KORE Receives Continued Listing Standard Notice from NYSE
Rhea-AI Summary
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.
Positive
- 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
Negative
- 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
News Market Reaction
On the day this news was published, KORE declined 4.68%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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?
