UK-based IT firm Noventiq scraps SPAC deal to list on Nasdaq

London-headquartered information technology firm Noventiq and special purpose acquisition company Corner Growth Acquisition have mutually agreed to terminate their blank-check deal, the companies said on Thursday. The two last year struck a SPAC deal that would have resulted in the combined company being publicly listed on U.S. exchange Nasdaq. Blank-check firms, also known as SPACs, are shell companies that raise money in an initial public offering to merge with a private company and take it public.

The deal has been scrapped as a result of the current unfavorable SPAC market conditions and other factors, the companies said.