London-based IT firm Noventiq announced on Thursday that will list its shares in the US via a reverse merger deal with Corner Growth Acquisition Corp, a Nasdaq-listed special purpose acquisition company (SPAC) based in California.
According to the company's board, Noventiq's London-listed global depository receipts are not currently priced at a fair reflection of the company's value due to limited trading volumes on the London Stock Exchange.
Nasdaq represents the “strongest fit” for the group, said the board.
To secure the SPAC deal, Noventiq intends to redomicile from Cyprus to offshore jurisdiction The Cayman Islands.
Redomiciling in the Caymans will “ensure that the transaction can be completed in a timely manner and is structured in a manner customary to international investors” the company said in a statement.
Noventiq changed its name from Softline Group after spinning out its Russia-based operations to original founder Igor Borovikov in October 2022 amid the country’s war with Ukraine.
The group is a major partner of Microsoft in developing countries.
Noventiq’s London-quoted global depositary receipts (GDRs) have tanked nearly 80% year-on-year.