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The company has secured significant capital through its IPO and private placements, with funds held in a Trust Account invested in secure government securities. It has engaged a financial advisor and entered into a business combination agreement with Mkango Rare Earths Limited and related entities, extending the timeline to complete the transaction. These steps demonstrate progress toward fulfilling its purpose as a SPAC and potential to transition into an operating public company post-combination.

The company has not generated any operating revenues and has incurred net losses, with a working capital deficit and limited cash available for operations outside the Trust Account. The success of the company is dependent on completing a business combination within the extended deadlines. Failure to complete a business combination by March 11, 2027, will result in liquidation and redemption of public shares, extinguishing shareholder rights. The company also faces risks related to financing, market conditions, and the ability to identify a suitable target.

As a blank check company, Crown PropTech Acquisitions does not have an operating business or competitive moat. Its value proposition depends on successfully identifying and completing a business combination with a target company. The company’s moat is therefore contingent on the quality and strategic fit of the business combination it consummates, which is not yet disclosed or realized.

• Business Combination Completion Risk: The company must complete a business combination by March 11, 2027, or it will cease operations and liquidate, redeeming public shares at the Trust Account value, which could result in loss of investment.
• Liquidity Risk: The company has a working capital deficit and limited cash outside the Trust Account, relying on sponsor loans and capital contributions to sustain operations until a business combination is completed.
• Operational Risk: As a blank check company, it has no operating revenues and incurs ongoing costs related to being a public company and pursuing a business combination, which may strain resources.
• Market and Regulatory Risk: The company’s ability to consummate a business combination depends on market conditions, shareholder approvals, and regulatory clearances, which may delay or prevent the transaction.

• Crown PropTech Acquisitions is a blank check company incorporated in the Cayman Islands on September 24, 2020, formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (a business combination) [S1].
• The company completed its IPO on February 11, 2021, issuing 27,600,000 units at $10.00 per unit, generating gross proceeds of $276 million, with approximately $276 million placed in a Trust Account invested in U.S. government securities or money market funds until a business combination or distribution [S1].
• The company has not commenced any operations or generated revenues to date; its activities have been limited to organizational matters, IPO preparation, and searching for a business combination target [S1, S2].
• The company reports a net loss of $3,013,571 for the year ended December 31, 2025, with operating costs of $3,024,671 and trust dividend income of $234,224 [S1].
• As of December 31, 2025, the company had cash and cash equivalents of $425 and current assets of $1,417, with current liabilities of approximately $5,298,459, resulting in a working capital deficit [S1].
• Investments held in the Trust Account were approximately $5.79 million as of December 31, 2025, restricted for use in a business combination or to redeem Class A ordinary shares [S1, S2].
• The company’s Class A ordinary shares are subject to possible redemption, with 491,806 shares outstanding as of December 31, 2025 [S2].
• The company has engaged Jett Capital Advisors as financial advisor for a proposed business combination with Mkango Rare Earths Limited and related entities, with a business combination agreement entered on July 2, 2025, and an amendment extending the outside date to September 30, 2026, with a possible automatic extension to December 31, 2026 [S1].
• The company’s sponsors are Crown PropTech Sponsor, LLC and CIIG Management III LLC, both Delaware limited liability companies [S1].
• The company is an emerging growth company and has elected to use the extended transition period for complying with new or revised financial accounting standards [S1].