Crown PropTech Postpones Extension Vote

Crown Acquisitions said Feb. 7 that it convened and then adjourned, without conducting any business, its shareholder meeting to vote on a merger extension. The meeting has been adjourned to Thursday at 2:30 p.m. Eastern. 

The SPAC wants to push its termination deadline back to February 2024.

Crown PropTech last 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 was dealt 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 had terminated its $68 million in the Brivo deal because it was not completed by the deadline. Read more.

Source: Crown PropTech Postpones Extension Vote