Crown PropTech to combine with Brivo in SPAC merger at $800M equity value

Crown PropTech Acquisitions

Implied equity value of $800M; $10 per share reference price for New Brivo common stock.
PIPE of $75M in convertible notes at $11.50/share, with interest SOFR+9.25% first two years.
Dual-class structure: shares held by >20% Brivo holder (Dean Drako entity) get 10 votes per share.
Earn-out shares: 8.5M Brivo holder shares vest at $13 and $15 price targets; 2.384M sponsor shares also vest.
Closing expected mid-2022, conditioned on Crown shareholder approval, HSR, and minimum $75M cash from trust and PIPE.

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