Worthington Steel, Inc. - WS STOCK NEWS

KORE Group Holdings (NYSE: KORE, KORE WS) announced details regarding its delayed filing of the Annual Report on Form 10-K for fiscal year 2022. The Company filed a Form 12b-25 to notify of its inability to file by the deadline of March 16, 2023, and expects to do so no later than April 7, 2023. Management discovered misstatements relating to income tax liabilities affecting prior periods, which will necessitate a revision of past financial statements in the upcoming 10-K. However, KORE confirmed that revenue and adjusted EBITDA remain unchanged for 2022, as reported in a preceding press release. The filing delay is not due to disagreements with auditors.

Local Bounti Corporation (NYSE: LOCL) has announced securing up to $145 million in financing through an amended credit facility with Cargill and a sale-leaseback transaction. The financing includes an increase in the credit facility from $170 million to up to $280 million, which will fund construction in Georgia, Texas, and Washington. Additionally, a $35 million sale-leaseback of facilities in California is planned. CFO Kathleen Valiasek expressed optimism about meeting growing demand for sustainable produce with their Stack & Flow Technology™. The financing supports Local Bounti's growth strategy, aiming to improve agricultural yields.

Local Bounti Corporation (NYSE: LOCL, WS) announced it has secured up to $145 million in new financing to support its growth initiatives. This financing includes a $110 million credit facility expansion with Cargill and a $35 million sale-leaseback agreement for two California facilities. As part of its 2023 outlook, Local Bounti provides guidance of $34 to $40 million in sales, reflecting anticipated production from its Montana, California, and Georgia facilities. The company's net loss for 2022 was $111.1 million with $19.5 million in sales, showing significant growth compared to the previous year's $0.6 million.

Sky Harbour Group Corporation (AMEX: SKYH) released its 2022 Financial Results, highlighting a significant 41% increase in Q4 revenues compared to Q3 2022. The company reported a decrease in General & Administrative expenses from $3.6 million to $2.6 million in the same period. As of December 31, 2022, liquidity remains robust with over $180 million in cash and US Treasury investments. Notable developments include the opening of new campuses in Nashville and Miami, enhancing operational capabilities. The company is focused on addressing potential funding gaps and improving debt service coverage through strategic modifications.

KORE Group Holdings reported preliminary financial and operational results for Q4 and the full year ending December 31, 2022. Q4 revenue was $62.4 million, down 3.1% year-over-year, while full-year revenue reached $268.4 million, an 8.1% increase. Notably, KORE announced the acquisition of Twilio's IoT business for ten million shares, enhancing its service capabilities. The company expects 2023 revenue between $300 to $310 million, reflecting a growth outlook. Adjusted EBITDA for 2022 increased by 3.1% to $62.8 million, despite a significant net loss of $105.4 million due to a goodwill impairment charge. The total connections rose to 15 million, marking a 2.7% year-over-year increase.

KORE Group Holdings (NYSE:KORE) has reached an agreement to acquire Twilio's (NYSE:TWLO) IoT business unit, which will enhance KORE's IoT solutions and customer base. Under the deal, KORE will issue 10 million shares, representing about 11.5% of its outstanding shares, to Twilio as payment. The acquisition aims to provide a comprehensive suite for building and managing IoT operations, leveraging Twilio's digital expertise and KORE's connectivity solutions. This strategic move is positioned to accelerate KORE's growth and establish its place as a leader in the IoT sector.

Kaleyra, Inc. (NYSE: KLR) has announced the election of Valeria Magoni, Senior Director of Product and Corporate Marketing, as a Global Board Member of the Mobile Ecosystem Forum (MEF) on March 21, 2023. Valeria's extensive experience in mobile and technology sectors positions her to significantly influence MEF’s strategic agenda. Her role will involve driving innovation within the mobile industry and enhancing collaboration among stakeholders. The MEF Board consists of industry leaders, with Magoni being one of six new members serving a two-year term. Kaleyra specializes in omnichannel business communications and operates globally.

KORE Group Holdings, a leader in IoT Solutions, plans to file its Form 10-K within the 15-day extension provided by SEC Rule 12b-25. A conference call is scheduled for March 27, 2023, at 5:00 p.m. ET to discuss Q4 and full-year results for 2022. The filing deadline for Form 10-K has been extended to March 31, 2023. Financial results will be released prior to the call. Investors can join via dial-in or webcast. The company's solutions aim to simplify IoT complexities for various organizations, enhancing operational results.

Local Bounti Corporation (NYSE: LOCL, LOCL WS) reported preliminary fiscal 2022 sales of $19.5 million, with an adjusted gross margin of 38%. However, the company suffered a net loss of $111.1 million and an adjusted EBITDA loss of $29.8 million. The company has amended its credit facility with Cargill Financial Services to enhance liquidity, reducing cash reserve requirements and allowing for interest payments in kind. This amendment aims to meet short-term capital needs as the company develops its facilities. An earnings conference call is scheduled for March 29, 2023.