Technology

LightInTheBox Reports Second Quarter 2024 Financial Results

Published

5 months ago

August 2, 2024

– Returns to Profitability with Net Income of $0.6 Million –

SINGAPORE, Aug. 2, 2024 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), an apparel e-commerce retailer that ships products to consumers worldwide, today announced its unaudited financial results for the second quarter ended June 30, 2024.

“The second quarter of 2024 was a challenging one, with intensified competition and high traffic acquisition costs in the global e-commerce market continuing to weigh on our topline,” said Mr. Jian He, Chairman and CEO of LightInTheBox. “However, our strategic pivot to prioritize profitability proved effective, resulting in a turnaround with net income reaching $0.6 million for the second quarter of 2024 compared with a loss for the same period of last year and the first quarter of this year. Meanwhile, we continued to refine our differentiation strategy with a focus on strengthening localized operations, propelling progress in certain product lines.”

“Encouraged by the outcomes of these initiatives, we will continue to concentrate on overall efficiency and profitability amid the evolving environment. Additionally, we will further upgrade our products, services and customer experience, as well as our localized operations, to differentiate ourselves and build brand recognition and loyalty in this competitive industry. As always, we are committed to driving high-quality development and delivering sustainable value to all stakeholders in the long run,” Mr. He concluded.

Second Quarter 2024 Financial Highlights

Total revenues were $69.4 million in the second quarter of 2024, compared with $191.8 million in the same period of 2023.Net income was $0.6 million in the second quarter of 2024, compared with net loss of $1.5 million in the same period of 2023.Adjusted EBITDA was an income of $1.2 million in the second quarter of 2024, compared with a loss of $0.7 million in the same period of 2023.

First Half 2024 Financial Highlights

Total revenues were $140.5 million in the first half of 2024, compared with $339.5 million in the same period of 2023.Net loss was $3.2 million in the first half of 2024, compared with $5.4 million in the same period of 2023.Adjusted EBITDA was a loss of $1.9 million in the first half of 2024, compared with $3.8 million in the same period of 2023.

Second Quarter 2024 Financial Results

Total revenues decreased by 63.8% year-over-year to $69.4 million from $191.8 million in the same quarter of 2023.

Total cost of revenues was $26.1 million in the second quarter of 2024, compared with $81.6 million in the same quarter of 2023.

Gross profit in the second quarter of 2024 was $43.3 million, compared with $110.2 million in the same quarter of 2023. Gross margin was 62.4% in the second quarter of 2024, compared with 57.5% in the same quarter of 2023.

Total operating expenses in the second quarter of 2024 were $42.7 million, compared with $111.8 million in the same quarter of 2023.

Fulfillment expenses in the second quarter of 2024 were $5.0 million, compared with $9.9 million in the same quarter of 2023. As a percentage of total revenues, fulfillment expenses were 7.2% in the second quarter of 2024, compared with 5.2% in the same quarter of 2023 and 8.1% in the first quarter of 2024.

Selling and marketing expenses in the second quarter of 2024 were $31.5 million, compared with $94.0 million in the same quarter of 2023. As a percentage of total revenues, selling and marketing expenses were 45.5% in the second quarter of 2024, compared with 49.0% in the same quarter of 2023 and 46.0% in the first quarter of 2024.

G&A expenses in the second quarter of 2024 were $6.4 million, compared with $8.2 million in the same quarter of 2023. As a percentage of total revenues, G&A expenses were 9.2% in the second quarter of 2024, compared with 4.3% in the same quarter of 2023 and 10.2% in the first quarter of 2024. As part of G&A expenses, R&D expenses in the second quarter of 2024 were $4.0 million, compared with $5.1 million in the same quarter of 2023 and $4.6 million in the first quarter of 2024.

Income from operations was $0.6 million in the second quarter of 2024, compared with a loss of $1.6 million in the same quarter of 2023.

Net income was $0.6 million in the second quarter of 2024, compared with a loss of $1.5 million in the same quarter of 2023.

Net income per American Depository Share (“ADS”) was $0.01 in the second quarter of 2024, compared with net loss per ADS of $0.01 in the same quarter of 2023. Each ADS represents two ordinary shares. The diluted net income per ADS in the second quarter of 2024 was $0.01, compared with net loss per ADS of $0.01 in the same quarter of 2023.

In the second quarter of 2024, the Company’s basic weighted average number of ADSs used in computing the net income per ADS was 110,342,430.

Adjusted EBITDA was an income of $1.2 million in the second quarter of 2024, compared with a loss of $0.7 million in the same quarter of 2023.

As of June 30, 2024, the Company had cash and cash equivalents and restricted cash of $27.9 million, compared with $71.7 million as of December 31, 2023.

First Half 2024 Financial Results

Total revenues decreased by 58.6% year-over-year to $140.5 million from $339.5 million in the same period of 2023.

Total cost of revenues was $55.8 million in the first half of 2024, compared with $146.9 million in the same period of 2023.

Gross profit in the first half of 2024 was $84.7 million, compared with $192.7 million in the same period of 2023. Gross margin was 60.3% in the first half of 2024, compared with 56.7% in the same period of 2023.

Total operating expenses in the first half of 2024 were $88.1 million, compared with $198.2 million in the same period of 2023.

Fulfillment expenses in the first half of 2024 were $10.8 million, compared with $18.5 million in the same period of 2023. As a percentage of total revenues, fulfillment expenses were 7.7% in the first half of 2024, compared with 5.5% in the same period of 2023.

Selling and marketing expenses in the first half of 2024 were $64.3 million, compared with $163.2 million in the same period of 2023. As a percentage of total revenues, selling and marketing expenses were 45.7% for the first half of 2024, compared with 48.0% in the same period of 2023.

G&A expenses in the first half of 2024 were $13.7 million, compared with $17.2 million in the same period of 2023. As a percentage of total revenues, G&A expenses were 9.7% for the first half of 2024, compared with 5.1% in the same period of 2023. Included in G&A expenses, R&D expenses in the first half of 2024 were $8.6 million, compared with $10.3 million in the same period of 2023.

Loss from operations was $3.4 million in the first half of 2024, compared with $5.6 million in the same period of 2023.

Net loss was $3.2 million in the first half of 2024, compared with $5.4 million in the same period of 2023.

Net loss per American Depository Share (“ADS”) was $0.03 in the first half of 2024, compared with $0.05 in the same period of 2023. Each ADS represents two ordinary shares. The diluted net loss per ADS for the first half of 2024 was $0.03, compared with $0.05 in the same period of 2023.

In the first half of 2024, the Company’s basic weighted average number of ADSs used in computing the net loss per ADS was 110,802,352.

Adjusted EBITDA was a loss of $1.9 million in the first half of 2024, compared with $3.8 million in the same period of 2023.

Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses a non-GAAP measure, Adjusted EBITDA, as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measure excludes share-based compensation expenses, depreciation and amortization expenses, interest income, interest expenses and income tax expense.

The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measure helps identify underlying trends in its business. The Company also believes that the non-GAAP financial measure could provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. The Company’s non-GAAP financial measure does not reflect all items of income and expenses that affect the Company’s operations and does not represent the residual cash flow available for discretionary expenditures. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for the limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Conference Call

The Company’s management will hold an earnings conference call at 9:00 a.m. Eastern Time on August 2, 2024 (9:00 p.m. Hong Kong/Singapore Time on the same day).

Preregistration Information

Participants can register for the conference call by going to https://s1.c-conf.com/diamondpass/10040986-jh7t5r.html. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique access PIN, and you will be connected to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through August 9, 2024. The dial-in details are:

US/Canada: +1-855-883-1031

Singapore: 800-101-3223

Hong Kong, China: 800-930-639

Replay PIN: 10040986

Additionally, a live and archived webcast of the conference call will be available on the Company’s Investor Relations website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is an apparel e-commerce retailer that ships products to consumers worldwide. With a focus on serving its middle-aged and senior customers, LightInTheBox leverages its global supply chain and logistics networks, along with its in-house R&D and design capabilities to offer a wide selection of comfortable, aesthetically pleasing and visually interesting apparel that brings fresh joy to customers. LightInTheBox operates its business through www.lightinthebox.com, www.ezbuy.sg and other websites as well as mobile applications, which are available in over 20 major languages and over 140 countries and regions. The Company is headquartered in Singapore, with additional offices in California, Shanghai and Beijing.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@lightinthebox.com

Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com

Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: lightinthebox@tpg-ir.com

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements.

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Balance Sheets

(U.S. dollars in thousands, or otherwise noted)

As of December 31,

As of June 30,

2023

2024

ASSETS

Current Assets

Cash and cash equivalents

66,425

25,287

Restricted cash

5,279

2,624

Accounts receivable, net of allowance for credit losses

634

994

Inventories

5,767

4,480

Prepaid expenses and other current assets

6,875

9,098

Total current assets

84,980

42,483

Property and equipment, net

2,789

2,145

Intangible assets, net

3,604

3,089

Goodwill

27,393

26,778

Operating lease right-of-use assets

6,559

6,934

Long-term rental deposits

392

312

Long-term investment

–

Other non-current assets

592

–

TOTAL ASSETS

126,309

81,815

LIABILITIES AND EQUITY / (DEFICIT)

Current Liabilities

Accounts payable

15,846

14,227

Advance from customers

17,001

13,258

Operating lease liabilities

5,046

4,049

Accrued expenses and other current liabilities

94,622

61,891

Total current liabilities

132,515

93,425

Operating lease liabilities

1,915

1,650

Deferred tax liabilities

154

150

Unrecognized tax benefits

107

TOTAL LIABILITIES

134,691

95,332

EQUITY / (DEFICIT)

Ordinary shares

Additional paid-in capital

283,137

282,862

Treasury shares

(30,359)

(31,045)

Accumulated other comprehensive loss

(1,856)

(2,823)

Accumulated deficit

(259,321)

(262,528)

TOTAL EQUITY / (DEFICIT)

(8,382)

(13,517)

TOTAL LIABILITIES AND EQUITY / (DEFICIT)

126,309

81,815

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations

(U.S. dollars in thousands, except per share data, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

Revenues

Product sales

189,730

67,152

334,331

134,983

Services and others

2,037

2,210

5,217

5,548

Total revenues

191,767

69,362

339,548

140,531

Cost of revenues

Product sales

(81,142)

(25,513)

(145,318)

(54,583)

Services and others

(435)

(559)

(1,538)

(1,209)

Total Cost of revenues

(81,577)

(26,072)

(146,856)

(55,792)

Gross profit

110,190

43,290

192,692

84,739

Operating expenses

Fulfillment

(9,906)

(5,010)

(18,542)

(10,756)

Selling and marketing

(94,038)

(31,527)

(163,150)

(64,268)

General and administrative

(8,176)

(6,411)

(17,233)

(13,670)

Other operating income

332

277

677

563

Total operating expenses

(111,788)

(42,671)

(198,248)

(88,131)

(Loss) / income from operations

(1,598)

619

(5,556)

(3,392)

Interest income

143

173

Interest expense

(1)

–

(2)

–

Other (expense) / income, net

(1)

(9)

102

Total other income

141

191

186

(Loss) / income before income taxes

(1,457)

624

(5,365)

(3,206)

Income tax expense

–

(1)

(48)

(1)

Net (loss) / income

(1,457)

623

(5,413)

(3,207)

Net (loss) / income attributable to

LightInTheBox Holding Co., Ltd.

(1,457)

623

(5,413)

(3,207)

Weighted average numbers of shares used in

calculating (loss) / income per ordinary share

-Basic

226,738,924

220,684,859

226,699,828

221,604,704

-Diluted

226,738,924

221,451,741

226,699,828

221,604,704

Net (loss) / income per ordinary share

-Basic

(0.01)

0.00

(0.02)

(0.01)

-Diluted

(0.01)

0.00

(0.02)

(0.01)

Net (loss) / income per ADS (2 ordinary

shares equal to 1 ADS)

-Basic

(0.01)

0.01

(0.05)

(0.03)

-Diluted

(0.01)

0.01

(0.05)

(0.03)

LightInTheBox Holding Co., Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(U.S. dollars in thousands, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

Net (loss) / income

(1,457)

623

(5,413)

(3,207)

Less: Interest income

143

173

Interest expense

(1)

–

(2)

–

Income tax expense

–

(1)

(48)

(1)

Depreciation and amortization

(826)

(521)

(1,655)

(1,147)

EBITDA

(773)

1,131

(3,881)

(2,143)

Less: Share-based compensation

(78)

(52)

(83)

(276)

Adjusted EBITDA*

(695)

1,183

(3,798)

(1,867)

* Adjusted EBITDA represents net (loss) / income before share-based compensation expense, interest income, interest
expense, income tax expense and depreciation and amortization expenses.

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SOURCE LightInTheBox Holding Co., Ltd.

Technology

CreateAI Announces Results of 2024 Annual Meeting of Stockholders

Published

36 minutes ago

December 23, 2024

SAN DIEGO, Dec. 23, 2024 /PRNewswire/ — CreateAI Holdings Inc., formerly TuSimple Holdings Inc. (OTCMKTS: TSPH) (“CreateAI” or the “Company”), a global artificial intelligence technology company, today announced shareholder voting results for its annual meeting of stockholders held on December 20, 2024 (the “Annual Meeting”).

As of October 28, 2024, the record date for the Annual Meeting, there were a total of 232,618,399 shares of common stock outstanding and entitled to vote at the Annual Meeting, comprised of 208,618,399 shares of Class A Common Stock (each with one vote per share) and 24,000,000 shares of Class B Common Stock (each with ten votes per share). At the Annual Meeting, holders of 207,347,538 shares of common stock, representing 423,347,538 votes, entitled to vote at the meeting were represented in person or by proxy and, therefore, a quorum constituted of the majority of the voting power of the shares of common stock issued and outstanding and entitled to vote at the Annual Meeting was present.

The following is a brief description of each matter voted upon at the 2024 Annual Meeting and the numbers of votes cast for, withheld, or against, the number of abstentions, and the number of broker non-votes with respect to each other, as applicable.

1. Election of six nominees to serve on the Board of Directors (the “Board”) for a term which will expire at the 2025 annual meeting of stockholders, or, if Proposal Two is adopted, to hold office until the annual meeting of stockholders in accordance with the class of director to which each nominee will be assigned. The following six directors were elected by the votes as indicated below.

For

Withheld

Broker Non-Votes

Cheng Lu

208,949,915

164,765,0191

49,632,604

Mo Chen

208,946,146

164,768,7881

49,632,604

James Lu

209,109,928

164,605,0061

49,632,604

Zhen Tao

209,158,316

164,556,6181

49,632,604

Albert Schultz

348,895,0191

24,819,915

49,632,604

Jianan Hao

209,021,652

164,693,2821

49,632,604

The totals above include the 240,000,000 votes represented by the Class B shares of Common Stock. 12,000,000 shares of Class B Common Stock (representing 120,000,00 votes) were voted “FOR” and 12,000,000 shares of Class B Common stock (representing 120,000,00 votes) were voted “WITHHELD” for each of the Directors other than Albert Schultz. All shares of Class B Common Stock were voted “FOR” the election of Albert Schultz. Excluding the 240,000,000 votes from the 24,000,000 shares of Class B Common Stock from the totals above, the 183,347,538 shares of Class A Common Stock were voted as indicated below.

For

Withheld

Broker Non-Votes

Cheng Lu

88,949,915

44,765,019

49,632,604

Mo Chen

88,946,146

44,768,788

49,632,604

James Lu

89,109,928

44,605,006

49,632,604

Zhen Tao

89,158,316

44,556,618

49,632,604

Albert Schultz

108,895,019

24,819,915

49,632,604

Jianan Hao

89,021,652

44,693,282

49,632,604

2. Amendment to the Company’s Restated Certificate of Incorporation to classify the Board of Directors into three classes, with directors in each class to serve staggered three-year terms. Pursuant to the Restated Certificate of Incorporation, Proposal Two must receive the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class, since directors representing two-thirds (2/3) of the total number of authorized directors have already approved. The amendment was not approved2 by the votes as indicated below:

For

Against1

Abstain

Broker Non-Votes

208,955,668

164,659,652

99,614

49,632,604

Because Proposal Two was not approved, the six directors elected pursuant to Proposal One will serve on the Board for a term which will expire at the 2025 annual meeting of stockholders.

3. Ratification of the appointment of UHY LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The selection was ratified by the votes as indicated below:

For

Against1

Abstain

Broker Non-Votes

255,504,371

155,923,768

11,919,399

–

Note 1: Includes 120,000,000 votes of the 12,000,000 shares of Class B Common Stock held by White Marble LLC and White Marble International Limited (together, the “White Marble Entities”) controlled by Dr. Xiaodi Hou.

Note 2: The White Marble Entities have filed an action in the Delaware Court of Chancery seeking a declaratory judgment that the voting agreement between White Marble and Mo Chen is invalid and White Marble, not Mo Chen, controls the vote. White Marble LLC v. Chen, C.A. No. 2024-1208-PAF (Del. Ch.) On December 13, 2024, the Court entered an order that allows the Company to hold the vote on Proposal Two, and ordered that if Proposal Two is not approved at the Annual Meeting but the Court determines in the Action that Mo Chen, not the White Marble Entities, control how the White Marble Entities’ Shares are voted, then the White Marble Entities’ shares shall be deemed to have been voted in favor of Proposal Two at the Annual Meeting and that such vote shall stand. The vote totals above include the votes of the shares held by the White Marble Entities as voted by the White Marble Entities. If the shares held by the White Marble entities reflected in the totals above are deemed to have been voted in favor of Proposal Two, the Proposal will have passed. Accordingly, if the Court rules in Mo Chen’s favor, Proposal Two will be deemed to have passed and the Company would be permitted to amend its Certificate of Incorporation to implement Proposal Two and each of the directors elected pursuant to Proposal One will serve on the Board until the annual meeting of stockholders in accordance with the class of director to which each nominee is assigned.

About CreateAI

CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in US, China, and Japan. The company is pioneering the future of digital entertainment content production, seamlessly blending cutting-edge generative AI technology with the creativity of world-class talent. Our mission is to redefine the boundaries of what’s possible in digital storytelling by developing immersive, captivating, and visually stunning experiences that resonate with audiences on a global scale.

Investor Relations Contact:
ICR for CreateAI
CreateAI.IR@icrinc.com

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SOURCE CreateAI Holdings Inc

Technology

Rosica Communications Releases V2 of Thought Leadership Measurement Matrix™

Published

36 minutes ago

December 23, 2024

Beta Phase Concludes, Formerly Launching Market Influence Platform

FAIR LAWN, N.J., Dec. 23, 2024 /PRNewswire-PRWeb/ — Rosica Communications, a national PR agency specializing in education, animal health, nonprofits, and healthcare, has completed beta-testing of its comprehensive tool for assessing thought leadership, now called the Thought Leadership Measurement Matrix™. This innovative tool utilizes a unique, weighted algorithm to measure and analyze 20 marketing, online, and public relations factors or activities that impact thought leadership and influence industry reputation and standing.

“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities.”

This PR thought leadership measurement system provides both qualitative and quantitative assessments of an organization’s market influence, pinpointing strengths and uncovering opportunities for advancing thought leadership. After nearly two years of development and retaining an analytics specialist and mathematician in 2024 to advance its thought leadership scoring tables, Rosica’s Thought Leadership Measurement Matrix™ is now ready for prime time. Formerly launched by Rosica as the “Thought Leadership Index,” this is the only tool that thoroughly measures 20 distinct variables affecting thought leadership. It allows organizations to gauge their leadership presence through an in-depth analysis of performance indicators, SEO, content marketing (owned media), speaking engagements, website traffic and user experience (UX), and influencer or KOL advocacy.

“Completing the beta phase with our clients created insights that shaped the final PR and thought leadership measurement platform we’re now officially introducing. The Thought Leadership Measurement Matrix™ is the most comprehensive tool available to measure earned, owned, social, and paid media, plus a number of additional online and traditional marketing, PR, and communications activities that move the needle for organizations to impact of their thought leadership,” said Chris Rosica, CEO and president of Rosica Communications.

“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities. This tool doesn’t just measure visibility, it quantifies influence, helping organizations not only get noticed but also become recognized leaders in their industries,” said Analytics Specialist Dan Scheuermann.

For more information, visit http://www.rosica.com

Media Contact

Micah Carroll, Rosica Communications, 201-843-5600, micah@rosica.com, www.Rosica.com

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SOURCE Rosica Communications

Technology

KORE Announces NYSE Acceptance of Plan to Regain Listing Compliance

Published

36 minutes ago

December 23, 2024

ATLANTA, Dec. 23, 2024 /PRNewswire/ — KORE Group Holdings, Inc. (NYSE: KORE) (“KORE” or the “Company”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced it has received notification (the “Acceptance Letter”) from the New York Stock Exchange (the “NYSE”) that the NYSE has accepted the Company’s previously-submitted plan (the “Plan”) to regain compliance with the NYSE’s continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual relating to minimum market capitalization and stockholders’ equity. In the Acceptance Letter, the NYSE granted the Company an 18-month period from September 12, 2024 (the “Plan Period”) to regain compliance with the continued listing standards. As part of the Plan, the Company is required to provide the NYSE quarterly updates regarding its progress towards the goals and initiatives in the Plan. In the Plan, Kore included details regarding previously reported operational restructuring activities, as well as an outlook on the Company’s business.

The Company expects its common stock will continue to be listed on the NYSE during the Plan Period, subject to the Company adherence to the Plan and compliance with other applicable NYSE continued listing standards. The Company’s receipt of such notification from the NYSE does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.

Cautionary Note on 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,” “guidance,” “project,” “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 expected progress with the Company’s compliance plan submitted to the NYSE, expected compliance with continued listing standards of the NYSE and expected continued listing of the Company’s common stock on the NYSE. 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; risks relating to the integration of KORE’s acquired companies, including the acquisition of Twilio’s IoT business, changes in the assumptions underlying KORE’s expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of estimates relating to customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; 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.

KORE Investor Contact:

Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324

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SOURCE KORE Group Holdings, Inc.