KORE intends to cure the deficiency and return to compliance with NYSE listing standard
ATLANTA, Sept. 6, 2023 /PRNewswire/ — KORE Group Holdings, Inc. (NYSE:KORE, KORE WS))))) (“KORE”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions and Analytics, announced that on September 5, 2023, it received a notice (“Notice”) from the New York Stock Exchange (“NYSE”) notifying KORE that it is not in compliance with the NYSE’s continued listing standards because as of August 30, 2023, the average closing price of KORE’s Common Stock (“Common Stock”) was less than $1.00 per share over a consecutive 30 trading-day period. The Notice does not result in the immediate delisting of KORE’s Common Stock from the NYSE.
KORE intends to respond to the NYSE within ten business days of receipt of the Notice affirming its intent to cure the deficiency. Pursuant to the NYSE’s rules, KORE has a six-month period following receipt of the Notice to regain compliance with the NYSE’s minimum share price requirement.
KORE intends to consider a number of available alternatives to cure its non-compliance with the applicable price criteria in the NYSE’s continued listing standards. KORE can regain compliance with the minimum share price requirement at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period or on the last day of the cure period, KORE has (i) a closing share price of at least $1.00, and (ii) an average closing share price of at least $1.00 over the 30 trading-day periods ending on the last trading day of that month.
KORE’s Common Stock will 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.
