Cerberus Telecom Acquisition Corp.
CTAC-UN
New York Stock Exchange8.18
USD
-1.34
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Cerberus Telecom Acquisition Corp.
CTAC-UN
(New York Stock Exchange)
Recent
price
8.18
P/E
ratio
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Cerberus Telecom Acquisition Corp. (CTAC-UN) operates as a blank check company, or special purpose acquisition company (SPAC), sponsored by an affiliate of Cerberus Capital Management, L.P., focusing on merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination opportunities primarily within the telecommunications and information and communications technology sectors; it has not engaged in substantive operations or generated revenue to date. The company maintains trust account assets comprising cash and cash equivalents, with total assets of approximately $592 million as of recent filings, including $423 million in current assets supporting its liquidity position ahead of a potential transaction. Headquartered at 875 Third Avenue, New York, NY, CTAC was formed in 2020 and trades on the New York Stock Exchange under the ticker CTAC-UN for its units, each consisting of one Class A ordinary share and one-half of one redeemable warrant. CTAC targets businesses in the global telecommunications industry, particularly those offering innovative solutions in connectivity, Internet of Things (IoT), and related technologies, with an emphasis on established companies backed by proven management teams. Its leadership includes CEO Timothy Donahue, former CEO of Nextel Communications and Executive Chairman of Sprint Nextel, supported by an advisory board of senior executives from the information and communications technology sector. In 2021, CTAC announced and pursued a definitive business combination with KORE Wireless Group Inc., an IoT solutions and connectivity-as-a-service provider, valued at a pro-forma enterprise value of $1.01 billion, which included a $225 million PIPE investment from investors such as Koch Strategic Platforms and BlackRock-managed funds, providing up to $484 million in gross proceeds assuming no redemptions. The merger closed via reverse merger transaction as of September 30, 2021, after shareholder approval at a special meeting on September 29, 2021, amendments to enhance post-closing liquidity including $40 million retained via preferred stockholder elections and a $25 million convertible debt commitment from Fortress, resulting in approximately $100 million available liquidity for the combined entity trading under ticker KORE. CTAC units continue to trade separately post-merger completion.