Corner Growth Acquisition Sets Vote on 4-Month Extension

Corner Growth Acquisition scheduled a June 24 meeting for shareholders to vote on an extension proposal that would give the SPAC until Oct. 31 t complete its deal with cybersecurity company Noventiq. The SPAC's current termination deadline expires June 30. 

The SPAC also corrected what it called a typographical error, stating that the per-share redemption price would be $11.04, not $14.06 as originally disclosed.

A vote on the merger itself is set for June 26.

Terms call for Corner Growth to issue 70,971,062 shares and 17,133,333 to purchase a like number of Noventiq shares.

The parties earlier this year reduced the equity valuation of Noventiq from $877 million at deal announcement a year ago to $395 million.

The deal has a cash raise of $50 million, with no minimum amount required to close.

Corner Growth originally raised $185 million in a June 2021 IPO to focus on the technology industry in the United States and other developed countries. As of last month the trust stood at just over $5 million.

The new redemption deadline is June 24 at 5 p.m.

Source: Corner Growth Acquisition Sets Vote on 4-Month Extension