Corner Growth Acquisition in an 8-K said it received notice from the Listing Qualifications Department of The Nasdaq that the company no longer meets the minimum 500,000 publicly held shares requirement for a continued listing on the exchange.
The SPAC has 45 calendar days, or until June 24, to submit a plan to regain compliance.
Corner Growth has a merger agreement with Noventiq Holdings, a cybersecurity company.
The parties earlier this year reduced the equity valuation of Noventiq from $877 million at deal announcement a year ago to $395 million.
The deal has a target cash raise of $50 million, with no minimum amount required to close.
Corner Growth originally raised $185 million in a June 2021 IPO to focus on the technology industry in the United States and other developed countries. As of last month the trust stood at just over $5 million. Read more.
