KORE Receives NYSE Notice Regarding Late Form 10-K Filing
Rhea-AI Summary
KORE Group Holdings (NYSE: KORE), an IoT solutions provider, received a notice from the NYSE on April 16, 2025, regarding its non-compliance with listing standards due to delayed filing of its 2024 Annual Report (Form 10-K). The notice grants KORE a six-month period until October 15, 2025, to file the report and regain compliance.
While the notice doesn't immediately affect KORE's NYSE listing, the exchange may initiate delisting proceedings if deemed necessary. The company attributes the delay to additional time needed for financial reporting and closing procedures, and expects to file the Form 10-K by April 30, 2025.
Positive
- Company has been granted a six-month compliance period with possibility of extension
- Clear timeline provided for anticipated Form 10-K filing by April 30, 2025
Negative
- Failure to timely file 2024 Form 10-K, indicating potential internal control or reporting issues
- Risk of NYSE delisting if compliance is not achieved within the specified timeframe
- Additional time and resources required for financial reporting suggests possible complications in closing procedures
The Notice has no immediate effect on the listing of the Company's common stock on the NYSE. The Notice informed the Company that, under NYSE rules, the Company has six months from April 15, 2025 to regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC. The NYSE further noted that, if the Company fails to file the Form 10-K within the six-month period, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The Notice also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances warrant.
As previously disclosed in the Company's Notification of Late Filing on Form 12b-25 filed with the SEC on April 1, 2025, the Company was unable to file the Form 10-K within the prescribed period because additional time, resources and effort are required to complete work related to its financial reporting and closing procedures. KORE currently anticipates filing the Form 10-K on April 30, 2025.
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. These forward-looking statements include statements regarding the anticipated timing of the Company's filing of the Form 10-K. These forward-looking statements are subject to a number of factors and uncertainties that could cause the Company's actual results, performance, liquidity or achievements to differ materially from those expressed in or contemplated by the forward-looking statements. Such factors include, but are not limited to, the risk that additional or different information may become known prior to the expected filing of the periodic report described herein. Other risk factors affecting the Company are discussed in the Company's filings with the SEC available at www.sec.gov. The Company cautions you that the list of risk factors included in the Company's SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.
KORE Investors Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
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SOURCE KORE Group Holdings, Inc.
FAQ
What is the deadline for KORE Holdings to file its delayed Form 10-K to maintain NYSE compliance?
Will KORE stock be immediately delisted from NYSE due to the late 10-K filing?
When does KORE expect to file its delayed 2024 Form 10-K?
What happens if KORE fails to file its Form 10-K within the six-month compliance period?
