VegaShares AI Thermal, Cooling & Power Management ETF

What they do

Corner Growth Acquisition Corp. is a Cayman Islands exempted blank check company formed in October 2020 to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. It has no operating revenues and focuses on the technology industry in the United States and other developed countries. The company completed its IPO in December 2020, raising $400 million in gross proceeds, but has not yet consummated a business combination.

Revenue drivers

• No operating revenues — The company has generated no operating revenues to date and does not expect to generate any until a business combination is completed.

Recent performance

For the year ended December 31, 2024, net income was -$321,576, a decline from -$3.5 million in 2023, driven by reduced operating costs and the termination of the Noventiq business combination agreement. Operating cash flow was -$21,631 in 2024, improving from -$9,916 in 2023. As of September 30, 2025, the company held cash and equivalents of $11,927 and total assets of $1.9 million, with shareholder equity of -$238,270.

Strategy

Management is continuing to evaluate alternative business combination opportunities after the Noventiq transaction was mutually terminated on July 3, 2024 due to unfavorable market conditions. The company's stated focus remains on acquiring a technology business in the United States or other developed countries. In August 2024, a sponsor transition occurred, with the new sponsor receiving 5,895,000 ordinary shares and canceling 7,600,000 private placement warrants.

Risks

• No operating history or revenues — The company is a blank check company with no operations and no revenues, providing no basis for investors to evaluate its ability to achieve a business combination.
• Potential inability to complete a business combination — The company may fail to identify and consummate a suitable acquisition target, and its cash resources are limited ($11,927 at September 30, 2025).
• Redemption risk — Public shareholders may redeem their shares for cash, which could reduce the funds available for a business combination and make the company unattractive to targets.
• Delisting risk — The company received a notice from Nasdaq on December 18, 2023 regarding potential suspension and delisting of its securities, which could affect liquidity.

Outlook

Management is actively searching for a new business combination target after terminating the Noventiq agreement. The company's ability to complete a deal depends on market conditions and its limited cash reserves. Continued existence is uncertain without a successful combination, and the company may be forced to liquidate if no deal is completed.