Crown PropTech Acquisitions in a press release said it will ask shareholders next week to vote on a proposal that would extend the SPAC’s merger deadline to February 2024.
The deadline for redemtion requests will be Friday at 5 p.m. Eastern.
Crown PropTech earlier this month said its sponsor sold 5,662,000 Class B ordinary shares of the company and 250,667 private placement warrants to CIIG, following the resignation of SPAC CEO Richard Chera, who still seves on the board.
Crown PropTech sustained a setback in August when merger partner Brivo abandoned the deal, a move the SPAC at the time vowed to oppose and “vigorously pursue its remedies.” In July, Golub Capital terminated its $68 million PIPE in the Brivo deal because it was not completed by the deadline. Read more.
Source: Crown PropTech Acquisitions Asks Shareholders for 1 More Year to Do a Deal