Palo Alto-based Corner Growth is a special purpose acquisition company, or SPAC, that went public in December 2020 after raising $350 million. SPACs, also known as blank-check companies, are shell companies that conduct initial public offerings with the intent of acquiring a private company and taking it public within a given time frame.
Noventiq to List in US through SPAC Deal : Corner Growth’s Perspective
Corner Growth CEO Marvin Tien said both parties canceled the merger, citing the current market environment and a “shared commitment to maximizing value for all of our stakeholders.”
“We believe that Noventiq is well positioned to thrive as a private company at this time, and the Corner Growth team will continue to be vigilant in our pursuit of value-creating opportunities for our shareholders and are confident in our ability to identify alternative pathways to a successful transaction,” Tien said in a statement.
SPAC Market Trends
Many SPAC mergers have been delayed or canceled before closing in the past few years amid difficult financing conditions. When their deal was announced last year, Corner Growth and Noventiq said they would pursue additional financing, though closing of the transaction wasn’t subject to any minimum funding requirements.
