KORE Group Holdings, Inc. (KORE): restructuring charge — KORE Q2 rev down 2% to $67.9M, net loss $64.3M (incl $45.4M goodwill impairment); cuts 19% of workforce

KORE Group Holdings, Inc.

Revenue $67.9M (-2% YoY); IoT Connectivity +16% to $55.8M, IoT Solutions -43% to $12.1M.
Net loss $64.3M vs $19.5M a year ago, includes $45.4M non-cash goodwill impairment; Adjusted EBITDA $11.4M (-20% YoY).
Restructuring: ~19% workforce reduction; $5-6M one-time severance cost, $20-22M annual cash savings expected from 2025.
Ron Totton appointed permanent President & CEO; Jared Deith named EVP Connected Health; Bryan Lubel departed as EVP.
Regained NYSE compliance after 1-for-5 reverse stock split; 2024 guidance updated (specific ranges not in filing).

item 2.02 item 2.05 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Ronald Totton

President and Chief Executive Officer

KORE · KORE Group Holdings, Inc.

Effective: 2024-08-14
Filed: August 15, 2024, 7:59 PM ET

On August 15, 2024, the Company announced the appointment of Ronald Totton, effective August 14, 2024, as its President and Chief Executive Officer.

Appointed

Ronald Totton

Member of the Board (Class III Director)

KORE · KORE Group Holdings, Inc.

Effective: 2024-08-14
Filed: August 15, 2024, 7:59 PM ET

Effective August 14, 2024, Mr. Totton was also appointed as a member of the Board of the Company to serve as a Class III director of the Company until the 2027 Annual Meeting of Stockholders.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ronald Totton was appointed as President and Chief Executive Officer at KORE Group Holdings, Inc..

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On August 15, 2024, the Company announced the appointment of Ronald Totton, effective August 14, 2024, as its President and Chief Executive Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ronald Totton was appointed as Member of the Board (Class III Director) at KORE Group Holdings, Inc..

Action: appointed
Role: Member of the Board (Class III Director)

Exact text from the filing

Effective August 14, 2024, Mr. Totton was also appointed as a member of the Board of the Company to serve as a Class III director of the Company until the 2027 Annual Meeting of Stockholders.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

KORE Group Holdings, Inc. announced a restructuring with charges of $5 million to $6 million (approximately 19% of the Company’s employee base).

Type: restructuring
Charge: $5 million to $6 million
Headcount: approximately 19% of the Company’s employee base

Exact text from the filing

the Restructuring Plan to be substantially completed by December 31, 2024. Total costs and cash expenditures for the Restructuring Plan are estimated to be in the range of $5 million to $6 million, substantially all of which are related to employee severance and benefits costs. The Company expects to incur most of these pre-tax reduction in force charges in

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

KORE Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-037336

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