Corner Growth Acquisition Corp. (NASDAQ:COOL) has announced an amendment to its corporate charter, extending the timeframe to complete a business combination. The special resolution, passed during an Extraordinary General Meeting on Monday, allows the company to push the original deadline from June 30, 2024, to July 31, 2024.
The amendment also grants the Board of Directors the discretion to extend this deadline further in one-month increments, up to three times, potentially setting the final deadline to October 31, 2024. This decision is subject to the closing of a business combination occurring earlier or if the Board determines an earlier date is in the company's best interest.
Shareholders overwhelmingly approved the proposal, with votes representing approximately 98.06% of eligible shares, signaling strong support for the extension. During the meeting, a total of 10,065,198 ordinary shares were represented in person or by proxy, out of which 10,009,099 votes favored the extension and 56,099 votes were against it. There were no abstentions.
In conjunction with the approval of the extension, shareholders holding 38,647 Class A ordinary shares exercised their right to redeem their shares for approximately $11.04 per share, totaling around $426,663. Following these redemptions, Corner Growth Acquisition Corp. reported that approximately $3.3 million will remain in the company's trust account.
The Cayman Islands-based special purpose acquisition company, which specializes in blank check offerings, is now tasked with finalizing a business combination by the newly established deadline. The information presented in this article is based on the company's recent SEC filing.
In other recent news, Corner Growth Acquisition Corp. has postponed its Extraordinary General Meeting and corrected its previously stated per-share redemption price from $14.06 to $11.04. This adjustment affects shareholders electing to redeem their shares in connection with a proposed extension.
The postponement and correction are part of the company's preparations for the upcoming shareholders' meeting and its planned business combination with Noventiq Holding Company, a global provider of digital transformation and cybersecurity solutions.
Noventiq has been making significant strides in its global expansion efforts, appointing Huong (Helen) Tran as the new Chief Financial Officer for its Asia Pacific operations. Tran's role aligns with Noventiq's strategic goals, including a Nasdaq listing and a three-dimensional growth strategy focusing on geographic and portfolio expansion, as well as sales channel development.
Further, Noventiq has announced a strategic joint venture with Al-Suwaiket Group to strengthen its presence in the Middle East, particularly in Saudi Arabia. This collaboration aims to enhance the digital capabilities of Saudi companies in alignment with the Saudi Vision 2030 initiative.
These are recent developments reflecting Noventiq's growth trajectory, supported by a business combination agreement with Corner Growth Acquisition Corp.
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