KORE, a leader in IoT solutions and Connectivity-as-a-Service, announced the launch of over-the-air provisioning on eUICC-compliant SIMs, enhancing global connectivity for its customers. Through partnerships with multiple mobile network operators, KORE will provide seamless, multi-network connectivity, addressing barriers in IoT deployments. The eUICC solution simplifies inventory management and offers auto-provisioning, eliminating the need for costly SIM swaps. KORE is also anticipated to finalize a merger with Cerberus Telecom Acquisition Corp (CTAC.U) in mid-2021, aiming for NYSE listing under KORE.
Cerberus Telecom Acquisition Corp. (NYSE: CTAC.U, CTAC, CTAC WS) announced the filing of a registration statement on Form S-4 with the SEC, detailing its proposed merger with KORE Wireless Group, Inc. The transaction has an enterprise value of $1.014 billion and includes a $225 million PIPE investment from leading institutional investors. Following the merger, the combined entity will operate under the ticker symbol 'KORE' and aims to leverage KORE's growth in IoT solutions. The merger is expected to close mid-2021, pending shareholder approval.
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'.
Cerberus Telecom Acquisition Corp. announced the pricing of its IPO for 25,000,000 units at $10.00 each. Trading under the ticker symbol CTAC.U will commence on October 22, 2020, with the IPO expected to close on October 26, 2020. Each unit comprises one Class A share and a third of a redeemable warrant, with the latter allowing the purchase of one Class A share at $11.50. The company, formed to pursue mergers in the information and communications technology sector, has granted underwriters an option to buy an additional 3,750,000 units.