KORE intends to cure the deficiency and return to
compliance with NYSE listing standard
ATLANTA, Sept. 6,
2023 /PRNewswire/ -- KORE Group Holdings, Inc.
(NYSE: KORE, KORE WS) ("KORE"), the global pure-play Internet of
Things ("IoT") hyperscaler and provider of IoT Connectivity,
Solutions and Analytics, announced that on September 5, 2023, it received a notice
("Notice") from the New York Stock Exchange ("NYSE") notifying KORE
that it is not in compliance with the NYSE's continued listing
standards because as of August 30,
2023, the average closing price of KORE's Common Stock
("Common Stock") was less than $1.00
per share over a consecutive 30 trading-day period. The Notice does
not result in the immediate delisting of KORE's Common Stock from
the NYSE.
KORE intends to respond to the NYSE within ten business days of
receipt of the Notice affirming its intent to cure the deficiency.
Pursuant to the NYSE's rules, KORE has a six-month period following
receipt of the Notice to regain compliance with the NYSE's minimum
share price requirement.
KORE intends to consider a number of available alternatives to
cure its non-compliance with the applicable price criteria in the
NYSE's continued listing standards. KORE can regain compliance with
the minimum share price requirement at any time during the
six-month cure period if, on the last trading day of any calendar
month during the cure period or on the last day of the cure period,
KORE has (i) a closing share price of at least $1.00, and (ii) an average closing share price of
at least $1.00 over the 30
trading-day periods ending on the last trading day of that
month.
KORE's Common Stock will continue to be listed and trade on the
NYSE during this period, subject to its compliance with other NYSE
continued listing standards. The receipt of the Notice does not
affect KORE's business, operations or reporting requirements with
the Securities and Exchange Commission.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering
mission critical IoT solutions and services. We empower
organizations of all sizes to improve operational and business
results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers' business outcomes. For more information, visit
korewireless.com.
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,"
"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. Although KORE believes the
expectations reflected in any forward-looking statement are based
on reasonable assumptions, it can give no assurance that its
expectations will be attained, and it is possible that actual
results may differ materially from those indicated by these
forward-looking statements due to a variety of risks, uncertainties
and other factors. Such factors include, but are not limited to,
KORE's ability to cure the deficiency set forth in the Notice and
for its equity securities to remain listed on the NYSE.
Forward-looking statements speak only as of the date they are made.
Forward-looking statements are also subject to the risk factors and
cautionary language described from time to time in the reports KORE
files with the U.S. Securities and Exchange Commission, including
those in the Company's most recent Annual Report on Form 10-K for
the year ended December 31, 2022 and
any updates thereto in the Company's Quarterly Reports on Form
10-Q. These risks and uncertainties may cause actual future results
to be materially different than those expressed in such
forward-looking statements. KORE has no obligation to update or
revise these forward-looking statements, whether as a result of new
information, future developments, or otherwise, and does not
undertake to do so except as required by law.
KORE Investors Contact:
Charley Brady
Vice President, Investor Relations
investors@korewireless.com
+1-678-392-2386
KORE Media Contact:
Mary Cosgrove
Senior Manager, Marketing
Email: mcosgrove@korewireless.com
+1-678-710-3606
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SOURCE KORE Wireless