Corner Growth Acquisition Corp. (COOL) Adjourns Extension Vote
by Marlena Haddad on 2023-06-16 at 6:01pm

Corner Growth Acquisition Corp. (NASDAQ: COOL) announced this afternoon that it convened and then determined to adjourn its special meeting until June 20.

At the meeting, a sufficient number of COOL’s ordinary shares were present to constitute a quorum. Corner Growth’s chairman adjourned the meeting without opening the polls other than the adjournment proposal.

The SPAC disclosed that it intends to use this additional time to solicit further proxies with respect to the proposals set forth in the proxy. Corner Growth intends to gain shareholder approval at the upcoming meeting to extend its completion deadline from June 21, 2023 to March 20, 2024 as it works to close its deal.

Aside from the extension proposal, the ballot will also include a proposal on the redemption limitation where Corner Growth agrees to not redeem Class A Ordinary shares included as part of the units sold in the IPO to the extent that such redemption would cause its net tangible assets to be less than $5,000,001.

The company originally signed a letter of intent (LOI) to combine with cybersecurity solutions and services provider Noventiq (LSE: SFTL) in February and then signed a definitive agreement with the target in May at an enterprise value of $800 million. Corner Growth has about $12 million in its current trust after seeing 97% of shares redeemed in a December extension vote. The parties expect this to be supplemented by $100 million in new financing of an unspecified type.

London-based Noventiq helps companies lead internal digital transformations to drive efficiencies in their IT, cloud storage and cybersecurity systems.

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