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Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events

21. SUBSEQUENT EVENTS

Following the receipt of the April 3, 2023 Market Cap Notice from the NYSE, informing Kaleyra that it was not in compliance with the minimum market capitalization and shareholders’ equity continued listing criteria, and the May 18, 2023 business plan submission by the Company to regain compliance, on July 5, 2023, Kaleyra received written confirmation from the NYSE that the business plan was accepted by the Listings Operations Committee and its monitoring activities by the NYSE were scheduled to run throughout the eighteen-month cure period from the receipt of the Market Cap Notice. Such monitoring activities are maintained by the NYSE with a quarterly cadence in order to measure the Company's progress with the goals and initiatives outlined in the business plan. The Company will be required to achieve the minimum continued listing standards of either average global market capitalization over a consecutive 30 trading-day period of $50 million or total shareholders’ equity of $50 million at the completion of the eighteen-month plan period. Under Section 802.02, the NYSE will evaluate an accelerated cure and an early termination of the plan period prior to the end of the eighteen months if the Company is able to demonstrate returning to compliance with the applicable continued listing standards, or achieving the ability to qualify under an original listing standard, for a period of two consecutive quarters.

On July 6, 2023, pursuant to the terms of the Bandyer purchase agreement, Kaleyra paid the deferred consideration of the Bandyer acquisition out of the remaining balance of the escrow account that was originally retained at the date of the acquisition for an outstanding amount equal to $488,000 (€448,000). Following this payment, the Company has no further obligations with respect to the Bandyer acquisition.