KORE intends to cure the deficiency and return to
compliance with NYSE listing standard
ATLANTA , Sept. 16,
2024 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE:
KORE) ("KORE" or the "Company"), a global leader in Internet of
Things ("IoT") solutions and pioneering IoT hyperscaler, announced
that on September 12, 2024, it
received a notice ("Notice") from the New York Stock Exchange
("NYSE") notifying KORE that that it is not in compliance with
Section 802.01B of the NYSE's Listed
Company Manual ("Rule 802.01B")
because KORE's average global market capitalization over a
consecutive 30 trading-day period was less than $50 million, and, at the same time, its
stockholders' equity was less than $50
million.
In accordance with NYSE procedures, within 45 days from receipt
of the Notice, KORE intends to submit a plan to the NYSE advising
it of the definitive actions the company has taken, is taking, or
plans to take that would bring it into conformity with the
continued listing standards. If the NYSE accepts KORE's plan, the
Company's common stock will continue to be listed and traded on the
NYSE during the 18-month cure period, subject to KORE's compliance
with other NYSE continued listing standards and continued periodic
review by the NYSE of KORE's progress with respect to the plan.
KORE expects its Common Stock to 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,
the NYSE's acceptance of KORE's compliance plan, KORE's ability to
cure the deficiency set forth in the Notice, and for KORE's common
stock 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, 2023 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:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
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SOURCE KORE