secwatch.observer — SEC 8-K summary
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Issuer:     Crown PropTech Acquisitions (CPTKW)
CIK:        0001827899
Form:       8-K
Filed at:   2021-11-16T23:59:59+00:00
Accession:  0001104659-21-139989
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1827899/000110465921139989/0001104659-21-139989-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1827899/000110465921139989/tm2132641d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-139989

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer