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Crown PropTech Acquisitions, a wholesale hardware company incorporated in the Cayman Islands, has entered into non-redemption agreements with certain investors, as disclosed in a regulatory filing on Thursday. These agreements, linked to the company’s upcoming Extraordinary General Meeting scheduled for May 9, 2025, aim to secure approval for an extension of time to complete an initial business combination.
The non-redemption agreements involve the assignment of up to 200,000 Class B ordinary shares by the company’s co-sponsor, CIIG Management III LLC, to the investors. In exchange, these investors have agreed not to redeem their public shares at the Extraordinary General Meeting. The purpose of these agreements is not to increase the likelihood of the Extension Proposal’s approval but to ensure more funds remain in the company’s trust account after the meeting.
Crown PropTech Acquisitions has proposed extending the deadline to consummate an initial business combination from May 11, 2025, to March 11, 2026. The funds in the trust account are to be maintained in interest-bearing U.S. government securities, money market funds investing in U.S. government treasury obligations, or other interest-bearing accounts as permitted by the Investment Company Act of 1940.
The company has confirmed that it will not use funds from the trust account to pay any potential excise taxes that may become due upon the redemption of public shares, including in connection with a liquidation if a business combination is not achieved before the termination date.
This information is based on a press release statement.
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