Crown PropTech Pursues NRA Ahead of Extension Vote This Week

Crown Acquisitions is asking shareholders at a Feb. 8 meeting to approve a deadline extension from Feb. 11 to Aug. 11.

The SPAC also said it intends to enter into non-redemptipon agreements with CIIG Management III, which would receive an unspecified number of Class B shares as consideration. There were no further details on the amount of shares under consideration for the proposed NRA.

The SPAC secured a 12-month extension a year ago. Cash in trust was just over $45 million as of Dec. 31.

Crown PropTech was dealt a setback in August 2022 when merger partner Brivo abandoned the deal, a move the SPAC at the time vowed to oppose and “vigorously pursue its remedies.” In July that year, Golub Capital terminated its $68 million PIPE in the Brivo deal because it was not completed by the deadline.

The SPAC closed a $276 million IPO almost three years ago with plans to concentrate on businesses that provide technological innovation to the broader ecosystem. Read more.


Source: Crown PropTech Pursues NRA Ahead of Extension Vote This Week