KORE Receives Continued Listing Standard Notice from NYSE
KORE Group Holdings, Inc. (NYSE: KORE), an IoT solutions provider, has received a notice from the New York Stock Exchange (NYSE) regarding non-compliance with listing standards. The company's average global market capitalization over 30 consecutive trading days and stockholders' equity were both below the required $50 million threshold. KORE plans to submit a plan within 45 days to address this issue and regain compliance. If accepted, KORE will have an 18-month cure period to meet the standards, during which its stock will continue to trade on the NYSE, subject to other listing requirements and periodic reviews. This notice does not affect KORE's business operations or SEC reporting obligations.
KORE Group Holdings, Inc. (NYSE: KORE), un fornitore di soluzioni IoT, ha ricevuto una notifica dalla New York Stock Exchange (NYSE) riguardo la non conformità agli standard di quotazione. La capitalizzazione media globale dell'azienda negli ultimi 30 giorni di negoziazione e il patrimonio netto degli azionisti erano entrambi inferiori alla soglia richiesta di $50 milioni. KORE intende presentare un piano entro 45 giorni per affrontare questo problema e riacquistare la conformità. Se accettato, KORE avrà un periodo di 18 mesi per la correzione per soddisfare gli standard, durante il quale le sue azioni continueranno a essere scambiate sulla NYSE, soggette ad altri requisiti di quotazione e controlli periodici. Questa notifica non influisce sulle operazioni commerciali di KORE o sugli obblighi di reportistica SEC.
KORE Group Holdings, Inc. (NYSE: KORE), un proveedor de soluciones IoT, ha recibido un aviso de la New York Stock Exchange (NYSE) sobre el incumplimiento de los estándares de cotización. La capitalización de mercado global promedio de la compañía durante 30 días de negociación consecutivos y el patrimonio neto de los accionistas estaban por debajo del umbral requerido de $50 millones. KORE planea presentar un plan dentro de 45 días para abordar este problema y recuperar la conformidad. Si se acepta, KORE tendrá un período de 18 meses para la corrección para cumplir con los estándares, durante el cual sus acciones seguirán cotizando en la NYSE, sujetas a otros requisitos de cotización y revisiones periódicas. Este aviso no afecta las operaciones comerciales de KORE ni sus obligaciones de reporte ante la SEC.
KORE Group Holdings, Inc. (NYSE: KORE), IoT 솔루션 공급업체, 는 뉴욕 증권 거래소 (NYSE)로부터 상장 기준 미준수에 대한 통지를 받았습니다. 회사의 30일 연속 거래일 평균 글로벌 시가총액 및 주주 자본이 모두 요구되는 $5000만 달러 기초를 밑돌았습니다. KORE는 이 문제를 해결하고 준수를 회복하기 위해 45일 이내에 계획을 제출할 예정입니다. 수락될 경우 KORE는 18개월의 치료 기간을 두고 기준을 충족해야 하며, 이 기간 동안 주식은 계속해서 NYSE에서 거래될 것이며, 기타 상장 요구 사항 및 정기 검토에 따릅니다. 이 통지는 KORE의 비즈니스 운영이나 SEC 보고 의무에 영향을 미치지 않습니다.
KORE Group Holdings, Inc. (NYSE: KORE), un fournisseur de solutions IoT, a reçu un avis de la New York Stock Exchange (NYSE) concernant le non-respect des normes de cotation. La capitalisation boursière mondiale moyenne de l'entreprise sur 30 jours de négociation consécutifs et les fonds propres des actionnaires étaient tous deux en dessous du seuil requis de 50 millions de dollars. KORE prévoit de soumettre un plan dans les 45 jours pour résoudre ce problème et retrouver la conformité. Si accepté, KORE disposera d'une période de redressement de 18 mois pour satisfaire aux normes, au cours de laquelle ses actions continueront d'être cotées à la NYSE, sous réserve d'autres exigences de cotation et d'examens périodiques. Cet avis n'affecte pas les opérations commerciales de KORE ni ses obligations de reporting auprès de la SEC.
KORE Group Holdings, Inc. (NYSE: KORE), ein Anbieter von IoT-Lösungen, hat eine Mitteilung von der New York Stock Exchange (NYSE) erhalten, da die Anforderungen an die Listung nicht erfüllt sind. Die durchschnittliche globale Marktkapitalisierung des Unternehmens über 30 aufeinanderfolgende Handelstage und das Eigenkapital der Aktionäre lagen beide unter der geforderten Schwelle von 50 Millionen Dollar. KORE plant, innerhalb von 45 Tagen einen Plan vorzulegen, um dieses Problem zu beheben und die Konformität wiederherzustellen. Sollte der Plan angenommen werden, erhält KORE einen 18-monatigen Heilungszeitraum, um die Standards zu erfüllen, während dessen seine Aktien weiterhin an der NYSE gehandelt werden, vorbehaltlich anderer Listungsvoraussetzungen und regelmäßiger Überprüfungen. Diese Mitteilung hat keinen Einfluss auf die Geschäftstätigkeit von KORE oder die Berichtspflichten gegenüber der SEC.
- KORE intends to submit a plan to regain compliance with NYSE listing standards
- Company's stock expected to continue trading on NYSE during the cure period
- Notice does not affect KORE's business operations or SEC reporting requirements
- KORE's average global market capitalization over 30 trading days fell below $50 million
- Company's stockholders' equity is less than $50 million
- Risk of potential delisting if compliance plan is not accepted or executed successfully
Insights
KORE's NYSE listing troubles signal potential financial distress. The company's market cap and stockholders' equity falling below
- Reduced access to capital markets
- Increased borrowing costs
- Potential loss of institutional investors
The 18-month cure period provides a lifeline, but KORE must demonstrate a credible turnaround plan. Investors should closely monitor the company's financial metrics and any strategic initiatives announced to address this situation.
As an IoT hyperscaler, KORE's listing challenges may reflect broader industry headwinds. The IoT sector has faced::
- Supply chain disruptions
- Chip shortages
- Slower-than-expected 5G rollouts
These factors could be impacting KORE's growth and profitability. However, the long-term potential of IoT remains strong. KORE's ability to innovate and adapt its solutions to emerging technologies like AI and edge computing will be important for its recovery and future competitiveness in the IoT market.
KORE's listing troubles highlight potential market positioning issues. As an IoT hyperscaler, KORE faces stiff competition from tech giants and niche players alike. The company's struggle to maintain its market cap suggests:
- Possible loss of market share
- Challenges in differentiating its offerings
- Difficulty in scaling its business model
To regain investor confidence, KORE needs to clearly articulate its unique value proposition and demonstrate a path to sustainable growth. This may involve focusing on high-growth IoT segments or developing proprietary technologies to create a competitive moat.
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
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
KORE Investors Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
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SOURCE KORE
FAQ
Why did KORE receive a continued listing standard notice from NYSE?
What is KORE's plan to address the NYSE listing standard non-compliance?
How long does KORE have to regain compliance with NYSE listing standards?
Will KORE's stock continue to trade on the NYSE during the cure period?
