Corner Growth Acquisition Corp. (COOL) Signs LOI with Noventiq
by Marlena Haddad on 2023-02-09 at 10:11am

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.

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-06-11 at 12:22pm

EQV Ventures (NYSE:EQV.U) is the largest SPAC to file since April 2023 as it seeks a $350 million IPO that reflects the ongoing experimentation in underwriting approaches over the last two months of 2024. It is BTIG’s first new SPAC filed for 2024, and it is structured to compensate the firm in a unique way....

by Nicholas Alan Clayton on 2024-06-11 at 8:14am

At the SPAC of Dawn As both SPAC and traditional-way IPO activity picks back up in 2024, SPAC teams might want to brush up on their Spanish as they compete for targets. Spain has not traditionally been considered a tech innovation hotbed, but the combined enterprise value of Spanish startups hit €100 billion last year,...

by Nicholas Alan Clayton on 2024-06-10 at 8:08pm

Centurion Acquisition Corp announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ALFUU”, Tuesday, June 11, 2024. The new SPAC aims to combine with a technology company with a focus on video gaming, interactive entertainment and enabling services and technologies, cybersecurity, artificial...

by Nicholas Alan Clayton on 2024-06-10 at 3:36pm

Rising Dragon Acquisition Corp (NASDAQ:RDACU) has filed for a $50 million SPAC to hunt for a small cap target in cutting age technology. The SPAC’s units are to be funded to 100% at $10 per unit while including no warrants. Each unit would have a 1/10 right, however, which has been overall not an uncommon...

by Nicholas Alan Clayton on 2024-06-10 at 11:48am

Bayview (NASDAQ:BAYA) has entered into a definitive agreement to combine with Chinese fintech Oabay at an enterprise value of $393 million. Oabay provides cloud-based software to help companies optimize their supply chains with trade credit solutions. The combined company is expected to trade on the Nasdaq once the deal is completed in late 2024. Transaction...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved