Starry Retains Advisors to Explore Strategic and Balance Sheet Alternatives

Rhea-AI Summary

Starry Group Holdings, Inc. (NYSE: STRY) has appointed PJT Partners to advise on mergers, acquisitions, and capital raising, following recent cost-cutting measures to improve capital runway. Latham & Watkins LLP will provide legal counsel. Starry aims to enhance its financial strategy amid challenges related to cash flow and maintaining compliance with credit facilities. The company is focused on delivering high-speed broadband with a customer-centric approach, currently available in several major U.S. cities.

Positive

• Engagement with PJT Partners for strategic financial advisory.
• Focus on enhancing capital runway through cost-cutting measures.

Negative

• Concerns over limited remaining cash and compliance with credit facilities.
• Potential risks in realizing benefits from cost-cutting measures.

BOSTON--(BUSINESS WIRE)-- Starry Group Holdings, Inc. (NYSE: STRY) (the “Company” or “Starry”), a licensed fixed wireless technology developer and internet service provider, today announced that it has hired PJT Partners to advise the Company and its Board of Directors on mergers and acquisitions, capital raising, and balance sheet solutions. Latham & Watkins LLP is serving as legal counsel to the Company and its Board of Directors.

PJT is a premier global advisory-focused investment bank, specializing in mergers and acquisitions, strategic advisory, capital markets advisory, and restructuring and special situations, among other services.

Retention of PJT follows a series of cost-cutting measures implemented by the Company over the last several weeks to conserve capital and improve its capital runway as it explores available options.

About Starry Group Holdings, Inc.

At Starry (NYSE: STRY), we believe the future is built on connectivity and that connecting people and communities to high-speed, broadband internet should be simple and affordable. Using our innovative, wideband hybrid-fiber fixed wireless technology, Starry is deploying gigabit capable broadband to the home without bundles, data caps, or long-term contracts. Starry is a different kind of internet service provider. We’re building a platform for the future by putting our customers first, protecting their privacy, ensuring access to an open and neutral net, and making affordable connectivity and digital equity a priority. Headquartered in Boston, Starry is currently available in Boston, New York City, Los Angeles, Washington, DC, Denver and Columbus, OH. To learn more about Starry or to join our team and help us build a better internet, visit: https://starry.com.

Forward-Looking Statements

This press release includes statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, express or implied forward-looking statements relating to our implementation and the anticipated impact of our announced reduction in workforce and other cost-cutting measures, expectations regarding execution of our strategy, competitive position and opportunities in the marketplace, and our anticipated business and financial performance. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include our limited remaining available cash, our ability to remain in compliance with and not in default under our credit facility, our potential inability to timely procure additional financing or other strategic option on favorable terms, or at all, our potential inability to realize the expected benefits of the announced reduction in workforce and other cost-cutting measures and the risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221031005260/en/

Investor Contact:

Ben Barrett, Starry

bbarrett@starry.com

investors@starry.com

Media Contact:

Mimi Ryals, Starry

mryals@starry.com

press@starry.com

Source: Starry, Inc.

FAQ

What is Starry Group Holdings, Inc.'s recent financial strategy?

Starry Group has engaged PJT Partners to advise on mergers, acquisitions, and capital raising to strengthen its financial position.

Who is advising Starry Group Holdings, Inc. on mergers and acquisitions?

Starry has hired PJT Partners for advisory services related to mergers, acquisitions, and capital raising.

What are the recent cost-cutting measures taken by Starry Group Holdings, Inc.?

Starry has implemented a series of cost-cutting measures to conserve capital and improve its capital runway.

What challenges is Starry Group Holdings, Inc. currently facing?

Starry faces challenges related to limited cash availability and maintaining compliance with its credit facility.

In which cities is Starry Group Holdings, Inc. providing service?

Starry currently provides internet services in Boston, New York City, Los Angeles, Washington, DC, Denver, and Columbus, OH.