ATLANTA (March 31, 2023) – KORE Group Holdings, Inc. (NYSE: KORE, KORE WS) ("KORE" or the "Company"), a global leader in Internet of Things (IoT) Solutions and worldwide IoT Connectivity-as-a-Service ("CaaS"), today announced additional details relating to the anticipated filing of its Annual Report on Form 10-K for fiscal year 2022 (the “10-K”). On March 17, 2023, KORE filed a Form 12b-25 to provide notice that the Company was unable to file the 10-K on or prior to the March 16, 2023 due date and that the Company anticipated filing the 10-K on or prior to fifteen days after such due date.
In the 12b-25, KORE reported that in the process of preparing the Company’s fiscal year 2022 financial statements, management discovered misstatements related to various items, including certain current and deferred income tax liabilities and (benefits) in various foreign jurisdictions that relate to prior periods. The Company expects that such misstatements will result in a revision of the prior period financial statements that will be reported in the 10-K. However, the Company and the Company’s independent registered public accounting firm have not yet completed all necessary procedures and processes relating to the 10-K.
The Company confirms that there are no changes in the revenue or adjusted EBITDA for the fourth quarter and the year ending 2022, all as reported in a press release, “KORE Reports Preliminary and Unaudited Fourth Quarter and Full-Year 2022 Results; Provides Full-Year 2023 Revenue Guidance of $300 to $310 Million, Representing Year-Over-Year Growth of 12% to 15%,” issued by the Company on March 27, 2023. Further, the delay in filing the 10-K is not due to any disagreement with the Company's independent registered public accounting firm.
The Company will file the 10-K as soon as practicable, expected no later than April 7, 2023.
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.
Forward-Looking Statements
The Company’s expectation regarding the timing of the filing of the 10-K and the expectation of the effect of misstatements in prior financial periods are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The actual timing of the filing and the effect of the misstatements may differ significantly from the Company’s expectation due to a number of risks and uncertainties, including the Company and its independent auditors’ inability to complete the work required to file the Annual Report in the anticipated time frame.
KORE Investors Contact:
Charley Brady
Vice President, Investor Relations
investors@korewireless.com
+1-678-392-2335
Investor Contact:
Matt Glover, Alex Thompson
Gateway Group, Inc.
KORE@gatewayir.com
+1-949-574-3860
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, but are not limited to, statements regarding KORE’s future product or service offerings, projections of market opportunity and conditions, and related expectations. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE's business and the timing of expected business milestones; risks relating to the integration of KORE’s acquired companies, changes in the assumptions underlying KORE's expectations regarding its future business; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.