Noventiq Merging with Corner Growth Acquisition $800M Deal

Noventiq and Corner Growth Acquisition today announced a merger agreement at an $800 million pro forma enterprise value. The parties had signed a letter of intent in February for a potential deal.

If approved, Noventiq would list on the Nasdaq under the symbol NVIQ and delist from the Stock Exchange. Current Noventiq shareholders intend to roll 100% of their equity into the combined company, according to the announcement.

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.

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Source: Noventiq Merging with Corner Growth Acquisition 0M Deal