Noventiq inks letter of intent with Corner Growth Acquisition to list on the Nasdaq

Noventiq say the move is because the firm wants a 'better reflection' of the value of the group

Noventiq has signed a letter of intent and an exclusive term sheet with Corner Growth Acquisition for a potential business combination that would result in the combined company being publicly-listed on the Nasdaq.

Corner Growth is a special purpose acquisition company backed by veteran technology investors.

The duo said they expect to finalise their definitive business combination agreement in the coming weeks and plan to announce additional details at that time.

Noventiq said it has been engaged in a process of evaluating long-term options with the aim to deliver greater value, transparency, certainty, and liquidity to shareholders.

Its 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.

Noventiq added that a listing on the Nasdaq in the US through its deal with Corner Growth, is a positive and natural next step for the company, and is in the best interests of its shareholders.

Moreover, its recent announcement to redomicile 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.

"Today's announcement is a significant step towards our objective to realise the true fundamental value of Noventiq for all of our stakeholders," said Noventiq Group chairman of the board of directors, Jacques Guers.

"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 and CEO of Corner Growth added: "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."