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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.
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 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.
KORE, a leader in IoT solutions, announced a $120 million backstop facility with Fortress Credit Corp to ensure sufficient liquidity during its merger with Cerberus Telecom Acquisition Corporation (CTAC). This agreement allows KORE to borrow if necessary to meet minimum cash conditions at closing, with notes convertible to common stock at set prices. KORE aims to finalize the merger by Q3 2021, reinforcing its position in the IoT market and building on a solid foundation of 3,600 customers and extensive carrier integrations.
KORE Wireless Group announced its merger agreement with Cerberus Telecom Acquisition Corp. (CTAC.U, CTAC, CTAC WS), a SPAC affiliated with Cerberus Capital Management. The merger is anticipated to close in mid-2021, pending shareholder and regulatory approvals. KORE CEO Romil Bahl expressed optimism about the partnership, noting Cerberus's extensive reach and quality advisors as beneficial for KORE's growth. The combined entity will be listed under the ticker symbol 'KORE' on the NYSE, strengthening KORE’s position in the IoT market.
KORE Wireless Group and Cerberus Telecom Acquisition Corp. (CTAC) have announced a definitive merger agreement. The transaction is expected to yield $484 million in cash, including a $225 million PIPE investment from notable institutional investors. The merger, set for mid-2021, aims to enhance KORE's capabilities in the rapidly growing IoT market, which is projected to reach nearly $1 trillion by 2025. Following the merger, KORE will retain its leadership under CEO Romil Bahl and will trade on the NYSE under the ticker 'KORE'.
