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Venture firm's third tech-focused SPAC Corner Growth Acquisition 3 files for a $450 million IPO

March 1, 2021
CIIIU.RC

Corner Growth Acquisition 3, the third blank check company formed by Corner Ventures targeting tech, filed on Monday with the SEC to raise up to $450 million in an initial public offering.

The Palo Alto, CA-based company plans to raise $450 million by offering 45 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Corner Growth Acquisition 3 would command a market value of $563 million.

The company is led by Co-Chairman and CEO Marvin Tien and Co-Chairman John Cadeddu, co-founders and General Partners of Corner Ventures. The pair's other SPACs include Corner Growth Acquisition 2 (CGIIU.RC), which filed concurrently with Corner Growth Acquisition 3, and Corner Growth Acquisition (COOLU), which raised $350 million in December 2020. Corner Growth Acquisition 3 plans to target fast-growing tech companies in the US and other developed countries.

Corner Growth Acquisition 3 was founded in 2021 and plans to list on the Nasdaq. The company has not yet chosen a ticker (RC ticker: CIIIU.RC). Cantor Fitzgerald is the sole bookrunner on the deal.