Filing details KORE financials for current and
prospective investors
Cerberus Telecom Acquisition Corp. (NYSE: CTAC.U, CTAC, CTAC WS)
(“CTAC”), a special purpose acquisition company affiliated with
Cerberus Capital Management, L.P., today announced that it and King
Pubco, Inc. (“Pubco”), a direct and wholly owned subsidiary of the
sponsor of CTAC, have filed with the U.S. Securities and Exchange
Commission a registration statement on Form S-4. The filing
includes a preliminary proxy statement/prospectus in connection
with CTAC’s proposed business combination with KORE Wireless Group,
Inc. (“KORE” or “the Company”), a global leader in Internet of
Things (“IoT”) Solutions and worldwide Connectivity-as-a-Service
(“CaaS”).
CTAC and KORE recently entered into a definitive merger
agreement, which they jointly announced on March 12, 2021. The
transaction reflects a pro-forma enterprise value of the combined
company of $1.014 billion. The $225 million PIPE investment was
initially oversubscribed and upsized due to high demand, and is
anchored by leading institutional investors, including Koch
Strategic Platforms, LLC, a subsidiary of Koch Industries and part
of the Koch Investment Group, and funds and accounts managed by
BlackRock.
“We are excited to be moving ahead with the creation of a
publicly-listed, pure play IoT company,” said Tim Donahue, Chief
Executive Officer of CTAC. “We look forward to working with the
talented KORE team as they help enterprises transform with the
power of IoT solutions and play a leading role in the 5G
revolution.”
Romil Bahl, KORE President and Chief Executive Officer,
commented, “The information in today’s filing of the registration
statement on Form S-4 demonstrates the uniqueness of our business
model, highlights our accelerating growth momentum, and showcases
the recurring nature of our cash flows. In addition, the filing
features KORE’s total addressable market and shows our readiness to
accelerate our efforts further into IoT, 5G, and eSIM.”
Upon completion of the transaction, the combined company expects
to be listed on the New York Stock Exchange under the ticker symbol
“KORE.” The transaction, which has been approved by the CTAC Board
of Directors and KORE Board of Directors, is expected to close in
mid-2021. The transaction remains subject to approval by CTAC and
KORE shareholders and the satisfaction or waiver of customary
closing conditions (including receipt of required regulatory
approvals).
A link to the filing is available in the “Documents” section of
the CTAC website at www.cerberusacquisition.com, in the “Investors”
section of the KORE website at www.korewireless.com and can be
viewed on the SEC’s website at www.sec.gov.
About Cerberus Telecom Acquisition Corp.
Cerberus Telecom Acquisition Corp. (“CTAC”) is a blank check
company formed by an affiliate of Cerberus Capital Management, L.P.
(“Cerberus”), a global leader in alternative investing. CTAC is led
by CEO Tim Donahue, former Executive Chairman of Sprint Nextel and
former CEO of Nextel Communications, and is proud to have the
support of a distinguished advisory board comprised of senior
executives and business leaders from the information and
communications technology sector. For more information, visit
www.cerberusacquisition.com.
About Cerberus
Founded in 1992, Cerberus is a global leader in alternative
investing with approximately $53 billion in assets across
complementary credit, private equity, and real estate strategies.
We invest across the capital structure where our integrated
investment platforms and proprietary operating capabilities create
an edge to improve performance and drive long-term value. Our
tenured teams have experience working collaboratively across asset
classes, sectors, and geographies to seek strong risk-adjusted
returns for our investors. For more information about our people
and platforms, visit us at www.cerberus.com.
Cerberus has a dedicated focus on next-generation technologies
and telecommunication solutions. Our team of technologists and
network of advisors collaborate across our investment and operating
platforms to identify opportunities and manage investments in
critical IoT, edge computing, artificial intelligence, private
wireless networks, network equipment, autonomy, aerospace, and
ecosystem development.
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.
Important Information and Where to Find It
This press release references the proposed merger transaction
announced previously involving Cerberus Telecom Acquisition Corp.
and KORE. CTAC and Pubco have filed a registration statement on
Form S-4 with the SEC, which includes a proxy statement of CTAC and
a prospectus of Pubco, and CTAC will file other documents regarding
the proposed transaction with the SEC. A definitive proxy
statement/prospectus will also be sent to the stockholders of CTAC,
seeking required stockholder approval. Before making any voting or
investment decision, investors and security holders of CTAC are
urged to carefully read the entire registration statement and proxy
statement/prospectus, when they become available, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because they will contain important
information about the proposed transaction. The documents filed by
CTAC with the SEC may be obtained free of charge at the SEC’s
website at www.sec.gov. In addition, the documents filed by CTAC
with the SEC may be obtained free of charge from CTAC’s website at
www.cerberusacquisition.com or upon written request to Cerberus
Telecom Acquisition Corp., 875 Third Avenue, New York, NY
10022.
This press release, similar to the previous announcement, does
not constitute an offer to sell or the solicitation of an offer to
buy any securities or a solicitation of any vote or approval, nor
shall there be any sale of any securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such other jurisdiction.
CTAC, KORE and certain of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of CTAC, in favor of
the approval of the merger. Information regarding CTAC’s and KORE’s
directors and executive officers and other persons who may be
deemed participants in the transaction may be obtained by reading
the registration statement and the proxy statement/prospectus and
other relevant documents filed with the SEC when they become
available. Free copies of these documents may be obtained as
described above.
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 estimates and
forecasts of revenue and other financial and performance metrics
and projections of market opportunity and 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; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210408005591/en/
Cerberus Telecom Acquisition Corp.
Media Andrew Cole/Dave Millar/Brooke Jaye Sard Verbinnen
& Co. CTAC-SVC@sardverb.com
OR
media@cerberusacquisition.com
Investors info@cerberusacquisition.com
KORE
Media Jean Creech Avent jcreechavent@korewireless.com
843-986-8229
Investors Matt Glover and Cody Slach Gateway Group, Inc.
KORE@gatewayir.com 949-574-3860
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