WARRANTS ON COMMON STOCK |
9 Months Ended |
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Sep. 30, 2022 | |
| Warrants and Rights Note Disclosure [Abstract] | |
| WARRANTS ON COMMON STOCK | WARRANTS ON COMMON STOCK Public Warrants
As part of CTAC’s initial public offering (the “CTAC IPO”) in 2020, CTAC issued warrants to third party investors, and each whole warrant entitles the holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share (the “Public Warrants”). The Public Warrants were initially recorded at fair value. The fair value of the Public Warrants as of September 30, 2021, based on the closing price of KORE.WS, was closed to additional paid-in capital and the Public Warrants will not need to be remeasured in subsequent reporting periods. Subsequent to the Business Combination, 8,638,966 Public Warrants remained outstanding as of September 30, 2022.
Private Placement Warrants
As part of CTAC’s IPO in 2020, CTAC completed the private sale of warrants (“Private Placement Warrants”), and each Private Placement Warrant allows the holder to purchase one share of the Company’s common stock at $11.50 per share. Subsequent to the Business Combination, 272,779 Private Placement Warrants remained outstanding as of September 30, 2022.
The Private Placement Warrants are measured quarterly at fair value on a recurring basis based on the closing price of KORE.WS. As of September 30, 2022, the aggregate value of the Private Placement Warrants was $32.7 thousand based on the closing price of KORE.WS on that date of $0.12.
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