SPAC Corner Growth extends deadline to March 20, 2024; $8.1M redeemed, trust drops to ~$4.4M

Corner Growth Acquisition Corp.

Shareholders approved extension of business combination deadline from June 21, 2023 to March 20, 2024.
Eliminated $5M net tangible asset redemption limitation; Class B shares now convertible at any earlier date.
771,499 Class A shares redeemed at ~$10.48/share totaling ~$8.1M; trust account balance ~$4.4M.
Sponsor converted 9,825,000 Class B shares to Class A, leaving only 175,000 Class B outstanding.
All proposals passed with >99% approval; quorum of 93.6% of ordinary shares represented.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Corner Growth Acquisition Corp.: Amended Articles to extend business combination deadline to March 20, 2024, eliminate the $5,000,001 net tangible assets redemption limitation, and allow earlier conversion of Class B Ordinary Shares at holder's option (effective 2023-06-21).

Change: charter amendment
Effective: 2023-06-21

Exact text from the filing

to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001; and (iii) provide that the Class B Ordinary Shares may be converted either at the time of the consummation of the Company’s initial business combination or at any earlier date at the option of the holders of the Class B Ordinary Shares.

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Corner Growth Acquisition Corp. shareholders approved Special resolution to amend the Company’s Articles to eliminate the limitation that the Company shall not redeem Class A Ordinary Shares to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001 (Redemption Limitation Amendment Proposal).

Proposal: charter amendment
Outcome: passed

Exact text from the filing

Approval of Proposal 2—Redemption Limitation Amendment Proposal Votes For Votes Against Abstentions 10,419,510 56,665 0

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Corner Growth Acquisition Corp. shareholders approved Special resolution to amend the Company’s Articles to provide that the Class B Ordinary Shares may be converted either at the time of the consummation of the Company’s initial business combination or at any earlier date at the option of the holders (Founder Conversion Amendment Proposal).

Proposal: charter amendment
Outcome: passed

Exact text from the filing

Approval of Proposal 3—Founder Conversion Amendment Proposal Votes For Votes Against Abstentions 10,419,510 56,665 0

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Corner Growth Acquisition Corp. shareholders approved Special resolution to amend the Company’s Articles to extend the date that the Company has to consummate a business combination from June 21, 2023 to the Extended Date (Extension Proposal).

Proposal: charter amendment
Outcome: passed

Exact text from the filing

Approval of Proposal 1—Extension Proposal Votes For Votes Against Abstentions 10,419,612 56,563 0

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-23-073854

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