc.