Softline Holding agrees on merger with SPAC Corner Growth with view to Nasdaq listing

MOSCOW. Feb 10 (Interfax) - Softline Holding plc, an international information technology company that has been trading under the Noventiq brand since October 20, has signed a letter of intent with special purpose acquisition company Corner Growth Acquisition Corp. to proceed with a potential business combination that would result in the combined company being publicly listed on Nasdaq.

The companies plan to finalize the business combination agreement in the coming weeks, Softline Holding reported in a press release.

The company said its board of directors believes that a listing on Nasdaq in the United States, by way of a business combination with Corner Growth, "is a positive and natural next step for the Company, and is in the best interests of its shareholders."

The 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," even after the group divested its Russian business, the company said. This process was completed in October, when the Russian business was sold to group founder Igor Borovikov for a symbolic $1.

At the end of January, the company announced plans to re-domicile the business from Cyprus to the Cayman Islands. An extraordinary general meeting on this issue will be held on February 15. If shareholders, as well as Cyprus and Cayman regulators approve the move, it could be completed in mid-June 2023.