Crown PropTech Acquisitions (NYSE:CPTK) announced in an 8-K this afternoon that it has agreed to sell most of its sponsor shares and will undergo a change in management.

CIIG Management III LLC entered into a securities assignment agreement with CPTK to purchase 5,662,000 Class B ordinary shares and 250,667 private placement warrants. In connection with the securities agreement, CIIG also entered into a letter agreement with CPTK and a joinder agreement to the registration rights agreement entered into by the sponsor in connection with CPTK’s IPO.

As a result, Richard Chera will resign as CEO of Crown PropTech Acquisitions but will continue to serve as a director of the company. The board of directors has appointed Mr. Gavin Cuneo and Mr. Michael Minnick as the new co-CEOs of Crown PropTech, effective immediately.

Mr. Cuneo has been the Co-CEO of CIIG Capital Partners II, Inc. and a member of its board of directors since September 2021. Additionally, he is a partner of Cuneo & Company, a private venture investment company focused on early stage media, technology, and consumer growth businesses. Mr. Cuneo previously served as COO and director of CIIC and COO and CFO of Valiant Entertainment.

Mr. Cuneo is joined by Mr. Minnick, also the Co-CEO of CIIG Capital Partners II, Inc. and a member of its board of directors since September 2021. He is also a Co-Founder and Managing Partner at IIG Holdings. Previously, Mr. Minnick served as a Director, Co-Founder and Managing Partner of Opus Music Group Investments, LLC and Chief Investment Officer and director of CIIC.

Crown PropTech IPO’d in February 2021, but is currently still searching for a business combination target after its initial 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.