Funding amounts for SPAC targets are often uncertain given that the blank-check company’s original IPO investors can redeem their shares before any merger closes. As of the quarter ended March 31, Corner Growth previously reported $3.7 million in a trust that could be used to support a merger.
Representatives for both parties did not immediately return requests for comment.
SPAC mergers took off as popular and potentially faster alternatives to traditional IPOs during the early stages of the coronavirus pandemic but have cooled dramatically over the past few years amid signs of investor fatigue and expectations of tighter regulation.
Recent SPAC Deal Cancellations
Last week, a deal that would have taken the digital media arm for Spanish soccer giant FC Barcelona public through a $1 billion SPAC merger with Mountain & Co. I Acquisition Corp. was also scrapped.
Noventiq to List in US through SPAC Deal : About Noventiq
Noventiq provides information technology and cybersecurity services designed to help companies operate safely and efficiently in digital environments. Its products include artificial-intelligence tools that enable businesses to manage data better, Noventiq said.
