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 2025-05-01 at 6:13pm

Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....

by Nicholas Alan Clayton on 2025-05-01 at 5:56pm

Gores Holdings X Inc. (NASDAQ:GTENU) announced the pricing of its upsized $312 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTENU”, Friday, May 2, 2025. The new SPAC aims to combine with a target company in the industrials, technology, healthcare, or consumer sectors. Gores X’s management team...

by Nicholas Alan Clayton on 2025-05-01 at 4:39pm

Wen Acquisition Corp. (NASDAQ:WTENNU) has filed for a $261 million SPAC to hunt for a crypto or financial services target with a team staffed by former advisors to the FinTech SPAC series. The new SPAC is not overfunded and will have a 1/2 warrant in each unit with 24 months to initially complete a business...

by Henrique Santa Rosa, CFA on 2025-05-01 at 1:49pm

April highlighted two defining trends in the SPAC market: an increased reliance on extended deadlines and a surge in announced transactions. Extension votes doubled compared to March, while the number of De-SPAC deals disclosed reached nine in April alone. These developments underscore a market that remains active but continues to rely on deadline extensions, largely...

by Nicholas Alan Clayton on 2025-05-01 at 1:38pm

D. Boral ARC Acquisition Corp. I has filed for a $250 million SPAC to be David Boral’s first in-house SPAC since the internal split at the firm formerly known as EF Hutton. Before that split, Boral and his former partner Joseph Rallo served as executive managers for the EF Hutton I SPAC, which ultimately combined...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved