London-headquartered and listed IT business Noventiq has said it is exploring a dual listing on the US Nasdaq due to “very limited trading volume” in the UK.
The board of the company added that its current London listing price “is not a fair reflection of the value of the Noventiq Group”.
Noventiq made its Nasdaq debut intentions after writing a letter of intent to the special-purpose acquisition company Corner Growth Acquisition.
Jacques Guers, chairman, board of directors, Noventiq Group, said: “Today’s announcement is a significant step towards our objective to realise the true fundamental value of Noventiq for all of our stakeholders.”
Corner Growth Acquisition and Noventiq will complete the arrangement in the “coming weeks”.
Noventiq, which supplies various tech services such as cybersecurity, cloud and technical support, was listed on the London Stock Exchange in October 2021.
“We have built a great company with a very strong track record for growth, and a partnership with Corner Growth is an exciting move as we look ahead to a potential listing on Nasdaq,” added Guers.
Last month Noventiq said it plans to re-domicile in the Cayman Islands.
Noventiq’s push for a dual listing will come as a blow to the UK’s public markets at a time when the government is looking to persuade Cambridge-based semiconductor company Arm to pick London over New York. The last three prime ministers have lobbied Arm owner SoftBank for a London IPO in an expected 2023 listing.