KORE Group makes lackluster market debut after SPAC merger

Kore Mining

01/10/2021 15:16

** KORE Group Holdings Inc shares  KORE.N  down 6.7% at
$7.29 after the Internet of Things solutions provider's market
debut
    ** KORE began trading on the NYSE after merging with special
purpose acquisition company (SPAC) Cerberus Telecom Acquisition
Corp (CTAC)  urn:newsml:reuters.com:*:nL4N2LA48O
    ** CTAC was backed by private equity company Cerberus
Capital Management 
    ** CTAC shares have been hammered by roughly 86.32% SPAC
investors redeeming their shares, according to a recent
statement https://www.businesswire.com/news/home/20210921006178/en/Cerberus-Telecom-Acquisition-Corp.-Announces-New-Date-for-Special-Meeting-of-Shareholders-and-Additional-Sources-of-Liquidity-for-Post-Closing-Public-Company
 by the company 
    ** KORE was to have $484 mln in cash from the deal when it 
was announced in March, including a PIPE of $225 mln 
    ** Co now has about $100 mln of liquidity post-closing of
merger, the statement said 

 (Reporting by Sohini Podder in Bengaluru; Additional reporting
by Lance Tupper)
 ((sohini.podder@thomsonreuters.com))