Romil: No, I think thats really well said [crosstalk].
Nick: Yes, [unintelligible 00:30:08].
Romil:
Sorry, it was breaking up, so I thought you were done, but Im not. I think thats really well said. The only thing Im really going to add to that is this little second bullet here under valuation, existing owners of common
stock, including ABRY Partners who Nick mentioned, are expected to roll 100% of that common Not expected. They are rolling 100% of their common equity. In other words, every dollar that we are raising through, of course, the SPAC, that CTAC
raised before as part of their IPO, and then through the pipe, which we upsized because we had demanded around 2X of what we were asking for, every dollar, net of expenses for this transaction, is going to write down our debt, which tells you that
the investment thesis is strong in the minds of my current board, so to speak.
Kristi: Great, thanks to both of you for answering that. Actually,
Nick, we do have a follow-up question to that one and, they say, Cerberus is massive, and you have massive deal flow. They wanted to ask how, if you could walk us through your process and how you
landed on the KORE?
Nick: Thats a great question. Look, I think whats interesting and differentiated about Cerberus is we have this
incredible group, internally, its called [inaudible 00:31:33] and [inaudible 00:31:34] its a group of about 100 men and women that are from industry, deep operational know-how, a lot
of them former C-suite in nature, and theyre all in house. I think, from our competitive standpoint, there are a lot of competitors out there, I think, that have great advisory networks. Typically,
theyre outside, weve got them inside. My partner, Mike Palmer, and I have been working deals with a lot of these advisors in this technology and tech arena for a number of years.
Unlike a lot of SPACs out there where SPACs have to go out and lure in board members and management teams, we have them
in-house. When you have a team of folks like Tim Donohue, who, led Nextel and ultimately Sprint, when youve got people like Shaygan Kheradpir, who was a very senior guy at Verizon, and then became the
CEO of two tech companies, when you got the former CTO of Nokia, on your board, Hossein Moiin, and so on, so forth. The list goes on and on. Weve been working technology with these guys for a number of years, and we didnt wake up one day
wanting to get into SPAC business. We actually were looking at a number of deals that ultimately ended up going the SPAC route, and we said, Well, why dont we create a product to allow us to capitalize on these types of
opportunities? and so and away we went.
Because Mike Palmer and I were focused on this opportunity set, we had a backlog of names to the tune of
about 100, and because we had a great prior relationship with ABRY, KORE was already on our list. When we got going, we got IPO vis-a-vis the SPAC. KORE was one of the
ones that we gravitated to early on. We had about five names early on that we did a very deep dive on, and it was very clear from the get-go, that KORE was over and above the best option. Were uniquely
positioned to help Romil and help Romil take this company to the next level. Ill Romil speak for himself, but I think Romil felt the same way. I think its a really, really unique partnership that weve established here.
9