Crown Proptech Acquisitions (NYSE:CPTK.U) announced that it has entered into a private placement warrants purchase agreement with Crown Proptech Sponsor, Llc for a private placement of an aggregate of 4,000,000 warrants at a price of $1.50 per warrant for gross proceeds of $6,000,000 on January 15, 2021, The company will issue 4,400,000 warrants if the underwriters' over-allotment option is exercised in full. Each warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. The transaction is expected to close simultaneously with the closing of the public offering.

The warrants will not be transferred, assigned or sold until 30 days after the completion by the company of an initial business combination. The warrants may be exercised only during the period (A) commencing on the later of: (i) the date that is 30 days after the first date on which the company completes a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the company and one or more businesses, and (ii) the date that is 12 months from the date of the closing of the public offering, and (B) terminating at the earliest to occur of: (x) at 5:00 p.m., New York City time on the date that is 5 years after the date on which the company completes its initial business combination, (y) the liquidation of the company in accordance with the company's charter, as amended from time to time, if the company fails to complete a business combination, and (z) other than with respect to the private placement warrants and the working capital warrants then held by the sponsor or its permitted transferee.