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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices)
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(Registrant’s Telephone Number, Including Area Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class:
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Trading Symbol(s):
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Name of each exchange on which registered:
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| Item 8.01 |
Other Events.
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| 1. |
The disclosure under the section entitled “Special Factors — Opinion of Rothschild & Co US Inc. — Summary of Rothschild & Co’s Financial Analyses” in the Proxy
Statement is hereby amended by adding the following underlined language in the second full paragraph beginning on page 46 of the Proxy Statement.
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| 2. |
The disclosure under the section entitled “Special Factors — Opinion of Rothschild & Co US Inc. — Selected Companies Analysis” in the Proxy Statement is hereby amended
by adding the following underlined language in the first full paragraph beginning on page 50 of the Proxy Statement:
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| 3. |
The disclosure under the section entitled “Special Factors — Opinion of Rothschild & Co US Inc. — Selected Precedent Transactions Analysis” in the Proxy Statement is
hereby amended by (i) adding the “EV ($ in millions)” for each selected transaction to the Selected Precedent Transaction table on page 50 of the Proxy Statement and (ii) the following underlined language in the third full paragraph
beginning on page 51 of the Proxy Statement:
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EV / LTM Adj. EBITDA
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Date Announced
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Target
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Acquirer
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EV ($ in millions)
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Unsynergized
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Synergized
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September 2024
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Fleet Complete, Inc.
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Powerfleet, Inc.
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$200
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18.7x
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7.8x
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September 2024
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Inseego Corp.
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Convergence Partners
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$52
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6.8x
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October 2023
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MiX Telematics Limited
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Powerfleet, Inc.
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$126
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3.9x
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2.1x
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August 2022
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Sierra Wireless, Inc.
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Semtech Corporation
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$1,246
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40.9x
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17.7x
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May 2021
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Telit Cinterion
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DBAY Advisors Limited
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$375
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9.2x
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April 2021
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ORBCOMM Inc.
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GI Partners
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$1,134
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22.9x
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April 2019
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BSM Technologies Inc.
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Geotab Inc.
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$86
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16.2x
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March 2019
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Pointer Telocation Ltd.
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Powerfleet, Inc.1
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$137
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10.0x
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8.0x
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January 2019
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TomTom Telematics
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Bridgestone Corporation
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$1,034
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12.7x
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Gross Mean2
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15.7x
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Gross Median2
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12.7x
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Synergized Mean3
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8.9x
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Synergized Median3
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7.9x
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| 4. |
The disclosure under the section entitled “Special Factors — Opinion of Rothschild & Co US Inc. — Discounted Cash Flow Analysis” in the Proxy Statement is hereby amended
by adding the following underlined language to the end of the first paragraph and the second full paragraph, in each case, on page 52 of the Proxy Statement:
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| 5. |
The disclosure under the section entitled “Special Factors — Opinion of Rothschild & Co US Inc. — Other Factors” in the Proxy Statement is hereby amended by adding (i)
the following underlined language in the first bullet and (ii) i) the following underlined language and tables in the third bullet and fourth bullet all beginning on page 52 of the Proxy Statement:
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| • |
the premia paid in 172 selected precedent take private transactions, involving targets announced since 2017 with implied EVs greater than $250 million, excluding target businesses in financial services,
real estate, energy, biotechnology and pharmaceutical sectors, noting that the first and third quartile of premia paid in these selected transactions relative to the target company’s (i) closing price one day prior to announcement of the
transaction ranged from 20% to 53% and when applied to (a) the closing price of $1.17 per share of Company common stock on December 18, 2024 (the day prior to Searchlight’s 13D filing) (the “Unaffected Date”), the resulting range of implied
prices was $1.40 to $1.80 per fully diluted share, rounded to the nearest $0.05, and (b) the closing price of $3.98 per share of Company common stock on November 3, 2025 (the last day prior to the public announcement of the initial
Searchlight/Abry offer) (the “Pre-Offer Date”), the resulting range of implied prices was $4.80 to $6.10 per fully diluted share, rounded to the nearest $0.05, and (ii) closing price 30 days prior to announcement of the transaction ranged
from 22% to 56% and when applied to (a) the closing price of $1.97 per share of Company common stock on the date 30 days prior to the Unaffected Date, the resulting range of implied prices was $2.40 to $3.05 per fully diluted share, rounded
to the nearest $0.05, and (b) the closing price of $2.57 per share of Company common stock on the date 30 days prior to the Pre-Offer Date, the resulting range of implied prices was $3.15 to $4.00 per fully diluted share, rounded to the
nearest $0.05;
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| • |
based on information Rothschild & Co obtained from FactSet and from Wall Street equity research reports, four selected equity analyst per share target prices for Company common stock as of the Unaffected
Date, noting that the range of these target prices was $1.50 to $12.00 shown in the table below; and
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Institution
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Price Target
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Roth Capital Partners
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$12.00
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TD Cowen
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$2.50
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Deutsche Bank
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$3.00
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Morgan Stanley
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$1.50
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| • |
based on information Rothschild & Co obtained from FactSet and from Wall Street equity research reports, two selected equity analyst per share target prices for Company common stock as of February 25, 2026,
each of which was $5.00 shown in the table below.
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Institution
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Price Target
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Roth Capital Partners
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$5.00
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TD Cowen
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$5.00
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KORE Group Holdings, Inc.
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Date: July 9, 2026
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By:
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/s/ Jack W. Kennedy Jr.
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Name
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Jack W. Kennedy Jr.
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Title:
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Executive Vice President, Chief Legal Officer, and Secretary
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