Cerberus Telecom Acquisition announced early this morning that its shareholder meeting to vote on the Kore Wireless merger will be pushed back to Sept. 29. The SPAC in a news release last week said it would delay the vote until today, noting that 90.39% of its public shareholders had already redeemed their shares.
Cerberus raised $259 million in a November 2020 IPO.
During the past week, Cerberus said it has secured additional sources of liquidity of up to $65 million for the post-closing public company. The funds will be made available by certain holders of preferred shares of the ultimate parent entity of KORE Wireless Group, electing to receive share consideration in lieu of $40 million of cash consideration, and by a commitment from Fortress Credit to provide up to $25 million in additional convertible debt financing.
When announced in March, the deal valued KORE at about $1 billion and the transaction was expected to provide approximately $484 million in cash to the combined company, including a $225 million PIPE. Read more.
