KORE repurchases 5M shares from Twilio at ~$0.57/share, aggregate $2.9M

KORE Group Holdings, Inc.

Repurchases 5,000,000 shares of common stock from Twilio Inc. at $0.5713 per share, total ~$2.9 million.
Shares were subject to transfer restrictions from a prior March 2023 purchase agreement; KORE waived those restrictions.
Repurchase to be funded via additional investment from Searchlight IV KOR, L.P. under an existing agreement.
Closing expected on or before December 13, 2023; reduces Twilio's stake from 10M to 5M shares held.
Price equals VWAP of common stock on NYSE for the 10 trading days ending December 8, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KORE Group Holdings, Inc. entered into Stock Repurchase Agreement with Twilio Inc. valued at Aggregate purchase price of approximately $2.9 million for 5,000,000 shares of common stock at $0.57 (effective 2023-12-11).

Action: entry
Counterparty: Twilio Inc.
Value: Aggregate purchase price of approximately $2.9 million for 5,000,000 shares of common stock at $0.57
Effective: 2023-12-11

Exact text from the filing

On December 11, 2023, KORE Group Holdings, Inc., a Delaware corporation (“ KORE ” or the “ Company ”), entered into a stock repurchase agreement (the “ Stock Repurchase Agreement ”) with Twilio Inc., a Delaware corporation and a stockholder of the Company (the “ Selling Stockholder ”), pursuant to which the Company agreed to repurchase, directly from the Selling Stockholder, 5,000,000 shares of the Company’s common stock, par value $0.0001 per share (the “ Common Stock ”), for an aggregate purchase price of approximately $2.9 million (the “ Repurchase ”).

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KORE Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-293047

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