Crown PropTech Acquisition in an 8-K filing said its merger partner Brivo has terminated the deal because it was not completed by the Aug. 9 deadline. Crown fired back, saying Brivo breached certain stockholder support agreements related to the merger deal.
“Crown intends to vigorously pursue its remedies,” the SPAC said in the filing.
Brivo designs and manufactures cloud-based access control and smart building technologies.
As announced in December, the transaction values the combined company at a pro forma enterprise value of $808 million. Golub Capital Credit Opportunities has agreed to lead $75 million in a convertible note to the combined company that will close concurrently with the business combination. Eagle Eye Networks is also a strategic investor in the PIPE. There is also approximately $276 million in Crown’s trust account, subject to any redemptions. Read more.
