Noventiq, Corner Growth scrap merger agreement - Breaking The News

Noventiq, Corner Growth scrap merger agreement

4 July

1 min read

EPA-EFE/NEIL HALL

The United Kingdom-based Noventiq Holdings, a cybersecurity and digital solutions provider, and Corner Growth Acquisition Corporation said in an announcement on Thursday they have decided to terminate the acquisition deal dating from May 2023 that would have enabled the newly-merged company to be listed on Nasdaq.

"Due to current SPAC and equity market conditions, it was mutually agreed that the best option for all parties at this time is to terminate the transaction," Noventiq CEO Herve Tessler explained. Meanwhile, Marvin Tien, the CEO of Corner Growth, said he believes "that Noventiq is well positioned to thrive as a private company at this time."

SPAC mergers have seen a sharp decline in recent times due to US regulators' tightening of the SPAC-related rules that were adopted in February this year by the US Securities and Exchange Commission (SEC).

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