KORE Group Holdings, Inc. (KORE): auditor change — KORE Group restates Q2 2024, delays Q3 earnings; net loss to increase ~$19M

KORE Group Holdings, Inc.

Non-reliance on Q2 2024 financials due to goodwill impairment miscalculation; net loss to increase ~$19M.
Goodwill impairment error: debt issuance costs incorrectly deducted from fair value of debt.
No impact on revenues, cash flows, or Adjusted EBITDA for the affected period.
Q3 2024 earnings release and webcast rescheduled from Nov 13 to Nov 19, 2024.
Form 10-Q/A for Q2 and Form 10-Q for Q3 expected to be filed by Nov 19, 2024.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

KORE Group Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA, P.C.

Exact text from the filing

On November 11, 2024, during the preparation of KORE Group Holdings, Inc.’s (the “Company”) condensed consolidated financial statements for the quarter ended September 30, 2024, 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. (“BDO”), 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 (the “Non-Reliance Period”) should no longer be relied upon

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KORE Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001855457-24-000076

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