Corner Growth Acquisition Corp. Reports No Revenue and $321,576 Net Loss for Fiscal Year 2024

Corner Growth Acquisition Corp. (the "Company"), a blank check company incorporated in October 2020, reported no operating revenues for the fiscal year ending December 31, 2024, consistent with its status as a special purpose acquisition company (SPAC). The Company recorded a net loss of $321,576 for the year, a significant decrease from the $3.49 million loss reported in 2023. This reduction is attributed to a decrease in general and administrative costs, which fell to $1.99 million from $3.13 million in the previous year, largely due to the forgiveness of liabilities as part of a sponsor transition agreement.

The Company has faced significant operational changes, including the termination of its proposed business combination with Noventiq Holdings PLC on July 3, 2024, due to unfavorable market conditions. This decision followed a series of amendments to the business combination agreement aimed at optimizing the transaction structure. Following the termination, the Company is actively seeking alternative acquisition opportunities. Additionally, the Company transitioned its securities from the Nasdaq to the OTCQB Venture Market after being delisted on June 25, 2024, due to non-compliance with listing requirements.

As of December 31, 2024, the Company had approximately $1.97 million in its trust account, which is subject to potential redemptions by shareholders. During the year, shareholders redeemed a total of 124,289 Class A ordinary shares, resulting in cash payments of approximately $1.4 million. The Company has extended the deadline for completing a business combination to December 31, 2025, allowing more time to identify suitable targets. However, the Company has raised concerns regarding its ability to continue as a going concern, given its working capital deficit and the need for additional financing to cover operational costs.

The Company’s management team, which currently consists of one executive officer, is not obligated to devote a specific amount of time to the Company’s affairs, leading to potential conflicts of interest. The Company has also indicated that it may seek loans from its sponsor or affiliates to fund its operations until a business combination is completed. The financial statements reflect a material weakness in internal controls over financial reporting, which management is actively working to address. The Company has not paid any dividends and does not anticipate doing so until after a business combination is completed.

Looking ahead, the Company remains focused on identifying and evaluating potential acquisition targets, particularly in the technology sector, while navigating the challenges posed by market conditions and regulatory requirements. The management team is committed to enhancing internal controls and ensuring compliance with applicable laws as it seeks to complete a business combination by the extended deadline.