Corner Growth Acquisition in a regulatory filing disclosed a numberr of adjustments to its deal with Noventiq, a cybersecruity company. Changes include a reduction in the equity valuation of Noventiq from $877 million to $330 million. The deal was announced in May.
The new equity valuation is based on targeted results for the fiscal year ending March 31 of at least $1.9 billion of gross sales, approximately $200 million of gross profit and approximately $40 million of Adjusted EBITDA). Other changes include extending the outside date for the closing from May 4 to June 30.
Additionally, the parties cut Noventiq’s potential earnout shares in half to 15 million and reduced the number of the SPAC sponsor’s earnout shares (now 2 million, down from 5 million).
Corner Growth raised $350 million three years ago nearly to target “early-growth stage technology companies that could grow into global category leaders.” The trust stood at $76 million as of December 2022.
Focused on cybersecurity, Noventiq operates in almost 60 countries, connecting 75,000 customers and industry-leading strategic partners including Microsoft, Amazon Web Services and Google. Read more.
