Brivo Terminates SPAC Deal
After announcing last year it would go public via a SPAC at an $800 million valuation, Brivo has terminated its SPAC deal, according to an SEC filing.
In this report, IPVM examines Brivo, its plans to go public, the SPAC deal with Crown Proptech Acquisitions, and what this might mean for Brivo's future plans.
See IPVM's previous Brivo coverage:
- Brivo SPAC Losing $68 Million Funding, SPAC At Risk
- Drako To Control Publicly Traded Brivo With 92.1% of Voting Power
- Brivo Going Public At $800 Million Valuation
IPO **** *********
********* ** *****'**** *-* ******, ** ****** **, ***** ******** a ****** **** ***** *********** ***** SPAC ****.
***** ** *** ******, ***** ******* Brivo ** ********* ***** ******* ********* and ** ********* ** ***** ******** Dean ***** ** ********* * *********** support *********:
***** ******** **** ***** ** *********** Brivo ******** *** ******** *********** *********, and **** ****** ***, ** ********* of **** *. *****, *** ******** of *** ***** ** ********* ** Brivo, ******** *** *********** ******* *********.
***** ******* ** ********** ****** *** remedies.
2021: $*** ******* *********
** ******** ****, **** ******** **** Brivo ********* ** ***** ** ****** via * **** **** **** ***** Proptech ************ ** ** $*** ******* valuation, ***** ******* ~$*** *******.
*****'* ***** *** ********* **% ** *** ********-****** *******.
Golub *******
********* ***** **** ** ***** *-* ******, ******* ********, *****,****** *** ** *** **** ** July, ******* ***** ** **** ** ~$70 ******* ** **** ** ***** the ****:
***** ***** ******* ********** ********* ** satisfy *** ******* **** **********. ** of *** **** ** **** ******, Crown *** *** ******* *** **** additional *********
**** ******* ** ***** ** **** the ******* **** ********** ********* *** collapse ** *** ***** **** **** month.
Brivo ********
***** ********* ** ****'* ******* *** comment **** *** ********* *********:
**** ****** ******** ** **** ***** wanted ** *********** *** ***** **** what ** *** ****** ** *** BCA **** ********. **** **** **** not **** ** ***** ********* **** their ******* ********* ****** ** ******, which ***** **** **** ******'* **** the ******* **** ********* ** *** deal. **** ********** ** *** *********, we *** ** ****** *** ** walk ****. ** ** *** ******* we ******** *** ** *** ***** of *** *** *** **** ********** defend, ******* *** ****** *** ******** other *******.
Brivo's ******
***** ***** *** ******** ******* ** plans ** **** ***** **** ******* SPAC/IPO ** *** ******:
**'** ******* * **** ******** ** this ****. ***** *** * *** of ******* *** *****, *** **'* too ***** ** **** ***** ******** instruments.
*** *****, *** **** ** **** the ********* **** *** ********** **** last ******** (*.*., "** ********* ********** ***** ** $*** million") ** ****** ********* ************* *** high ***** ** **** *********.
*******, *****'* ************ ****** *****. *** market *** ***** ****** ******* ********* to **** *** *****, *********** * major ****** ********** ***** ** ** *********** ******. ******* **** **** *** ***** through, ** **** * ******** ******* on *****'* ******.
Crown: ** *******
***** ******** ************ ******* ** ******* to ****, ****** "******* **********":
*** ** ******* **********, ***** ******* Acquisition **** ******* ** ******* *** will *** ******* ** *****’* *******.
**** ****** *** ******* ** ******* a ******** **** *****:
Crown: ** *******
***** ******** ************ ******* ** ******* to ****, ****** "******* **********":
*** ** ******* **********, ***** ******* Acquisition **** ******* ** ******* *** will *** ******* ** *****’* *******.
******* ***** ** ***** ****** ** they **** *** ***** ********** **********. However, ***** ****** ******* *** ********** ****** ** "********** ****** *** ********".
** * ********* ** ****, ***** stated **** ****** ** "****************" ******.
** * ******* ** ***** ** either *****, **** **** ****** *** reporting.
**** ****** **** ****** **** *** deal *** ********* ****** ********** ** to *** *****. *** **** *****, this ** ***** **'** ******* *****. The **** ****** *** *****.
******:***** **** ****'* ** ** *** is ****** ** *** **** **** ******* of *** ****** / ****** ******* up ** *** ***********:
** **** *, **** ***** ****** Brivo * ****** **** (*) *********** has **** ** *** ********* ***** indicates **** (*) ***** *** ******** its *********** ***** ******* *.** ** the ******** *********** ********* *** (*) a *** ***** *********** *** ******** its *********** ***** ******* * ** the *********** ******* ********* *** (**) Brivo *** ******** *** *********** ***** Sections *.**(*) *** *.**(*) ** *** Business *********** *********. ***** ******** **** Brivo *** *** *** ***** *********** comply **** *** ** ***** ********** obligations ***** *** ******** *********** ********* and *** *********** ******* *********. ** July *, ***** ********* ** *****’* notice, ****** *****’* ****** *** **** notice ** ***** **** ***** *** breached *** *********** ***** ******* *.**(*) and *.**(*) ** *** ******** *********** Agreement. ***** **** ******* **** ** has *** **** *** ******** **** Crown ** **** ** ******* *** conditions ** ******* ** *** ************ Agreement **** ***** *** ********* *** conditions ** ******* ** *** ******** Combination *********. ** **** **, **** Crown ********* ** *****’* ****** ***** July *, ****, ****** *****’* ****** and ***** **** ***** *** ******** and ******** *********** **** ***** *** the *** ***** *********** **** ******** the ******** *********** ********* *** *** Stockholder ******* *********, ************. **** ******* were ******** ** *** *********** ***** the ******** *********** *********. ** ****** 10, ****, ** ******** * ****** of ******** **** *****, ********* ** that ***** *** ******* ** ********* the ******** ***********. ** * ****** of **** ******** *** ******** *********** was *********** **********.
***** **** **** ********** *** **** to ********** ****** ********.
**** ** ******* *** *** **** to ******** * ****, ** **** say **** ~* ****** ****:
** ** **** *** ********* * business *********** ****** ** ****** **** the ******* ** *** ******* ****** Offering, ** ******** **, **** (*** “Combination ******”), ** **** (*) ***** all ********** ****** *** *** ******* of ******* **; (**) ** ******** as ********** ******** *** *** **** than *** ******** **** **********, ****** the ****** ******, ** * ***-***** price, ******* ** ****, ***** ** the ********* ****** **** ** ******* in *** ***** *******, ********* ******** earned ** *** ***** **** ** the ***** ******* *** *** ********** released ** ** ** *** *** income *****, ** *** (**** ** to $***,*** ** ******** ** *** dissolution ********) ******* ** *** ****** of *** ****-*********** ****** ******
** ** *** *** ** ****** control ******* **** ***** ** ** public, ****'* **** ****** *.*., **** (kidding / **** **).
****** **** ****** **** *** **** was ********* ****** **********
** ******** ** ****, ****'* *** feasible ***** ** ******** ***********. **'* a ****** **** ** *** **** process *** **** ** ** ********* beforehand ** **** **** *** ********* to ********, ***.
**** **** * ***** *****, ** have *** **** *** ******* ***** in ******* ***** (***** ** ***** expect **** ** **** ***** ** it ********).
*** * ****** *****, ** **** has **** ***** ** ******* *****. Since ****,***** *** ******* * $** ******* line ** ******.
******, ***** **** ** ** ******* as ************* *** *** *************:
********* * ************ ********** ***********, ** are ** ****** ******** *** ******** in ********** **** *** *********** ** the ***** ******** ***********.
*** ******* ** ******** *** *** include ******** ******* ** **** ** anything *** ******* **** *****.
****** ******* **** ******* **** *****:
Brivo ********
***** ********* ** ****'* ******* *** comment **** *** ********* *********:
Brivo's ******
***** ***** *** ******** ******* ** plans ** **** ***** **** ******* SPAC/IPO ** *** ******: