SCHEDULE 13D/A: Cerberus Affiliate Updates KORE Group Holdings Stake Following Executive's Departure
Beneficial Ownership Update
An amendment to Schedule 13D reveals Stephen Feinberg's exit from beneficial ownership of KORE Group Holdings, Inc. shares following his resignation from Cerberus Telecom Acquisition Holdings, LLC's board of managers.
Summary
- This document is Amendment No. 1 to the Schedule 13D originally filed on September 30, 2021, by Cerberus Telecom Acquisition Holdings, LLC and Frank Bruno regarding their beneficial ownership in KORE Group Holdings, Inc.
- The primary purpose of this amendment is to report that Stephen Feinberg is no longer deemed a beneficial owner of KORE shares.
- Mr. Feinberg resigned from the board of managers of Cerberus Telecom Acquisition Holdings, LLC effective March 14, 2025, and consequently no longer has voting or dispositive power over the Subject Shares.
- This filing serves as an "exit filing" for Mr. Feinberg, indicating he has ceased to be a beneficial owner for reporting purposes.
- Cerberus Telecom Acquisition Holdings, LLC and Frank Bruno continue to beneficially own an aggregate of 1,592,291 shares of KORE Common Stock.
- This ownership represents approximately 9.36% of KORE's issued and outstanding Common Stock.
- The percentage is calculated based on 17,008,356 shares of KORE Common Stock outstanding as of November 18, 2024, as reported in KORE's Quarterly Report on Form 10-Q filed on November 19, 2024.
- The share count also reflects the 1-for-5 reverse stock split that became effective on July 1, 2024, as announced by KORE on June 28, 2024.
- The 1,592,291 beneficially owned shares include 272,778 shares that are held through warrants exercisable within 60 days of the Schedule 13D filing date.
Sentiment
Score: 5
Explanation: Neutral. This is a factual, administrative filing reporting a change in beneficial ownership due to an executive's resignation from the reporting entity, not a reflection of KORE's performance or outlook.
Future Outlook
NA
Industry Context
NA
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Board of Managers Member (Cerberus Telecom Acquisition Holdings, LLC) | Stephen Feinberg | NA | 2025-03-14 | Resignation from the board of managers, leading to cessation of voting and dispositive power over KORE shares. |
Stakeholder Impact
- Minimal direct impact on KORE's shareholders, employees, customers, suppliers, or creditors, as this filing primarily reflects an administrative change in beneficial ownership by an investment entity, not a change in KORE's operations or financial health.
Key Dates
| Date | Description |
|---|---|
| 2021-09-30 | Original Schedule 13D filed by the Reporting Persons. |
| 2024-06-28 | KORE Group Holdings, Inc. announced 1-for-5 reverse stock split on Form 8-K. |
| 2024-07-01 | 1-for-5 reverse stock split became effective for KORE Group Holdings, Inc. |
| 2024-11-18 | Date as of which 17,008,356 shares of KORE Common Stock were outstanding, as reported in the Issuer's Form 10-Q. |
| 2024-11-19 | KORE Group Holdings, Inc. filed Quarterly Report on Form 10-Q with the SEC. |
| 2025-03-14 | Stephen Feinberg resigned from the board of managers of Cerberus Telecom Acquisition Holdings, LLC, ceasing beneficial ownership of KORE shares. |
| 2025-03-18 | Date of signature for this Amendment No. 1 to Schedule 13D. |
Keywords
KORE Group Holdings, Schedule 13D, Beneficial Ownership, Cerberus Telecom Acquisition Holdings, Frank Bruno, Stephen Feinberg, Common Stock, SEC Filing, Reverse Stock Split, Warrants
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