KORE Hit With 11 Demand Letters, Two Lawsuits Over Merger Proxy
KORE has more than doubled off its 52-week low of $2.
Summary
KORE disclosed it received 11 demand letters, two New York complaints, and a Delaware Section 220 demand alleging deficient proxy disclosures for its take-private merger. The company added supplemental disclosures to the proxy while denying wrongdoing. This follows the definitive proxy filed June 12 scheduling a July 16 shareholder vote. The litigation introduces uncertainty and potential delays to the $9.25 per share deal. The special meeting on July 16 is the next key date to watch.
At the time of this announcement, KORE was trading at $9.25 on NYSE in the Technology sector, with a market capitalization of approximately $163M. The 52-week trading range was $2.00 to $9.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.