SPACInsider Logo
Crown PropTech Acquisitions (CPTK) Sells Sponsor Shares
by Marlena Haddad on 2023-01-17 at 6:03pm

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.


Recent Posts
by Marlena Haddad on 2023-05-31 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: eureKING signs put option for the potential acquisition of Skyepharma and Pear Therapeutics sells for $6M in post-bankruptcy auction  eureKING, the first European SPAC in healthcare dedicated to biomanufacturing, announces the signature of a...

by Nicholas Alan Clayton on 2023-05-31 at 11:04am

Pegasus Digital (NYSE:PGSS) has entered into a definitive agreement to combine with equipment manufacturer SCHMID at an enterprise value of $640 million. Freudenstadt, Germany-based SCHMID makes silicon and glass components for the solar energy industry and electronics, including substrates for the broader technology space. The combined company is expected to trade on the NYSE once...

by Marlena Haddad on 2023-05-31 at 10:46am

Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it is pushing back the date for its completion vote for its combination with cloud services firm Digerati (OTC:DTGI), marking the third postponement for the meeting. The vote, which was originally scheduled to be held on May 24, but was postponed until May 26, and then May 31,...

by Nicholas Alan Clayton on 2023-05-30 at 4:25pm

Vehicle data-tracker Wejo (NASDAQ:WEJO) announced in an 8-K this afternoon that it has filed its intention to appoint an administrator to oversee its insolvency and it is evaluating whether it will do so in the United States as well. The company, which completed a de-SPAC transaction with Virtuoso in November 2021, has another SPAC deal...

by Marlena Haddad on 2023-05-30 at 1:34pm

Aimei Health Technology Co.  (NASDAQ:AFJK) filed its S-1 Friday afternoon for a $50 million IPO, marking the fourth SPAC to file for an IPO in May and the twelfth year-to-date. Given its name, it comes as no surprise that Aimei Health Technology intends to pursue prospective targets that are focused on healthcare innovation. More specifically, the...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved