London-based cybersecurity services provider Noventiq Holdings PLC and blank-check company Corner Growth Acquisition Corp. have canceled their plans to merge in a deal that sought to take Noventiq public in the U.S. at an estimated $1 billion value, citing market conditions.
Noventiq to List in US through SPAC Deal : Noventiq CEO’s Statement
Noventiq CEO Herve Tessler said in a statement Thursday that the company will instead pursue growth privately for the time being.
“Due to current SPAC and equity market conditions, it was mutually agreed that the best option for all parties at this time is to terminate the transaction,” Tessler said. “We have determined that the right decision for Noventiq is to remain private at this time. We are confident about our operational outlook and look forward to continuing to drive significant growth in our business.”
Initial Merger Plans
Both announced plans to merge in May 2023 in a deal that valued Noventiq at between $800 million and $1 billion. As part of the agreement, Noventiq later de-listed from the London Stock Exchange and planned to list instead on the U.S.’s Nasdaq exchange.
