Noventiq will enter America with a $1 billion capitalisation

Noventiq, formerly Softline Holding, from which the Russian business was spun off, announced a deal with Corner Growth Acquisition. The combined company will be listed on the Nasdaq exchange in the second half of 2023.

As part of the deal, Noventiq's capitalisation is valued at $1bn - much higher than the current market capitalisation on the Moscow Exchange. This valuation spurred the receipts, which soared 16% yesterday and are still rising today.

But even at current prices, the capitalisation - around $0.3bn - is clearly lower than the deal's implied value.

Noventiq is an international business that is a global provider of digital transformation and cybersecurity solutions and services.