UK-based IT firm Noventiq to list in US through SPAC deal

:London-listed IT company Noventiq said on Thursday it will combine with California-based blank-check firm Corner Growth Acquisition Corp for a Nasdaq listing.

Noventiq said the current price of its listed global depository receipts (GDRs) was not a fair reflection of the value of the group and there continued to be very limited trading volume of its GDRs on the London Stock Exchange.

Special purpose acquisition companies, or SPACs, are listed but have no business operations, except hunting for a private company to take public and allowing it to bypass the scrutiny that comes with a traditional IPO.

Noventiq, which provides digital solutions, hardware and cloud services, said the parties expected to finalise the agreement in the coming weeks.