Corner Growth Acquisition Corp. (NASDAQ: COOL) announced this morning that it has signed a letter of intent (LOI) to combine with cybersecurity solutions and services provider Noventiq (LSE: SFTL).
The London-based company enables and accelerates digital transformation for its customers’ businesses, connecting over 75,000 organizations from all sectors with hundreds of best-in-class IT vendors, alongside its own services and solutions. Noventiq went public on the London Stock Exchange in October 2021, and since the beginning of 2022, it has announced the acquisition of 5 companies in India, Turkey, and the UAE, covering various aspects of digital transformation.
Noventiq is currently trading 9.09% higher on today’s announcement at €0.60, or $0.65, after closing yesterday at just €0.55. But, Corner Growth’s board believes that Noventiq’s price is not a fair reflection of its value and that there continues to be very limited trading volume in its GDRs on the London Stock Exchange. As a result, the board intends to list the combined company on the Nasdaq.
The parties expect to finalize a definitive business combination agreement within the next few weeks and will announce further details at that time.
Corner Growth IPO’d in December 2020 and initially intended to combine with a nimble, fast-growing technology business in the United States or another developed market. Although the SPAC originally brought in $350 million in IPO proceeds, it saw 97.02% of its trust redeemed at its last meeting in December 2022. It currently has approximately $12 million left in its trust account and faces a completion deadline of June 21, 2023.
Since today’s announcement is only at LOI stage, SPACInsider will not consider this deal as fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
Terms Tracker for the Week Ending March 21, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After two weeks of waiting, March finally saw two IPOs price this week, giving us some data to measure for IPO performance. SPACs also saw...
Perimeter Corp I (NASDAQ:PMTRU) has filed for a $150 million SPAC to hunt for a target among space and defense companies, aiming to repeat a de-SPAC play that has been the most resilient to this year’s market downturn. The new SPAC is the third to file an initial S-1 with Citigroup since the start of...
At the SPAC of Dawn Much of the theses around the stampede of SPAC deals with EV makers during the boom boiled down to, “Can any EV brand catch up to Tesla? And, if so, would you want to be able to hop in as an investor now?” Investors at the time answered that there...
Gesher Acquisition Corp. II (NASDAQ:GSHRU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GSHRU”, Friday, March 21, 2025. The new SPAC aims to combine with a technology company in Israel, potentially in the fields of electric vehicles, autonomy, robotics, agtech, or...
At the SPAC of Dawn Futures continue to be green following a “hold steady” message out of the Fed and heading into jobless claims numbers and other indicators. US President Donald Trump has weighed in that he would like to see a rate cut sooner rather than later and differed with the body’s predictions on...