PALO ALTO, CA—Corner Growth Acquisition Corp., a special purpose acquisition company (SPAC), has received notification from the Nasdaq Hearings Panel that its common stock will be delisted from The Nasdaq Capital Market. The delisting is due to the company's failure to meet the Nasdaq's requirement that a SPAC must complete one or more business combinations within 36 months of its IPO registration statement. The trading of the company's common stock, under the ticker symbol COOL, will be suspended starting Monday, June 25, 2024.
The delisting notification follows a previous announcement made by Corner Growth on March 20, 2024, regarding Nasdaq's conditional approval for continued listing, which was contingent on the company fulfilling the business combination requirement by June 17, 2024. Having not met this condition, Corner Growth's securities will be removed from Nasdaq after the applicable appeal periods have lapsed, with the formal delisting process involving the filing of a Form 25 Notification of Delisting with the SEC.
Corner Growth has a 15-day period from the receipt of the delisting notification to request a review of the Panel's decision by the Nasdaq Listing and Hearing Review Council. However, any request for a review will not stay the delisting decision. Consequently, Corner Growth anticipates its common stock will begin trading on the OTCQB Venture Market under the symbol "COOL" effective from the suspension date. The company will continue to file all required SEC filings, including Forms 10-K, 10-Q, and 8-K, and remain subject to SEC rules and regulations.
This development comes amid ongoing efforts by Corner Growth to complete a business combination with Noventiq Holding Company, as detailed in a registration statement filed by Noventiq with the SEC, which was declared effective on May 29, 2024. Corner Growth has also filed a definitive proxy statement with the SEC and mailed it to its shareholders of record as of May 20, 2024, concerning the proposed business combination.
In other recent news, Corner Growth Acquisition Corp. has announced the postponement of its Extraordinary General Meeting for a second time, now rescheduled for July 11, 2024. This follows the company's correction of its previously stated per-share redemption price from $14.06 to $11.04, a change affecting shareholders electing to redeem their shares. Meanwhile, Noventiq Holdings PLC, a digital transformation and cybersecurity solutions provider, has appointed Huong (Helen) Tran as the new Chief Financial Officer for its Asia Pacific operations.
Noventiq has also announced a strategic joint venture with Al-Suwaiket Group to strengthen its presence in the Middle East, particularly in Saudi Arabia. This collaboration aligns with the Saudi Vision 2030 initiative and is expected to establish a substantial footprint in the Saudi market.
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