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Corner Growth Acquisition Corp. Announces Closing of Upsized $400 Million Initial Public Offering

·3 min read

Corner Growth Acquisition Corp. (the "Company"), a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its upsized initial public offering of 40,000,000 units at a price of $10.00 per unit, including an additional 5,000,000 units sold pursuant to the partial exercise of the underwriter’s over-allotment option. Total gross proceeds from the offering were $400 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The units began trading on The Nasdaq Capital Market (the "Nasdaq") under the ticker symbol "COOLU" on December 17, 2020. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols "COOL" and "COOLW," respectively.

Led by Co-Chairman John Cadeddu, Co-Chairman and Chief Executive Officer Marvin Tien and a team of venture capital investors, the Company expects to focus on the technology industry in the United States and other developed countries.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering. The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York, 10022; Email: prospectus@cantor.com.

A registration statement relating to the securities became effective on December 16, 2020 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s final prospectus for the Company’s offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005713/en/

Contacts

Company Contact:
Kevin Tanaka
Director of Corporate Development
Corner Growth Acquisition Corp.
kevin@cornercapitalgroup.com

Media Contact:
Brian Ruby
ICR
Brian.ruby@icrinc.com