Noventiq and Corner Growth Acquisition Corp. Sign Letter of Intent for a Business Combination
Online PR News – 22-February-2023 – London, UK and Palo Alto, CA – Noventiq and Corner Growth expect to finalize their definitive Business Combination Agreement in the coming weeks and plan to announce additional details at that time.
Noventiq (LSE: SFTL) (Noventiq, or the Company), the global digital transformation and cybersecurity solutions and services provider headquartered in London and currently operating in almost 60 countries, and Corner Growth Acquisition Corp. (Nasdaq: COOL) (“Corner Growth”), a special purpose acquisition company backed by veteran technology investors, today announced the signing of a letter of intent (“LOI”) and an exclusive term sheet to proceed with a potential business combination that would result in the combined company being publicly-listed on the Nasdaq.
Noventiq and Corner Growth expect to finalize their definitive Business Combination Agreement in the coming weeks and plan to announce additional details at that time.
Noventiq has been engaged in a process of evaluating long-term options with the aim to deliver greater value, transparency, certainty, and liquidity to shareholders. The Company’s board of directors (“Board”) believes that a listing on the Nasdaq in the United States, by way of a business combination with Corner Growth, is a positive and natural next step for the Company, and is in the best interests of its shareholders. The recent announcement to re-domicile the Company in the Cayman Islands is also intended to ensure that the transaction can be completed in a timely manner and is structured in a manner customary to international investors.
The Board believes that the current price of Noventiq’s listed Global Depository Receipt (GDRs) is not a fair reflection of the value of the Noventiq Group and that there continues to be very limited trading volume in Noventiq GDRs on the London Stock Exchange. Nasdaq is a leading global stock market with a respected technology heritage, which Noventiq and Corner Growth believe is the strongest fit for Noventiq as it continues to strengthen its position as a leading global digital transformation and cybersecurity provider.
Jacques Guers, Chairman of the Board of Directors of Noventiq Group noted:
“Today’s announcement is a significant step towards our objective to realise the true fundamental value of Noventiq for all of our stakeholders. We have built a great company with a very strong track record for growth, and a partnership with Corner Growth is an exciting move as we look ahead to a potential listing on Nasdaq. Corner Growth’s team has a strong history with companies in the emerging markets, helping to generate added sales channels, contract opportunities, and access to significant customer networks at the highest levels.”
Marvin Tien, Co-Chairman & CEO of Corner Growth said:
“Noventiq fits perfectly within our investment strategy to back leading global technology companies. Corner Growth’s relationships in the Asia-Pacific region, over two decades of investment experience, and its acute understanding of the risks, benefits, and successful execution of cross-border transactions both validate our reputation as a leading technology investor and position this transaction to close successfully, adding significant value as a long-term partner to Noventiq.”
Noventiq’s related supporting materials, including the recent announcement to re-domicile the company to the Cayman Islands, are published in the Investor Relations section of Noventiq’s website at https://noventiq.com/investor-relations