CORNER GROWTH ACQUISITION CORP. 2 SEC 10-Q Report

Corner Growth Acquisition Corp. 2, a blank check company focused on mergers and acquisitions primarily in the technology sector, has released its Form 10-Q report for the quarter ended March 31, 2025. The report highlights a notable improvement in financial performance and provides updates on key business activities and future outlook.

Financial Highlights

Net Income: The company reported a net income of $117,665 for the three months ended March 31, 2025, compared to a net loss of $347,750 for the same period in 2024, indicating a significant improvement in financial performance.

Basic and diluted net income (loss) per Class A redeemable ordinary share: $0.03, reflecting a positive turnaround from the previous year's loss.

Basic and diluted net income (loss) per Class A nonredeemable ordinary share and Class B ordinary share: $0.03, indicating positive earnings per share for the nonredeemable and Class B shares, compared to a loss in the prior year.

Business Highlights

Business Overview: Corner Growth Acquisition Corp. 2 is a blank check company focused on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, primarily in the technology industry in the United States and other developed countries.

Initial Public Offering: The company completed its Initial Public Offering on June 21, 2021, raising $185 million through the sale of 18,500,000 units, each consisting of one Class A ordinary share and one-third of one redeemable warrant.

Trust Account Management: The proceeds from the IPO and private placement were placed in a Trust Account, invested in U.S. government securities or money market funds, to be used for a future business combination.

Shareholder Redemptions: Throughout 2023 and 2024, the company held several extraordinary general meetings where shareholders elected to redeem significant portions of Class A ordinary shares, impacting the number of shares outstanding and the funds available in the Trust Account.

Nasdaq Compliance: The company faced challenges in maintaining compliance with Nasdaq listing requirements, including the minimum public holders and publicly held shares requirements, leading to eventual delisting from Nasdaq in August 2024.

Management Changes: In April 2024, Jerome 'Jerry' Letter resigned as CFO, with Marvin Tien, Co-Chairman and CEO, stepping in as acting CFO.

Future Outlook: The company is focused on completing a business combination by December 31, 2025, failing which it will cease operations and liquidate the Trust Account to redeem public shares.

SEC Filing: CORNER GROWTH ACQUISITION CORP. 2 [ TRON ] - 10-Q - Jul. 16, 2025