Crown PropTech Acquisitions in an 8-K said Golub Capital has terminated its $68 million PIPE because the SPAC had not completed its business combination by July 9.
Crown PropTech last November announced a merger deal with Brivo, which designs and manufactures cloud-based access control and smart building technologies. The transaction values the combined company at a pro forma enterprise value of $808 million.
Crown noted in the 8-K it will now require additional financing to satisfy the minimum cash condition, although it has yet to do so.
A prospectus on the Brivo deal was filed in December and has since been amended several times. Read more.
