NEW YORK--(BUSINESS WIRE)--Crown PropTech Acquisitions (the “Company”) announced the closing today of its initial public offering of 27,600,000 units at a price of $10.00 per unit, including 3,600,000 units sold to the underwriters pursuant to the full exercise of the over-allotment option. The units began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “CPTK.U” on February 9, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. After the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be listed on NYSE under the symbols “CPTK” and “CPTK WS,” respectively.
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to concentrate on businesses that provide technological innovation to the broader real estate ecosystem. This includes a focus on businesses that provide technological solutions that make the built environment more accessible, connected, dynamic, efficient, experiential and sustainable.
Certain funds and accounts managed by subsidiaries of BlackRock, Inc. have agreed to make an anchor investment in the Company.
The management team is being led by Richard Chera, the Company’s Chief Executive Officer and director, co-founder and Senior Managing Director of Crown Acquisitions Inc. and co-founder and Chief Executive Officer of ReWyre®; and Dr. Pius Sprenger, the Company’s Chief Financial Officer and director, who was formerly an executive of Cantor Fitzgerald and Deutsche Bank. Rasheq Zarif is serving as the lead strategic advisor to the Company.
RBC Capital Markets, LLC acted as the sole book-running manager of the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on February 8, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The public offering was made only by means of a prospectus, copies of which may be obtained from RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281, or by telephone at (877) 822-4089 or by email at firstname.lastname@example.org.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the Company’s search for an initial business combination. No assurance can be given that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.