---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-21-139989"
form_type: "8-K"
ticker: "CPTKW"
cik: "0001827899"
company_name: "Crown PropTech Acquisitions"
filed_at: "2021-11-16T23:59:59+00:00"
generated_at: "2026-06-28T07:54:23.689835+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-21-139989
- form_type: 8-K
- ticker: CPTKW
- cik: 0001827899
- company_name: Crown PropTech Acquisitions
- filed_at: 2021-11-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1827899/000110465921139989/0001104659-21-139989-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1827899/000110465921139989/tm2132641d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-21-139989
- JSON: https://secwatch.observer/filing/0001104659-21-139989.json
- Plain text: https://secwatch.observer/filing/0001104659-21-139989.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.