Noventiq, a UK-based IT firm providing cybersecurity and cloud solutions, has announced plans for a Nasdaq listing through a potential business combination with Corner Growth Acquisition Corp, a Californian blank-check firm.
Noventiq’s board of directors believes the company’s current price of its listed Global Depository Receipt is ‘not a fair reflection’ of the company’s value.
“There continues to be very limited trading volume in Noventiq GDRs on the London Stock Exchange,” said Noventiq in a press release.
The company believes that being listed on the Nasdaq is a natural next step, following its recent announcement to re-domicile Noventiq in the Cayman Islands, which is intended to ensure the transaction can be completed in a timely manner.
“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,” said Jacques Guers, Chairman of the Board of Directors of Noventiq Group.
Corner Growth is a ppecial purpose acquisition company, or SPAC, which are listed but have no business operations, except hunting for a private company to take public and allowing it to bypass the scrutiny that comes with a traditional IPO.
“Noventiq fits perfectly within our investment strategy to back leading global technology companies,” said Marvin Tien, Co-Chairman & CEO of Corner Growth. “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.”
The companies expect to finalise their definitive Business Combination in the coming weeks.