Corner Growth Acquisition Corp. 2 *

Corner Growth Acquisition Corp. 2 *

Mar 1, 2021 by Matt Cianci

EXTENSION – 12/26/24 – LINK

  • The SPAC approved the extension from December 31, 2024 to December 31, 2025.
    • 437,513 shares were redeemed.
    • No contribution will be made into the trust account.

SUBSEQUENT EVENT – 8/20/24 – LINK

  • The original sponsor entered into a purchase agreement with Connor Square, LLC to transfer its sponsor interest to the new purchaser.
    • Cantor agreed to accept a certain number of shares following the closing of a business combination in lieu of the cash deferred fee it’s owed.

EXTENSION – 3/12/24 – LINK

  • The SPAC approved the extension from March 21, 2024 to December 31, 2024.
    • 1,407,653 shares were redeemed.
    • No contribution will be made into the trust account.

EXTENSION – 3/20/23 – LINK

  • The SPAC approved the extension from March 21, 2023 to March 21, 2024.
    • 1,444,221 shares were redeemed.
    • $65K per month will be deposited into the trust account.

SUBSEQUENT EVENT – 1/10/23 – LINK

  • 4,101,830 or 55.38% of the outstanding Class A Ordinary Shares had been validly tendered and not withdrawn in the Tender Offer for $10.21/share

EXTENSION – 12/23/22 – LINK

  • At the Extraordinary General Meeting, the shareholders approved a proposal to extend the date that the Company has to consummate a business combination from December 21, 2022, to June 21, 2023.
  • In connection with the vote to approve the Extension Proposal, the holders of 38,808,563 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.06 per share, for an aggregate redemption amount of approximately $390,414,143.78.
  • As such, approximately 97.02% of the Class A ordinary shares were redeemed and approximately 2.98% of the Class A ordinary shares remain outstanding.
  • After the satisfaction of such redemptions, the balance in the Company’s trust account will be approximately $12,287,141.
  • Accordingly, the Company now has until June 21, 2023, to consummate its initial business combination.
  • On December 27, 2022, Corner Growth Acquisition Corp. 2. issued a press release announcing that the Company and CGA Sponsor 2, LLC have agreed that the Company or the Sponsor or its designee will deposit into the trust account an aggregate of $0.06 per share for each month beginning on (or prior to) January 9, 2023, and continuing on the ninth day of each month up and until March 9, 2023, resulting in a maximum contribution of $0.18 per share of Class A Ordinary Shares that is not tendered in connection with the Company’s ongoing tender offer.

SUBSEQUENT EVENT – 10/21/22 – LINK

  • The SPAC launched a fixed price tender offer to purchase and redeem its Class A Ordinary Shares at a purchase price of $10.21 per share.
  • On October 20, 2022, the closing price of the Shares was $10.14 per share.
  • The tender offer commenced today and is expected to expire at 5:00 p.m., New York City Time, on December 5, 2022, unless the offer is extended.
  • The Sponsor may elect to make additional contributions to the Trust Account in the future for those shareholders who do not redeem in connection with this Tender Offer.
  • If the Sponsor decides to make any further contributions, such amount and the time period during which the Sponsor will make such contributions will be announced by press release prior to the close of the Tender Offer.
  • The Tender Offer is, however, subject to the following conditions:
    • (i) the amount of the Company’s net tangible assets shall not be less than $5,000,001 after accounting for the purchase of shares tendered in this Tender Offer (which may not be waived by the Company); and
    • (ii) other customary conditions (which may be waived by the Company in its sole and absolute discretion).

EXTENSION – 6/16/22 – LINK

  • On June 16, 2022, in connection with the Extraordinary General Meeting, the Company extended the date that the Company has to consummate a business combination from June 21, 2022 to July 21, 2022.
  •  The Company may now elect to extend the date to consummate a business combination after the Extended Date on a monthly basis for an additional eight months, through and until March 21, 2023, without another shareholder vote.
  • In connection with the vote to approve the Extension Proposal, the holders of 11,093,735 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.01 per share, for an aggregate redemption amount of approximately $111,062,537 million.
  • As such, approximately 59.97% of the Class A ordinary shares were redeemed and approximately 40.03% of the Class A ordinary shares remain outstanding.
  • After the satisfaction of such redemptions, the balance in the Company’s trust account will be approximately $74,146,226 million.

MANAGEMENT & BOARD


Executive Officers

Hao Tian, 31 [Appointed]
Chief Executive Officer, Chief Financial Officer, and Director

He is a risk manager at Amazon.com, Inc. (“Amazon”) and brings professional experience in due diligence investigation, anti-money laundering, and sanctions compliance. Before joining Amazon in 2021, Mr. Tian was a lead associate at Kroll, LLC (formerly Duff & Phelps), a premier investigation and financial risk advisory firm headquartered in New York, based in its Toronto and Reston offices. He started his career with the corporate security division at the World Bank Group based in Washington D.C. Hao Tian has served as an independent director of Battery Future Acquisition Corp., a blank check company that has entered into a business combination with Class Over Inc., since January 2024. Mr. Tian holds a Master’s degree from Georgetown University’s School of Foreign Service and a Bachelor’s degree in international relations and French studies from Lehigh University. 


Marvin Tien, 46 [Appointed CFO 4/2/24] [Resigned]
Co-Chairman, Chief Executive Officer, Director, and Chief Financial Officer

Marvin Tien is currently a General Partner and Managing Director of Corner Ventures and a Principal and Founder of Corner Capital Group. Mr. Tien has also served as the Co-Chairman, Chief Executive Officer and a director of Corner Growth 1 since October 2020. He will also serve as Co-Chairman, Chief Executive Officer and a director of Corner Growth 3. Corner Ventures was established in 2018 with a focus on leading growth financing rounds of emerging global technology companies. In 2010, Mr. Tien also co-managed Green Lake Capital, an investment subsidiary for Walsin Liwha Corp (TPE: 1605), which invested in emerging infrastructure technologies and became one of the largest owners and operators of commercial and industrial solar power generation assets. Later, in 2013, Mr. Tien co-founded Ahana Capital, which was subsequently sold to ATNI International (NASDAQ: ATNI) in 2014, and Mr. Tien co-led their efforts to expand the infrastructure investments to greater Asia. Prior to Green Lake Capital, Mr. Tien focused on family investments for Corner Capital Group, which made direct investments in private companies focused on cross border opportunities between the United States and Asia. Mr. Tien serves on the board of directors of Healthy.io Ltd., Nexar Inc. and Legal Logic Ltd. Mr. Tien is a graduate of Cornell University and received his MBA from the Wharton School at the University of Pennsylvania.


Jane Batzofin, 46 [Resigned]
President

Jane Batzofin is currently a Partner and General Counsel at Corner Ventures and the President of Corner Growth 1. She will also serve as President of Corner Growth 3. Previously, Ms. Batzofin served as Director and General Counsel for Green Lake Capital, leading one of the first Power Purchase Agreement Funds in the renewable energy space from 2010 to 2014. In 2014, Ms. Batzofin and Mr. Tien structured a sale of the Green Lake Capital portfolio to ATNI International (NASDAQ: ATNI) and continued to manage it under the Ahana Renewables umbrella, a subsidiary of ATNI. Ahana Renewables was focused on cross-border transactions in the energy sector. Ms. Batzofin has served as an advisor to Corner Capital Group since 2014 and is currently a Partner. Prior to that Ms. Batzofin was a real estate and structured finance attorney from 2004 to 2008 at DLA Piper where she represented commercial banks, insurance companies, REITs, and funds in capital markets transactions. Ms. Batzofin has served on the Board of Directors for TILT Holdings Inc. (OTCMKTS: TLLTF) since 2019. She is a graduate of the University of California, Los Angeles and received her JD from Brooklyn Law School.


Jerome “Jerry” Letter, 46 [Resigned 4/2/24
Chief Financial Officer and Chief Operating Officer

Jerry Letter is currently Chief Financial Officer, Chief Operating Officer and a Partner at Corner Ventures and the Chief Financial Officer and Chief Operating Officer of Corner Growth 1. He will also serve as Chief Financial Officer and Chief Operating Officer of Corner Growth 3. Prior to joining Corner Ventures in February 2021, Mr. Letter served in various roles for Airbnb, Inc. (NASDAQ: ABNB) (“Airbnb”) from March 2017 until January 2021, including as a member of the company’s global leadership team as director of operations and finance and as the chief operations and financial officer for Airbnb’s luxury business unit, where he was responsible for home supply and quality, service product design, guest experience/hospitality, strategy, finance, and business operations. From 2005 to 2017, Mr. Letter served as a partner and the chief financial officer at InterMedia Partners, L.P. (“InterMedia”), a middle-market media and tech focused growth and private equity fund. At InterMedia, Mr. Letter led the sourcing and execution of multiple buy-side transactions while also utilizing operational expertise by working closely with portfolio company management to drive value creation post investment. While at InterMedia, Mr. Letter was also instrumental in executing a series of mergers creating Hemisphere Media Group, Inc. (NASDAQ: HMTV) via the Azteca Acquisition Corporation, a special purpose acquisition company. Prior to InterMedia, Mr. Letter was based in Silicon Valley, where he served as director of finance at Exodus Communications, Inc., and as corporate controller of GlobalCenter Inc. Mr. Letter began his career at Arthur Andersen LLP becoming a Certified Public Accountant (currently inactive). Mr. Letter has served on the Board of Directors of Selina Holding Company SE since January 2021. Mr. Letter is a graduate of Indiana University and received his MBA from Columbia Business School.


David Kutcher, 38 [Resigned]
Chief Investment Officer 

David Kutcher is currently a Venture Partner with Corner Ventures and the Chief Investment Officer of Corner Growth 1, where he previously served as Chief Financial Officer from October 2020 until February 2021. He will also serve as Chief Investment Officer of Corner Growth 3. Prior to joining Corner Ventures in 2020, he was the managing partner at Torian Capital Partners, a firm he co-founded in 2016, which now serves as a family investment vehicle. From 2011 to 2016, Mr. Kutcher was a Managing Director with Broadband Capital Management, a New York based merchant banking firm and was an advisor to its successor firm, Broadband Capital Partners, an alternative investment firm, from February 2016 until December 2018. Mr. Kutcher was also the interim chief financial officer for Immunome (NASDAQ: IMNM), a Broadband Capital portfolio company, from June 2016 through March 2018. Mr. Kutcher had a significant role in assisting special purpose acquisition companies through their initial public offering and business combination processes, including Committed Capital Acquisition Corporation, which acquired One Group Hospitality, Inc. (NASDAQ: STKS) in October 2013 and was controlled by Broadband Capital principals. Mr. Kutcher started his career as an M&A and capital markets lawyer with Ellenoff Grossman & Schole LLP in New York from 2008 to 2011. Prior investments include Vroom, Inc. (NASDAQ: VRM), Immunome, Inc. (NASDAQ: IMNM), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), ONE Group Hospitality, Inc. (NASDAQ: STKS), Montrose Environmental Group, Inc. (NYSE: MEG), TILT Holdings Inc. (OTCMKTS: TLLTF), Hydrofarm Holdings Group, Inc. (NYSE: HYFM) and Mile High Labs International, Inc. Mr. Kutcher is also a board observer at IPwe. Mr. Kutcher holds a Bachelor of Arts from the University of the South (Sewanee) and a JD from Samford University (Cumberland).


Kevin Tanaka, 30 [Resigned]
Director of Corporate Development

Kevin Tanaka has been a Principal at Corner Ventures since 2019 and also serves as the Director of Corporate Development of Corner Growth 1. He will also serve as Director of Corporate Development of Corner Growth 3. Prior to joining Corner Ventures, Mr. Tanaka worked at M-III Partners from 2018 to 2019 where he served as a vice president, helping the company in its lead role as the financial and restructuring advisor to Sears prior to and through its Chapter 11 restructuring. Prior to joining M-III, Mr. Tanaka worked at Vista Equity Partners on the Private Equity team in Austin, Texas from 2015 to 2017 where he specialized in the evaluation and acquisition of enterprise software, data, and technology companies. Before Vista, Mr. Tanaka worked at Morgan Stanley from 2013 to 2015. Mr. Tanaka is a graduate of the University of California, Berkeley.


Board of Directors

John Cadeddu, 54 [Resigned]
Co-Chairman and Director

John Cadeddu is currently a General Partner and Managing Director of Corner Ventures and co-founded its predecessor firm, DAG Ventures. Mr. Cadeddu has also served as the Co-Chairman and a director of Corner Growth 1 since October 2020. Mr. Cadeddu will also serve as Co-Chairman and a director of Corner Growth 3. From 2004 to 2016, DAG Ventures raised in excess of $1.6 billion over five funds, and Mr. Cadeddu sourced many of DAG Ventures’ most successful investments, including Ambarella, Inc. (NASDAQ: AMBA), Bloom Energy Corporation (NYSE: BE), Clearwell Systems, Inc. (acquired by Symantec), Eventbrite, Inc. (NYSE: EB), FireEye, Inc. (NASDAQ: FEYE), Glassdoor, Inc. (acquired by Recruit Holdings Co., Ltd.), Grubhub Inc. (NYSE: GRUB), iZettle AB (acquired by PayPal), Jasper Technologies, Inc. (acquired by Cisco), LearnVest, Inc. (acquired by Northwest Mutual), Nextdoor, 1Life Healthcare, Inc. (NASDAQ: ONEM), OptiMedica Corporation (acquired by AMO), Silver Peak Systems, Inc. (acquired by HPE), Wealthfront Inc., WeWork Companies Inc., Wix.com Ltd. (NASDAQ: WIX), Xoom Corporation (listed as XOOM on the Nasdaq Global Select Market prior to being acquired by PayPal) and Yelp Inc. (NYSE: YELP). From 1999 to 2004, Mr. Cadeddu worked at Duff Ackerman & Goodrich, a telecommunications-focused private equity firm. Prior to Duff Ackerman & Goodrich, Mr. Cadeddu worked at Tandem Computers, Octel Communications, JP Morgan and Amsterdam Pacific. Mr. Cadeddu serves on the board of directors of CommonSense Robotics Ltd., Prismo Systems Inc. and Picarro. He is also a board observer at Twin Health and Wealthfront Inc. He has previously served as board member or board observer at Ambarella Inc., Bloom Energy Corporation, EventBrite, Inc., FireEye, Inc., Glassdoor, Inc., GrubHub Inc., Mint Software Inc., 1Life Healthcare, Inc., Pacific BioSciences of California, Inc., Silver Peak Systems, Inc. and Xoom Corporation. Mr. Cadeddu is a graduate of Harvard University and received his MBA from the Stanford University Graduate School of Business.


Alexandre Balkanski, 60 [Resigned]
Director Nominee

Alexandre Balkanski is a long-time technology industry leader with a demonstrated track record of delivering growth in revenue and profits while achieving recognition for outstanding customer satisfaction. He is currently the president and chief executive officer of Picarro where he has also served as director since 2002. Since December 2020, Mr. Balkanski has served as director of Corner Growth 1. He will also serve as a director of Corner Growth 3. Mr. Balkanski also currently serves as a board member of D2S, Inc. and Engageli, Inc. where he has served since 2007 and July 2020, respectively. Prior to joining Picarro in 2013, Mr. Balkanski was a managing partner and general partner at Benchmark Capital from March 2000 to November 2013. Mr. Balkanski previously led C-Cube Microsystems Inc. (“C-Cube”) and DiviCom Inc. (“DiviCom”), two pioneering companies that drove the MPEG standard to dominance in consumer electronics and broadcasting. Mr. Balkanski founded C-Cube in 1988. In 1994, he took the company public, and in 1998 he orchestrated C-Cube’s acquisition of DiviCom. Previously, he was a board member of Ambarella, Inc. (NASDAQ: AMBA), Decru, Inc. (acquired by Network Appliance, Inc.), Entrisphere, Inc. (acquired by Telefonaktiebolaget LM Ericsson) and Infinera Corporation (NASDAQ: INFN). Mr. Balkanski holds a PhD and MS from Harvard University and a Bachelor of Science from Harvard College.


John Mulkey, 47 [Resigned]
Director Nominee

John Mulkey is currently the manager of Mulkey Holdings, a private family office specializing in debt and equity investments across the hospitality, real estate, gaming and lodging sectors. Since December 2020, Mr. Mulkey has served as director of Corner Growth 1. He will also serve as a director of Corner Growth 3. Prior to his current roles, Mr. Mulkey was the chief financial officer and executive vice president of Zuffa, LLC (dba and owner to Ultimate Fighting Championship (“UFC”)) from 2006 to 2015. During his decade-long role at UFC, Mr. Mulkey oversaw all worldwide financial operations for the media and entertainment company and contributed to its growth from a breakeven cash flow enterprise to one valued at over $4 billion at exit. Prior to UFC, Mr. Mulkey was a managing director at Wachovia Securities LLC from 2005 to 2006, where he ran high-yield research in the gaming and lodging sectors and was twice awarded the prestigious Institutional Investor All-American research award. Prior to Wachovia, Mr. Mulkey was a managing director at Bear Stearns & Co. in New York City from 2001 to 2005, where he held a similar role across the equity and high-yield platforms at the investment bank. Before moving to New York, Mr. Mulkey was the director of business development for Station Casinos, Inc. in Las Vegas and had worked in various analyst roles there and with Mirage Resorts Inc., where he was a graduate of the Management Associate Program. Mr. Mulkey holds a Bachelor of Arts degree in Economics from Vanderbilt University in Nashville, Tennessee.


Jason Park, 44 [Resigned]
Director Nominee

Jason Park is currently the chief financial officer of DraftKings Inc. (NASDAQ: DKNG) (“DraftKings”) and, has served as a director of Corner Growth 1 since December 2020. He will also serve as a director of Corner Growth 3. Mr. Park joined DraftKings in his capacity as chief financial officer in June 2019, and is responsible for the accounting, tax, treasury, financial planning and analysis and investor relations departments. Prior to joining DraftKings, from 2009 to 2019, Mr. Park worked at Bain Capital Private Equity (“Bain Capital”) where he was an operating partner and focused on technology investments. For more than 10 years, Mr. Park worked collaboratively with chief executive officers, chief financial officers and management teams to develop and achieve value creation plans. Before Bain Capital, he was an associate partner at McKinsey & Company from 1999 to 2008. Mr. Park has previously served as a director of CentralSquare Technologies, Inc. Mr. Park holds an MBA from the Wharton School at the University of Pennsylvania and MAcc (Master of Accountancy) and Bachelor of Business Administration degrees from the University of Michigan.