Crown PropTech Sells Sponsor Shares

Crown in an 8-K filing said following the resignation yesterday of CEO Richard Chera, CIIG Management III entered into a securities assignment agreement between the SPAC's sponsor, CIIG and Chera, whereby the sponsor sold 5,662,000 Class B ordinary shares of the company and 250,667 private placement to CIIG. 

Chera will remain a member of the SPAC's board.

Gavin Cuneo and Michael Minnick were named co-CEOs of Crown Proptech. Both are co-CEOs of CIIG Capital Partners II and members of its board since September 2021.  

Crown PropTech suffered 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 Sells Sponsor Shares