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KORE Group Holdings has commenced trading on the New York Stock Exchange following its merger with Cerberus Telecom Acquisition Corp (CTAC). Over 70% of CTAC shareholders approved the business combination on September 29, 2021. KORE, a leader in IoT solutions, aims to leverage this public listing to enhance growth and shareholder value through debt reduction and strategic acquisitions. The market for IoT devices is anticipated to expand significantly, positioning KORE favorably. CEO Romil Bahl highlighted the merger as a key milestone in KORE’s evolution.
Cerberus Telecom Acquisition Corp. (CTAC) has amended its merger agreement with KORE Wireless Group to enhance liquidity for the post-closing public company. Key highlights include $65 million in additional liquidity from preferred stockholders and a new $25 million convertible debt commitment from Fortress, totaling approximately $100 million available to KORE. The Special Meeting for CTAC shareholders is rescheduled for September 29, 2021, with the business combination expected to close around September 30, 2021.
KORE and Myia Health have partnered to streamline remote patient monitoring by providing hospitals with IoT solutions and software for home healthcare. The collaboration enhances logistics for delivering health monitoring devices to patients, supporting the trend towards virtual care accelerated by the COVID-19 pandemic. KORE facilitates device kitting and shipping, ensuring healthcare providers can focus on patient care instead of logistics. This partnership aims to improve patient outcomes while reducing healthcare costs and resource utilization.
Cerberus Telecom Acquisition Corp (NYSE: CTAC, CTACU, CTACWS) has postponed its Extraordinary Special Meeting from September 16, 2021, to September 22, 2021, at 10:00 a.m. ET. As of September 14, 2021, 90.39% of public shareholders had tendered their shares for redemption. The meeting will be held in Grand Cayman and virtually. Shareholders are encouraged to vote via proxy ahead of the meeting. CTAC is focused on the potential merger with KORE and emphasizes the importance of reviewing all proxy materials filed with the SEC.
KORE has been chosen by BinSentry to enhance agricultural inventory management through innovative IoT solutions. This partnership aims to replace outdated feed ordering methods that lead to inefficiencies and inaccuracies. With KORE's reliable connectivity, farmers can achieve real-time monitoring, reducing operational costs and environmental impact. BinSentry's IoT platform promises significant improvements in data accuracy, allowing feed mills to optimize logistics and save on delivery costs, potentially leading to millions in savings. This collaboration highlights the growing importance of IoT in agriculture.
KORE has been chosen by Car Charged UK to provide IoT services for its extensive network of 65,000 EV charging points. This partnership aims to enhance connectivity solutions for charging stations, addressing challenges like cellular signal penetration in urban environments. KORE's technology will enable reliable data transmission, vital for billing and support, and support the growing demand for EVs, projected to increase charging points in Europe from 2.3 million in 2020 to 9.7 million by 2025, according to research.
KORE, a leader in Internet of Things (IoT) solutions, is set to host a virtual investor day on September 8, 2021, at 11 a.m. Eastern time. The event will be accessible via registration here. KORE will also participate in the 10th Annual Gateway Conference and the Deutsche Bank Annual Technology Conference during September 2021. The company is known for its extensive IoT expertise and aims to enhance operational outcomes for businesses.
KORE reported record revenue of $60.7 million for Q2 2021, a 19% increase year-over-year, driven by strong performance in its IoT Connectivity and Solutions segments. Revenue from Connected Health surged by 21.6% to $23.6 million. Adjusted EBITDA reached $14.7 million, albeit slightly lower than last year's $15.5 million, due to increased public company costs. The company anticipates exceeding its full-year revenue forecast following a significant contract acceleration with its largest customer. KORE is set to list on the NYSE after merging with Cerberus Telecom Acquisition Corp. (CTAC).
Cerberus Telecom Acquisition Corp. (NYSE: CTAC.U, CTAC, CTAC WS) has filed a definitive proxy statement with the SEC for its proposed merger with KORE, a leader in IoT solutions. The merger, anticipated to close after a Special Meeting on September 16, 2021, is expected to generate approximately $484 million in gross cash proceeds. The deal involves a $225 million PIPE investment, anchored by prominent institutional investors. KORE aims to leverage its robust experience and customer base to optimize its IoT offerings post-merger.
