Corner Growth Acquisition filed an investor presentation highlighting its proposed merger with cybersecurity company Noventiq. The deal has an $800 million pro forma enterprise value.
Upon closing and assuming no redemptions, Noventiq would have $278 million pro forma cash on its balance sheet, consisting of $112 million in anticipated new proceeds and $191 million in existing cash (as of Dec. 31), less $25 million in transaction fees. Existing Noventiq shareholders are expected to own 84.7% of the fully diluted shares of the combined company, with Corner Growth shareholders expected to own 10.6%, and the spac sponsors controlling 4.7%.
Corner Growth raised $350 million nearly two and a half years ago to target “early-growth stage technology companies that could grow into global category leaders.” The trust stood at $76 million as of December 2022.
Focused on cybersecurity, Noventiq operates in almost 60 countries, connecting 75,000 customers and industry-leading strategic partners including Microsoft, Amazon Web Services and Google. Read more.