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.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...