KORE common stock expected to begin trading on
a 1-for-5 split adjusted basis on July 1,
2024
ATLANTA, June 21,
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 that its Board of
Directors has approved a 1-for-5 reverse stock split of the
Company's common stock. The reverse stock split is expected to
become effective at 12:01 a.m. Eastern
Time on July 1, 2024. The
Company's common stock is expected to commence trading on a
split-adjusted basis when the New York Stock Exchange ("NYSE")
opens on July 1, 2024 under the
existing trading symbol "KORE." The new CUSIP number for the
Company's common stock following the reverse stock split will be
50066V 305.
The primary goal of the reverse stock split is to increase the
per share market price of the Company's common stock to meet the
minimum per share price requirement for continued listing on the
NYSE. The reverse stock split was approved by the Company's
stockholders at its annual meeting of stockholders held on
June 12, 2024. On June 21, 2024, the Company's Board of Directors
approved the reverse stock split at the ratio of 1-for-5.
As a result of the reverse stock split, every five shares of the
Company's common stock issued and outstanding will be automatically
reclassified into one new share of the Company's common stock.
Proportionate adjustments will be made to the exercise prices and
the number of shares underlying the Company's outstanding equity
awards, as applicable, as well as to the number of shares issuable
under the Company's equity incentive plan. The common stock issued
pursuant to the reverse stock split will remain fully paid and
non-assessable. The reverse stock split will not decrease the
number of authorized shares of common stock or otherwise affect the
par value of the common stock.
No fractional shares will be issued in connection with the
reverse stock split. Stockholders who would otherwise be entitled
to receive fractional shares as a result of the reverse stock split
will automatically, in lieu of a fractional share, be entitled, to
have their fractional shares rounded up to the next whole share and
receive an additional whole share of common stock in lieu of such
fractional shares.
Continental Stock Transfer & Trust ("Continental"), the
Company's transfer agent, is acting as the exchange agent for the
reverse stock split. Stockholders holding their shares
electronically in book-entry form and stockholders who hold their
shares through a bank, broker or other nominee will not need to
take any action. Stockholders owning shares through a bank, broker
or other nominee will have their positions adjusted to reflect the
reverse stock split.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission (the "SEC") on May 13, 2024, which is available free of charge
at the SEC's website, www.sec.gov, and on the Company's website at
www.korewireless.com.
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
www.korewireless.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"). All statements contained in
this press release other than statements of historical fact,
including, without limitation, statements regarding the expected
timing of the reverse stock split, the effects of the reverse stock
split, the anticipated timing of the commencement of trading of the
common stock on a split-adjusted basis, the impact of the reverse
stock split on the Company's share price, and the Company's ability
to meet the minimum per share price requirement for continued
listing on the NYSE, are forward-looking statements. The words
"believe," "may," "will," "estimate," "potential," "continue,"
"anticipate," "intend," "expect," "strategy," "future," "could,"
"would," "project," "plan," "target," and similar expressions are
intended to identify forward-looking statements, though not all
forward-looking statements use these words or expressions. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including but not limited to, any delay in the planned
reverse stock split, our ability to continue to comply with
applicable listing standards of the NYSE, the reverse stock split
may impact our results of operations, business operations and
reputation with or ability to serve our stockholders and/or
customers, the trading prices and volatility of the common stock,
and the other, risks and uncertainties included in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated
from time to time in our other filings with the Securities and
Exchange Commission (the "SEC"), accessible on the SEC's website at
www.sec.gov and the Investor section of our website at
www.korewireless.com, which could cause our actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management's estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
KORE Investor Contact:
Vik
Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
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SOURCE KORE Wireless