Form 10-Q Corner Growth Acquisitio For: Jun 30
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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1 | ||||||
Item 1. |
1 | |||||
Condensed Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 | 1 | |||||
Unaudited Condensed Statements of Operations for the Three and Six Months Ended June 30, 2022 and June 30, 2021 | 2 | |||||
Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the Three and Six Months Ended June 30, 2022 and June 30, 2021 | 3 | |||||
Unaudited Condensed Statements of Cash Flows for the Six Months Ended June 30, 2022 and June 30, 2021 | 4 | |||||
Notes to Unaudited Condensed Financial Statements | 5 | |||||
Item 2. |
16 | |||||
Item 3. |
20 | |||||
Item 4. |
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21 | ||||||
Item 1. |
21 | |||||
Item 1A. |
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Item 2. |
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Item 3. |
21 | |||||
Item 4. |
21 | |||||
Item 5. |
21 | |||||
Item 6. |
22 | |||||
23 |
Item 1. |
Financial Statements. |
June 30, |
December 31, |
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2022 |
2021 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Cash and marketable securities held in Trust Account |
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Total Assets |
$ | $ | ||||||
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LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
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Current liabilities |
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Offering costs payable |
$ | |||||||
Due to related party |
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Accrued expenses |
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments |
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Class A ordinary shares subject to possible redemption, |
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Shareholders’ Deficit |
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Preference Shares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Shareholders’ Deficit |
$ | ( |
) | $ | ( |
) | ||
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TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
$ | $ | ||||||
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For the Three |
For the Six |
For the Three |
For the Six |
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Months Ended |
Months Ended |
Months Ended |
Months Ended |
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June 30, |
June 30, |
June 30, |
June 30, |
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2022 |
2022 |
2021 |
2021 |
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Operating and formation costs |
$ | $ | $ | $ | ||||||||||||
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Loss from operations |
( |
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Other income (expense): |
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Earnings and realized gain on marketable securities held in Trust Accoun t |
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Change in fair value of warrant liabilities |
( |
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Net income (loss) |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
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Basic and diluted weighted average shares outstanding of Class A ordinary shares |
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Basic and diluted net income (loss) per Class A ordinary share |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
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Basic and diluted weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income (loss) per Class B ordinary share |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
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Class A |
Class B |
Additional Paid-in Capital |
Total |
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Ordinary Shares |
Ordinary Shares |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Deficit |
Deficit |
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Balance, January 1, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance, March 31, 2022 |
( |
) | ( |
) | ||||||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance, June 30, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Balance, January 1, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance, March 31, 2021 |
( |
) | ( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance, June 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
For the six |
For the six |
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months ended |
months ended |
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June 30, |
June 30, |
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2022 |
2021 |
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Cash Flows from Operating Activities |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Earnings and realized gain on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Accrued expenses |
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Due to related party |
— | |||||||
Prepaid expenses |
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Net cash used in operating activities |
( |
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Cash Flows from Financing Activities |
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Payment of offering costs |
( |
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Net cash used in financing activities |
( |
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Net change in cash |
( |
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Cash at beginning of the period |
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Cash at end of the period |
$ | $ | ||||||
Non-cash investing and financing activities: |
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Remeasurement of Class A ordinary shares subject to possible redemption |
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$ |
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$ |
— |
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Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Gross proceeds - Initial Public Offering |
$ |
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Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary share issuance costs |
( |
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Plus: |
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Remeasurement of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption - December 31, 2021 |
$ | |||
Plus: |
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Remeasurement of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption - June 30, 2022 |
$ |
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For the Three Months Ended |
For the Six Months Ended |
For the Three Months Ended |
For the Six Months Ended |
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June 30, 2022 |
June 30, 2022 |
June 30, 2021 |
June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share: |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
Description |
Level |
June 30, 2022 |
December 31, 2021 |
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Assets: |
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Cash and marketable securities held in Trust Account |
1 | $ | $ | |||||||||
Description |
Level |
June 30, 2022 |
Level |
December 31, 2021 |
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Liabilities: |
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Warrant liability – Public Warrants |
1 | $ | 1 | $ | ||||||||||||
Warrant liability – Private Placement Warrants |
3 | $ | 3 | $ | ||||||||||||
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Total warrant liability |
$ | $ | ||||||||||||||
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Input |
December 31, 2021 |
June 30, 2022 |
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Risk-free interest rate |
% | % | ||||||
Expected term (years) |
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Expected volatility |
% | % | ||||||
Exercise price |
$ | $ | ||||||
Fair value of the ordinary share price |
$ | $ | ||||||
Redemption threshold price |
$ | $ | ||||||
Redemption threshold days |
period |
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period |
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Redemption price |
$ | $ | ||||||
Probability of successful acquisition |
% |
% |
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of December 21, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
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Fair value as of June 30, 2022 |
$ | $ | $ | |||||||||
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* | Filed herewith. |
** | Furnished. |
CORNER GROWTH ACQUISITION CORP. | ||
By: | /s/ Jerome “Jerry” Letter | |
Name: | Jerome “Jerry” Letter | |
Title: | Chief Financial Officer and Chief Operating Officer |
EXHIBIT 31.1
CERTIFICATION
PURSUANT TO RULES 13a-14(a) AND 15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Marvin Tien, certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 of Corner Growth Acquisition Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting.
Date: August 12, 2022
By: | /s/ Marvin Tien | |||
Name: | Marvin Tien | |||
Title: | Co-Chairman, Chief Executive Officer and Director | |||
(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION
PURSUANT TO RULES 13a-14(a) AND 15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Jerome Jerry Letter, certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 of Corner Growth Acquisition Corp.: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting.
Date: August 12, 2022
By: | /s/ Jerome Jerry Letter | |||
Name: | Jerome Jerry Letter | |||
Title: | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Corner Growth Acquisition Corp. (the Company) on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Marvin Tien, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 12, 2022
By: | /s/ Marvin Tien | |||
Name: | Marvin Tien | |||
Title: | Co-Chairman, Chief Executive Officer and Director | |||
(Principal Executive Officer) |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Corner Growth Acquisition Corp. (the Company) on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Jerome Jerry Letter, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 12, 2022
By: | /s/ Jerome Jerry Letter | |||
Name: | Jerome Jerry Letter | |||
Title: | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
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