Brivo SPAC Losing $68 Million Funding, SPAC At Risk
Just 8 months ago, Brivo was going public, it declared, but now, with the markets sharply shifting and its SPAC losing $68 million in funding, the deal is at risk.
Inside this note, we examine the status of Brivo's SPAC, the loss of this funding, and the future of Brivo.
Terminated ************ *********
** ** *** ******, ***** ******** *** ***** ******* to ***** ****, ********* **** ** investor ********** ***** ************* ******* *** deal *** *** ******:
***** ******* *** *** *** ********** (such ******, ******** **** *** **********, “*****”), * **** ********, ********** *** PIPE ***** **** ** ********* ********* amount ** $** *******. ** **** 11, ****, ***** ******** * ****** of ******** **** *****, ********* ***** that ***** *** ******* ** ********* Golub’s ************ ********* ******* *** ******** Combination *** *** *********** ** **** 9, ****
Not ******* ***********
*** ****** **** ** ** ******* that **** **** **** ********* *** have *** ******* **:
***** ***** ******* ********** ********* ** satisfy *** ******* **** **********. ** of *** **** ** **** ******, Crown *** *** ******* *** **** additional *********.
***** ******* **** ******:
*** ******** *********** ********* **** ***** is ***** ** ****** ** **** time, ** *** *** ******** ****** and ********** *-* **********.
Changed ******
*** ****** *** ******* ************* ***** last ********, ***** **** **** ***** to * **** ****** ***, **** notably, *** ***** ******** ** ********** company **********. **** ** **** ******* shown ** **** ****'* ***** ** terminate *** **** ** ******* ******* amidst *** ******, *.*., ******* ** more **** **% **** ****:
Valuation *****
**** ******** *** *****, *** **** is **** *** ********* **** *** considered **** **** ******** (*.*., "** ********* ********** ***** ** $*** million") ** ****** ********* ************* *** high ***** ** **** *********.
***** * **** ***** ******* **** Brivo, *****, ** *** **** ******* market ** *****, *** ****** ****** 90%:
August **** ********
** ***, ************ *** **** ** ******:
*** ***** ********* ******** *** ** amendment ** *** ********** ** *** “Outside ****” ** *** ******** *********** Agreement *** ******* *** **** ****** thereinfrom **** **, **** ** ****** *, **** or such later date as may be mutually agreed by Crown and Brivo. All other terms of the Business Combination Agreement remain unmodified and in full force and effect.
** ** ***** ******** *** **** concludes ** **, ****** ***** **** find * *********** ******** *** ******* that ******* *** ********* ******* ** be ****.
Brivo's ************ *****
***** **** **** ** ** **** and *** ********* *** ** *******, Brivo's ************ ****** *****. *** ****** for ***** ****** ******* ********* ** rise *** *****, *********** * ***** rising ********** ***** ** ** *********** ******.
**** ****, **** ********* ***** ****** revenue ****** **** ** **** **** double ** **** **%:
** *** *** **** ** **** can ******* ****, *** **** ********* of **** **** **** **** **** announced. *** **** *** ***** ** that ** **** ** ****** *** miss *** *********** *************, ********* ***** punish *** ***** *****, ********** ** a **** ******.
**** ** *** **** **** *** go *******, ** ***** ***** **** be ****.
***** *****.*** *** ***** *** **** 20+ ******** ******** **** *********, ************ they **** *** ******** *************. *****.***'* annual ******* ($*** ******* ** ****) ** *** **** ** *****'*, so *****.*** ** *** ****** *** also *** **** ******* ** *** residential **** ** *** ******.
**** ****, ************ *****.*** *** ***** will ******* ********** ** *****.*** ******* into ****** ******* (*.*., ********.*** ******* ****** ******).
* ***'* **** **** *****.*** **** do ** *** ****** *** **** will **** ** ******** * *** more ********* ** **** **** ** significantly ****** ***** ** ********** ****** control. **** ****, * ***** ** very ********* ** *** ******** ****, i.e., ***** ** ********* ******** ** expand ** ****** ****** *********** / alarm ********.
******* ********* *** *** **** ** over-valuation **** *******. ** ** ******** unfriendly *******, ** *** ** **** time ** ********* * **** *** for ******** *********. ***** **** ******** without ** *** ** ****, **** a *** **** ******.
***** ******* ******** ****** **** ******* may *** ** ** *********. **** have **** ** ******* **** ****** it ** ******** **** *** ******* at ***.
**** ******** ********* ****** ******** *** real ***** ** *** ******* ** which *********. *** ****** **** ** to ********** *** ***** ** * company ** **********.
**** ********* ***** ** ******** ******, it ** ********* ** ********** *** core ***** ***** ** ****** ****** not *****, ** ** * ******** occurs. **** ***** ** ********** *** degree ** ****.
** **** ****** ******* *** **** serious ******** ******.
*** ******* *** ***** ******* ** cash.
*. ***-**** ***** ********* ********, **** paid * ***** ** *******, *** many ** ** ** ***** ** advance.
*. *** ****** *****.
*. ******** ******* ** ****.
*****, *******'* ***** ***-**** ********* ***** recording ******** ******* *** *** *** for *** **** ** ********* *** services, **** **** *** ***** *** added ** *** *****. **** *********** to *** **** **** **** ****.
****** ***, ******* ********** **** ********** the ******* *** *** ******** ** service ***' *********.
********* ********* **** ** ******** *** the ******* ***** ******* ******* ********* capital ******. ** ** ***** ***, then **** **** ** ********** *** current ****** ********** ***** ***** ** the ******* **** *** ******* *** pre-paid *********** ******** **** ***** **** to ******* *** *********.
**** *** ***-**** ******* ********* **** so **** ***** ** *******, ******* market ***** *** *** ********* ******* revenue ** *** **** **** ****. In ****, ** ** * *********. New ******* ***** *** ****** ** maintain ********* ***** ** ***** ***.
**** ***** ******* *** *** ******* burn ** ** ****.
************* **** ***** ***** ** *********** no *****, *** ** ****, ***** is * ********** ***-**** ********* ** its ********* ** ******** ********* ******** for ** ** ** *****.
**** ***** **** * *******, ** that ******'* ******* ** ******* ******** relies ******** ** *** ******* **********.
*** *** ** ******* ** *** knows **** ****** **** *****, *** it ** *** ** *** **** replacing *** ******** **** ******** **** that ** *********. ** ** **** why ** ***** ******* ****** ** cash **** ** ***.
***** ** *** ******* ********* *******, much ****** ******** *****, *** **** is ******* *** ********* ** * recession, ** ** ******* ********** ********** will ** **** **** *********. ** IPO ***** ** ****** **********.
** *** ******** **** **** **** is ********, *** *********** ** ******* sales ******* *** ********* ************ *****, could ***** ***** **** ******* ******* to ****.
***** ***** **** ******* ******* **** into *** *** ****** *** **** of **** ********** ***** ** **** things *******.
*********** ***** ** ******* ** ****, no ******* ** ** ****, *** only ************* ** **** ****.
******* ******* ***** ** ********** ** purchasing *** **********, *** **** ** many ******** *** *** ********* ** camera ******** ***-*********** ********, ** ** doubtful **** * ******** ** **** the ********** ***** **** **** *****.
**** *********** ******* ***** **** ***-**** service ****** ***** *** **** ********* to *********, *** **** *** ******* without ********* ****** ** *** ******** cash.
*****'* ***** *** ******* **** **** excellent, *** ********* ****** **** ******.
************* *** **** *********** ** **** are *** *********.
****** ******* *** **** *** **** to ******** ********* ********, *** ** forced ** **** ****, ***** ********* will **** ** ****** ** **** or ****** **********.
***** ********* ********** *********** ******* ***** be *******, *** ***** ******** ************ and ******** ********** ****. * ********* wouldn't **** ** ** *** ** manager **** *********** ** ** ** company, ***********, ** ****** ********.
********* *** ********* ******.
** ******* *** *** ********* ******* and *****, ** ***** ******* ** a ***** *** ******** ******* *****? I'm *** **** *****- *** **** comment ** **** **********.
** *********, ***** ** * ****** company, *** ****-********* ******* *** ****** industry.
******* *** *** *** ** ************* and ** ***, **** ******* ********* will ** ********.
******* ** *********** *******, ******* *** facts.
*****, *******'* ***** ***-**** ********* ***** recording ******** ******* *** *** *** for *** **** ** ********* *** services, **** **** *** ***** *** added ** *** *****. **** *********** to *** **** **** **** ****.
* ******** **** ****. ******* ***** gross ******* ** *** ***** ** its *******. ******* ***** ***** ******* on *** ******* *****. ******* ****** heavily ** ***** *** *********, ** doubt, *** **** *** ******* ********* into **** ****, *** ***** *******.
********* *********:******* $*+ ******* ****-**** *** ***** North ******** ****** ****** ****************** *********** ******** (********)
*****, *******'* ***** ***-**** ********* ***** recording ******** ******* *** *** *** for *** **** ** ********* *** services, **** **** *** ***** *** added ** *** *****. **** *********** to *** **** **** **** ****.
*** *** ****** **** ***** *******/********* costs *** *********?
***** ***** (***) ******** ******, **** expenses ******* ********** ******** **** ** maintain.
*** ********* ******* *** ***-**** *-** years ** *******. *** ** ********* valued ** **-** ***** ******* *******.
****** **** ***** *********** ********* ***** their ********* **** ******* **** **** or ******** *** ******** ****. *** reality ***** ** **** **** ************ with *** *********** ** ***** ** make ** *** *** **** **** (cash **** *******), *** ***** ** bank ***** *** ***.
** * ****** **** ***** *** new ***** ******* ***** *** *** for *** **** ** ********* ******* services, *** *** ***-**** ********* ******* has ******* **** *****.
********* **** ** *** **** ** secure, *******, ** ***** *** ********** of ****** ********* ******* **** ****** pay *** **** ** ********* ***** services **** ***** *** **** **** burn.
***** ** ******* **** **** ****, when **** ** **** ** ****, without ********* *** **********, **** **** have ********* ** ******* ** ******* overheads. ** *** ***** ** ** the **** ******** **.
**** ** *** ***** ** *****.*** compared ** ***** ?