Company to restate Second Quarter 2024 Financial
Statements
No impact to Revenues, Cash Flows or Adjusted
EBITDA expected for the period affected
ATLANTA, Nov. 12,
2024 /PRNewswire/ -- 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 announced that it expects
to restate its second quarter 2024 financial statements and, as a
result, is rescheduling the release of the Company's financial
results for the third quarter of 2024 and live webcast to discuss
those results from previously scheduled November 13, 2024 at 5PM
ET to November 19, 2024 at the
same time.
The Company's management, in consultation with the Audit
Committee of the Company's Board of Directors and in consultation
with BDO USA, P.C., the Company's
independent registered public accounting firm, concluded that the
Company's previously issued unaudited condensed consolidated
financial statements contained within the Quarterly Report on Form
10-Q for the quarter ended June 30,
2024 should no longer be relied upon due to errors in
computing a non-cash goodwill impairment charge. The restatement is
not expected to have any impact on the Company's revenues, cash
flows or Adjusted EBITDA for the period affected.
The Company intends to file a Form 10-Q/A for the quarter ended
June 30, 2024, which will include
restated unaudited condensed consolidated financial statements by
November 19, 2024.
KORE will also now release its third quarter 2024 financial
results on November 19, 2024,
following the U.S. market closing. KORE will also host a live
webcast, followed by a question-and-answer period the same day at
5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss the financial
results. The delay is to allow KORE additional time to complete the
review of the financial statements to be included in the Company's
Form 10-Q for the quarter ended September
30, 2024 and to complete the restated financial statements
to be included in the Company's Form 10-Q/A for the quarter ended
June 30, 2024.
Date: November 19, 2024
Time: 5:00 p.m. Eastern time
(2:00 p.m. Pacific time)
Webcast Event: Link
U.S. dial-in: (877) 407-3039
International dial-in: (215) 268-9922
Conference ID: 13749781
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
www.korewireless.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to a number of risks and uncertainties, many of which are
beyond the control of the Company. These forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") can be
identified by the use of forward-looking terminology including
"may," "should," "could," "likely," "will," "believe," "expect,"
"anticipate," "estimate," "continue," "plan," "intend," "project,"
or other similar words. All statements, other than statements of
historical fact included in this earnings release are
forward-looking statements. The forward-looking statements include
statements regarding the anticipated timing of
finalizing KORE's Form 10-Q for the quarter ended September 30, 2024 and Form 10-Q/A for the
quarter ended June 30, 2024, the
impact of the restatement of the Company's financial statements for
the quarter ended June 30, 2024, and
the timing of the earnings release and webcast. Although we believe
that the expectations reflected in such forward-looking statements
are reasonable, KORE cannot give any assurance that such
expectations will prove correct.
The forward-looking statements in this press release are subject
to the risk factors and cautionary language described from time to
time in the reports the Company files with the U.S. Securities and
Exchange Commission, including those in the Company's most recent
Annual Report on Form 10-K for the year ended December 31, 2023 and any updates thereto in the
Company's Quarterly Reports on Form 10-Q. It is not possible for
the Company to predict all risks, nor can KORE assess the impact of
all factors on the business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
All forward-looking statements speak only as of the date of this
press release. Unless required by law, KORE disclaims any
obligation to publicly update or revise these statements whether as
a result of new information, future events or otherwise.
KORE Investor Contact:
Vik
Vijayvergiya
Vice President, IR and Corporate Development
vvijayvergiya@korewireless.com
+1-770-280-0324
KORE Media Contact:
Carla
Deisenroth
Vice President, Strategy & Marketing
cdeisenroth@korewireless.com
+1-248-982-2759
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SOURCE KORE Group Holdings, Inc.