Corner Growth Acquisition Corp. (COOL) Adjourns Extension Vote
by Marlena Haddad on 2023-06-16 at 6:01pm

Corner Growth Acquisition Corp. (NASDAQ: COOL) announced this afternoon that it convened and then determined to adjourn its special meeting until June 20.

At the meeting, a sufficient number of COOL’s ordinary shares were present to constitute a quorum. Corner Growth’s chairman adjourned the meeting without opening the polls other than the adjournment proposal.

The SPAC disclosed that it intends to use this additional time to solicit further proxies with respect to the proposals set forth in the proxy. Corner Growth intends to gain shareholder approval at the upcoming meeting to extend its completion deadline from June 21, 2023 to March 20, 2024 as it works to close its deal.

Aside from the extension proposal, the ballot will also include a proposal on the redemption limitation where Corner Growth agrees to not redeem Class A Ordinary shares included as part of the units sold in the IPO to the extent that such redemption would cause its net tangible assets to be less than $5,000,001.

The company originally signed a letter of intent (LOI) to combine with cybersecurity solutions and services provider Noventiq (LSE: SFTL) in February and then signed a definitive agreement with the target in May at an enterprise value of $800 million. Corner Growth has about $12 million in its current trust after seeing 97% of shares redeemed in a December extension vote. The parties expect this to be supplemented by $100 million in new financing of an unspecified type.

London-based Noventiq helps companies lead internal digital transformations to drive efficiencies in their IT, cloud storage and cybersecurity systems.

Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved