Reported Earlier, KORE Announces 1-for-5 Reverse Stock Split to Meet NYSE Listing Requirements

KORE Group Holdings, Inc. (NYSE:KORE) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced that its Board of Directors has approved a 1-for-5 reverse stock split of the Company's common stock. The reverse stock split is expected to become effective at 12:01 a.m. Eastern Time on July 1, 2024. The Company's common stock is expected to commence trading on a split-adjusted basis when the New York Stock Exchange ("NYSE") opens on July 1, 2024 under the existing trading symbol "KORE." The new CUSIP number for the Company's common stock following the reverse stock split will be 50066V 305.

The primary goal of the reverse stock split is to increase the per share market price of the Company's common stock to meet the minimum per share price requirement for continued listing on the NYSE. The reverse stock split was approved by the Company's stockholders at its annual meeting of stockholders held on June 12, 2024. On June 21, 2024, the Company's Board of Directors approved the reverse stock split at the ratio of 1-for-5. 

As a result of the reverse stock split, every five shares of the Company's common stock issued and outstanding will be automatically reclassified into one new share of the Company's common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company's equity incentive plan. The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not decrease the number of authorized shares of common stock or otherwise affect the par value of the common stock.

No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock split will automatically, in lieu of a fractional share, be entitled, to have their fractional shares rounded up to the next whole share and receive an additional whole share of common stock in lieu of such fractional shares.

Continental Stock Transfer & Trust ("Continental"), the Company's transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form and stockholders who hold their shares through a bank, broker or other nominee will not need to take any action. Stockholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the reverse stock split.