KORE Group Holdings (KORE) has issued an announcement.
In a significant move to enhance growth and efficiency, a company recently announced a Restructuring Plan to cut its workforce by 19%, expected to be complete by the end of 2024 and costing $5-6 million, primarily in severance payments. Concurrently, Ronald Totton was appointed as the new President and CEO and will also join the company’s Board, bringing extensive experience from various telecom and financial firms. Additionally, the company regained compliance with NYSE’s minimum share price requirements following a 1-for-5 reverse stock split. These strategic decisions, including executive appointments and financial maneuvers, aim to steer the company towards more profitable areas while also satisfying stock exchange regulations.
Learn more about KORE stock on TipRanks’ Stock Analysis page.
