Crown PropTech Acquisitions (CPTK) Adjourns Extension Vote

Crown PropTech Acquisitions (NYSE: CPTK) announced that it convened and then adjourned today’s special meeting, without conducting any business, to recommence on Thursday, February 9.

At the meeting, the SPAC is looking to gain shareholder approval to extend its completion deadline by an entire year from February 11, 2023, to February 11, 2024.

Crown PropTech IPO’d in February 2021, but is currently still searching for a business combination target after its initial $808 million deal with smart building solutions provider Brivo fell through. Back in August 2022, Brivo sent a letter to the SPAC terminating the deal since it had not been completed by the outside date.

Within the past several weeks, Crown has made a few significant changes to the company. In mid-January, it agreed to sell most of its sponsor shares to CIIG Management III, whose representatives have taken over most of the SPAC’s leadership positions, and last week inked non-redemption agreements with certain investors.