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Item 1. Financial Statements

2025-03-31 compared with 2023-08-14 · 1038 added, 385 removed, 146 unchanged (91% of the section changed)

2 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS

September 30,

Current assets:

2 unchanged sentences

Investments held in Trust account

$ 280,118,377

Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit

2 unchanged sentences

Due to related party

Working Capital Loans - related party

Promissory note

2 unchanged sentences

Total liabilities

Class A ordinary shares subject to possible redemption, 4,196,485 and 27,600,000 shares at redemption value as of June 30, 2023 and December 31, 2022, respectively

Class A ordinary shares subject to possible redemption, 4,196,485 and 27,600,000 shares at redemption value as of September 30, 2023 and December 31, 2022, respectively

Shareholders’ deficit:

1 unchanged sentence

1,000,000 shares authorized;

no ne issued and outstanding

none issued and outstanding

Class A ordinary shares, $ 0.0001 par value;

200,000,000 shares authorized;

no shares issued or outstanding, excluding 4,196,485 and 27,600,000 shares subject to possible redemption as of June 30, 2023 and December 31, 2022, respectively

no shares issued or outstanding, excluding 4,196,485 and 27,600,000 shares subject to possible redemption as of September 30, 2023 and December 31, 2022, respectively

Class B ordinary shares, $ 0.0001 par value;

1 unchanged sentence

6,900,000 shares issued and outstanding

Additional paid-in

Additional paid-in capital

Accumulated deficit

( 12,268,361 )

( 11,041,286 )

Total shareholders’ deficit

( 2,414,033 )

( 1,512,655 )

Total liabilities, redeemable shares and shareholders’ deficit

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

$ 280,118,377

The accompanying notes are an integral

part of these unaudited consolidated condensed financial statements.

CROWN PROPTECH ACQUISITIONS

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

CONSOLIDATED CONDENSED STATEMENTS

OF OPERATIONS

Three Months Ended

September 30,

Nine Months Ended

September 30,

Operating costs

Income (loss) from operations

Other income:

Loss from operations

( 1,649,613 )

( 4,011,281 )

Other income (expense):

Trust dividend income

4 unchanged sentences

Basic and diluted net income per redeemable share

Weighted average non-redeemable

shares outstanding

Basic and diluted net income per ordinary share

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

Weighted average non-redeemable shares outstanding

Basic and diluted net income per non-redeemable ordinary share

The accompanying notes are an integral

part of these unaudited consolidated condensed financial statements.

CROWN PROPTECH ACQUISITIONS

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023

CONSOLIDATED CONDENSED STATEMENTS

OF CHANGES IN SHAREHOLDERS’ DEFICIT

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2023

Ordinary Shares

1 unchanged sentence

Balance as of December 31, 2022

$ ( 11,041,286 )

$ ( 1,512,655 )

Capital contribution from Sponsors

Remeasurement of ordinary shares subject to redemption value

Non-redemption

agreements (see Note 2)

Capital contribution from non-redemption

( 1,701,319 )

Non-redemption agreements (see Note 2)

( 1,156,500 )

Capital contribution from non-redemption agreements

CIIG Securities Assignment Agreement (see Note 2)

( 2,837,593 )

Excess value of CIIG Securities Assignment Agreement

Balance as of March 31, 2023

( 12,998,477 )

( 3,461,846 )

Capital contribution from Sponsor

1 unchanged sentence

Balance as of June 30, 2023

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

( 12,649,985 )

( 2,795,657 )

Remeasurement of ordinary shares subject to redemption value

Balance as of September 30, 2023

$ ( 12,268,361 )

$ ( 2,414,033 )

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2022

Ordinary Shares

1 unchanged sentence

Balance as of December 31, 2021

Remeasurement of ordinary shar e

s subject to redemption value

$ ( 21,853,536 )

$ ( 21,852,846 )

Remeasurement of ordinary shares subject to redemption value

Balance as of March 31, 2022

( 18,519,573 )

( 18,518,883 )

Remeasurement of ordinary shares subject to redemption value

Balance as of June 30, 2022

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

( 18,698,835 )

( 18,698,145 )

Capital contribution from Sponsor

Remeasurement of ordinary shares subject to redemption value

( 1,248,046 )

Balance as of September 30, 2022

$ ( 18,119,972 )

$ ( 18,022,282 )

The accompanying notes are an integral

part of these unaudited consolidated condensed financial statements.

CROWN PROPTECH ACQUISITIONS

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30,

CONSOLIDATED CONDENSED STATEMENTS

OF CASH FLOWS

Nine Months Ended

September 30,

Cash Flows from Operating Activities:

1 unchanged sentence

Change in fair value of warrant liabilities

( 7,744,845 )

Trust dividend income

( 2,782,078 )

( 1,662,587 )

Settlement of payables and due to related party

3 unchanged sentences

Accounts payable and accrued expenses

Net cash (used in) provided by operating activities

Net cash used in by operating activities

Cash Flows from Investing Activities:

3 unchanged sentences

Capital contribution from Sponsors

Borrowings under the promissory note

Proceeds from Working Capital Loans - related party

Proceeds from promissory note to related party

Redemption of Class A ordinary share subject to possible redemption

( 238,305,063 )

Net cash used in financing activities

Net cash (used in) provided by financing activities

( 237,729,947 )

2 unchanged sentences

Cash—Ending of period

Supplemental Disclosure of Non-cash

Financing Activities:

Supplemental Disclosure of Non-cash Financing Activities:

Remeasurement of Class A ordinary shares subject to possible redemption

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

The accompanying notes are an integral

part of these unaudited consolidated condensed financial statements.

CROWN PROPTECH ACQUISITIONS

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2023

Note 1—Organization and Business Operations

NOTES TO UNAUDITED CONSOLIDATED CONDENSED

FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

Note 1 — Organization and Business

Organization and General

Crown PropTech Acquisitions (the “Company” or “Crown”) was incorporated in the Cayman Islands on September 24, 2020.

The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination.

The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of June 30, 2023, the Company had not yet commenced any operations.

All activity through June 30, 2023, relates to the Company’s formation and the Initial Public Offering (“IPO”) described below, and since the closing of the IPO, the search for a prospective initial Business Combination.

The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.

The Company will generate non-operating

income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO.

Change in Management and Sponsor

On January 17, 2023, Richard Chera informed the Company of his decision to resign as Chief Executive Officer (“CEO”) and principal financial and accounting officer of the Company, effective immediately.

Chera’s resignation was voluntary and not the result of any disagreement with the operations, policies or practices of the Company.

Crown PropTech Acquisitions (the “Company”

or “Crown”) was incorporated in the Cayman Islands on September 24, 2020.

The Company was formed for the purpose of entering

into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar Business Combination with one or

more businesses (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes

of consummating a Business Combination.

The Company is an early stage and emerging growth company and, as such, the Company is subject

to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2023, the

Company had not yet commenced any operations.

All activity through September 30, 2023, relates to the Company’s formation and

the Initial Public Offering (“IPO”) described below, and since the closing of the IPO, the search for a prospective initial

Business Combination.

The Company will not generate any operating revenues until after the completion of its initial Business Combination,

at the earliest.

The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds

derived from the IPO.

Change in Management, Sponsor and

Board of Directors

On January 17, 2023, Richard Chera

informed the Company of his decision to resign as Chief Executive Officer (“CEO”) and principal financial and accounting officer

of the Company, effective immediately.

Chera’s resignation was voluntary and not the result of any disagreement with the

operations, policies or practices of the Company.

Chera shall continue to serve as a director of the Company.

On January 17, 2023, the Board of Directors of the Company (the “Board”) appointed Mr.

On January 17, 2023, the Board

of Directors of the Company (the “Board”) appointed Mr.

Gavin Cuneo and Mr.

Michael Minnick as co-CEOs

of the Company, effective immediately.

Additionally, in connection with this appointment, each of Mr.

Michael Minnick as co-CEOs of the Company,

effective immediately.

Additionally, in connection with this

appointment, each of Mr.

Cuneo and Mr.

Minnick entered into an Indemnity Agreement and a Letter Agreement with the Company on the same terms as the Indemnity Agreements and Letter Agreements entered into by the directors and officers of the Company at the time of the Company’s IPO.

Minnick entered into an Indemnity Agreement and a Letter Agreement with the Company on

the same terms as the Indemnity Agreements and Letter Agreements entered into by the directors and officers of the Company at the time

of the Company’s IPO.

In addition, CIIG Management III LLC (“CIIG”) entered into the Letter Agreement.

CIIG also entered into that certain joinder agreement to the Registration Rights Agreement as described in further detail below.

On January 17, 2023, CIIG entered into a Securities Assignment Agreement (the “Assignment Agreement”), by and among Crown PropTech Sponsor, LLC (“Crown PropTech Sponsor”), CIIG and Richard Chera, whereby Crown PropTech Sponsor sold, transferred and assigned 5,662,000 Class B ordinary shares of the Company and 250,667 private placement warrants to purchase Class A ordinary shares of the Company to CIIG.

In connection with entry into the Assignment Agreement, CIIG (i) entered into a Letter Agreement with the Company (the “Letter Agreement”) and (ii) entered into a joinder agreement to the Registration Rights Agreement entered into by Crown PropTech Sponsor in connection with the Company’s IPO.

As a result of the above transaction CIIG became a co-sponsor

to Crown (and together with Crown PropTech Sponsor, the “Sponsors”).

In connection with the above transaction, Crown PropTech Sponsor entered into a letter agreement dated as of January 17, 2023, whereby Crown PropTech Sponsor is no longer entitled to receive any payments under the administrative services agreement and the Company is no longer required to pay any such payments.

As of the date of this Quarterly Report, the Company has not made any payments pursuant to the administrative agreement and does not expect to incur any related expenses in the near future.

Extraordinary General Meeting

Beginning on January 31, 2023, and continuing until the Company’s February 9, 2023 extraordinary general meeting of shareholders (“Extraordinary General Meeting”), the Company and CIIG entered into certain non-redemption

agreements and assignments of economic interests (the “Non-Redemption

Agreements”) with certain investors (the “Non-Redeeming

The Non-Redemption

Agreements provide for the assignment of economic interest of an aggregate of 1,500,000 Class B ordinary shares held by CIIG to the Non-Redeeming

Investors in exchange for such Non-Redeeming

Investors agreeing to hold and not redeem an aggregate of 4,000,000 Class A ordinary shares at the Extraordinary General Meeting.

Pursuant to the Non-Redemption

Agreements, CIIG has agreed to transfer to such Non-Redeeming

Investors an aggregate of 1,500,000 Class A ordinary shares upon conversion of the Class B ordinary shares in connection with the consummation of an initial Business Combination.

On February 9, 2023, the Company’s shareholders approved an amendment to amend and restate the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial Business Combination from February 11, 2023 to February 11, 2024 (the “Extension Proposal”).

In connection with the vote to approve the Extension Proposal, shareholders holding an aggregate of 23,403,515 shares of the Company’s Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account (as defined below).

As a result, $ 238,305,063 (approximately $ 10.18 per share) was withdrawn

from the Trust Account (described below) to redeem such shares.

Following the redemptions, there

were 4,196,485 Class A ordinary shares issued and outstanding and the 6,900,000 Founder Shares (as defined below) that remained outstanding represented 62.2 % of the Company’s issued and outstanding ordinary shares.

Change in Board of Directors

On May 5, 2023, Frits van Paasschen, a member of the Board, chair of the Audit Committee of the Board, chair of the Nominating and Corporate Governance Committee of the Board, and a member of the Compensation Committee of the Board, notified the Board of his resignation from the Board, effective upon the acceptance by the Board, which the Board accepted on May 8, 2023.

van Paasschen’s resignation was voluntary and not the result of any disagreement with the operations, policies or practices of the Company.

On May 8, 2023, the Board elected Chris Rogers as a member of the Board, chair of the Audit Committee of the Board, a member of the Nominating and Corporate Governance Committee of the Board, and a member of the Compensation Committee of the Board, effective immediately.

statement for the Company’s IPO was declared effective on February 9, 2021.

On February 11, 2021, the Company consummated the IPO by issuing

27,600,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “public share”), at $ 10.00 per Unit, generating gross proceeds of $ 276,000,000 , which is discussed in Note 3.

Simultaneously

with the closing of the IPO, the Company consummated the sale of 5,013,333 warrants (the “Private Placement Warrant”), at a price of $ 1.50 per Private Placement Warrant, which is discussed in Note 4.

CIIG also entered

into that certain joinder agreement to the Registration Rights Agreement as described in further detail below.

On January 17, 2023, CIIG entered

into a Securities Assignment Agreement (the “Assignment Agreement”), by and among Crown PropTech Sponsor, LLC (“Crown

PropTech Sponsor”), CIIG and Richard Chera, whereby Crown PropTech Sponsor sold, transferred and assigned 5,662,000 Class B

ordinary shares of the Company and 250,667 private placement warrants to purchase Class A ordinary shares of the Company to CIIG.

In connection with entry into the Assignment Agreement, CIIG (i) entered into a Letter Agreement with the Company (the “Letter

Agreement”) and (ii) entered into a joinder agreement to the Registration Rights Agreement entered into by Crown PropTech Sponsor

in connection with the Company’s IPO.

As a result of the above transaction CIIG became a co-sponsor to Crown (and together with

Crown PropTech Sponsor, the “Sponsors”).

In connection with the above transaction,

Crown PropTech Sponsor entered into a letter agreement dated as of January 17, 2023, whereby Crown PropTech Sponsor is no longer

entitled to receive any payments under the administrative services agreement and the Company is no longer required to pay any such payments.

As of the date of this Quarterly Report, the Company has not made any payments pursuant to the administrative agreement and does not expect

to incur any related expenses in the near future.

On May 5, 2023, Frits van Paasschen,

a member of the Board, chair of the Audit Committee of the Board, chair of the Nominating and Corporate Governance Committee of the Board,

and a member of the Compensation Committee of the Board, notified the Board of his resignation from the Board, effective upon the acceptance

by the Board, which the Board accepted on May 8, 2023.

van Paasschen’s resignation was voluntary and not the result

of any disagreement with the operations, policies or practices of the Company.

On May 8, 2023, the Board elected

Chris Rogers as a member of the Board, chair of the Audit Committee of the Board, a member of the Nominating and Corporate Governance

Committee of the Board, and a member of the Compensation Committee of the Board, effective immediately.

On February 15, 2024, Gavin Cuneo notified

the Company of his decision to resign as the co-chief executive officer of the Company, effective immediately.

Cuneo also served as

the Company’s principal financial and accounting officer and resigned from such positions as well.

Cuneo’s decision to resign

was not the result of any dispute or disagreement with the Company or any matter relating to the Company’s operations, policies

or practices.

Michael Minnick, the Company’s

Chief Executive Officer, assumed the role of principal financial and accounting officer of the Company effective upon Mr.

Minnick has served as the Company’s Co-Chief Executive Officer since January 2023.

Extraordinary General Meetings

Beginning on January 31, 2023,

and continuing until the Company’s February 9, 2023 extraordinary general meeting of shareholders (“Extraordinary General

Meeting”), the Company and CIIG entered into certain non-redemption agreements and assignments of economic interests (the “Non-Redemption

Agreements”) with certain investors (the “Non-Redeeming Investors”).

The Non-Redemption Agreements provide for the assignment

of economic interest of an aggregate of 1,500,000 Class B ordinary shares held by CIIG to the Non-Redeeming Investors in exchange

for such Non-Redeeming Investors agreeing to hold and not redeem an aggregate of 4,000,000 Class A ordinary shares at the Extraordinary

General Meeting.

Pursuant to the Non-Redemption Agreements, CIIG has agreed to transfer to such Non-Redeeming Investors an aggregate of

1,500,000 Class A ordinary shares upon conversion of the Class B ordinary shares in connection with the consummation of an initial

Business Combination.

On February 9, 2023, the Company’s

shareholders approved an amendment to amend and restate the Company’s Amended and Restated Memorandum and Articles of Association

to extend the date by which the Company must consummate an initial Business Combination from February 11, 2023 to February 11,

2024 (the “2023 Extension Proposal”).

In connection with the vote to approve

the 2023 Extension Proposal, shareholders holding an aggregate of 23,403,515 shares of the Company’s Class A ordinary shares

exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account (as defined below).

As a result, $ 238,305,063

(approximately $ 10.18 per share) was withdrawn from the Trust Account (described below) to redeem such shares.

Following the redemptions,

there were 4,196,485 Class A ordinary shares issued and outstanding.

On February 9, 2024, the Company’s

shareholders approved an amendment to amend and restate the Company’s Second Amended and Restated Memorandum and Articles of Association

to extend the date by which the Company must consummate an initial Business Combination from February 11, 2024 to August 11, 2024

(the “February 2024 Extension Proposal”).

In connection with the vote to approve

the February 2024 Extension Proposal, shareholders holding an aggregate of 2,195,847 shares of the Company’s Class A ordinary

shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account (as defined below).

result, $ 23,724,846 (approximately $ 10.80 per share) was withdrawn from the Trust Account (described below) to redeem such shares.

Following the redemptions, there were 2,000,638 Class A ordinary shares issued and outstanding.

Associated with the February 9, 2024

Extraordinary General Meeting, the Company and CIIG entered into non-redemption agreements (the “February 2024 Non-Redemption Agreements”)

with certain investors pursuant to which, if such investors do not redeem (or validly rescind any redemption requests on) their Class

A ordinary shares of the Company (the “February 2024 Non-Redeemed Shares”) in connection with the February 9, 2024 Extraordinary

General Meeting, CIIG will agree to transfer to such investors Class B ordinary shares held by CIIG immediately following the consummation

of an initial Business Combination if they continue to hold such February 2024 Non-Redeemed Shares through the February 9, 2024 Extraordinary

General Meeting.

The February 2024 Non-Redemption Agreements

provide for the assignment of up to 464,414 Class B ordinary shares, par value $ 0.0001 per share, held by CIIG to the investors in exchange

for such Investors agreeing to hold and not redeem certain public shares at the February 9, 2024 Extraordinary General Meeting.

On August 9, 2024, the Company’s

shareholders approved an amendment to amend and restate the Company’s Third Amended and Restated Memorandum and Articles of Association

to extend the date by which the Company must consummate an initial Business Combination from August 11, 2024 to May 11, 2025 (the

“August 2024 Extension Proposal”).

In connection with the vote to approve

the August 2024 Extension Proposal, shareholders holding an aggregate of 1,487,025 shares of the Company’s Class A ordinary

shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account (as defined below).

result, $ 16,484,256 (approximately $ 11.09 per share) was withdrawn from the Trust Account (described below) to redeem such shares.

Following the redemptions, there were 513,613 Class A ordinary shares issued and outstanding.

Associated with the August 9, 2024

Extraordinary General Meeting, the Company and CIIG entered into non-redemption agreements (the “August 2024 Non-Redemption Agreements”)

with certain investors pursuant to which, if such investors do not redeem (or validly rescind any redemption requests on) their Class

A ordinary shares of the Company (the “August 2024 Non-Redeemed Shares”) in connection with the August 9, 2024 Extraordinary

General Meeting, CIIG will agree to transfer to such investors Class B ordinary shares held by CIIG immediately following the consummation

of an initial Business Combination if they continue to hold such August 2024 Non-Redeemed Shares through the August 9, 2024 Extraordinary

General Meeting.

The August 2024 Non-Redemption Agreements

provide for the assignment of up to 115,287 Class B ordinary shares, par value $ 0.0001 per share, held by CIIG to the investors in exchange

for such Investors agreeing to hold and not redeem certain public shares at the August 9, 2024 Extraordinary General Meeting.

Notice of Delisting

On April 18, 2023, the Company received

a notice from the New York Stock Exchange (the “NYSE”) indicating that the Company is not in compliance with Section 802.01E

of the NYSE Listed Company Manual as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December

31, 2022 (the “Form 10-K”) with the Securities and Exchange Commission (the “SEC”).

The NYSE informed the Company that,

under NYSE rules, the Company would have six months from April 17, 2023 to file the Form 10-K with the SEC.

The Company can regain compliance

with the NYSE listing standards at any time prior to that date by filing its Form 10-K.

On May 2, 2023, the Company filed its

Form 10-K with the SEC and regained compliance with the NYSE.

On May 23, 2023, the Company, received

a notice from the NYSE indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as

a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Form 10-Q”) with

the Securities and Exchange Commission (the “SEC”).

The NYSE informed the Company that,

under NYSE rules, the Company would have six months from May 22, 2023 to file the Form 10-Q with the SEC.

The Company can

regain compliance with the NYSE listing standards at any time prior to that date by filing its Form 10-Q.

On June 2, 2023, the Company filed

its Form 10-Q for the quarter ended March 31, 2023 with the SEC and regained compliance with the NYSE.

On November 21, 2023, the Company,

received a notice from the NYSE indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual

as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form

10-Q”) with the Securities and Exchange Commission (the “SEC”).

The NYSE informed the Company that,

under NYSE rules, the Company would have six months from November 20, 2023 to file the Form 10-Q with the SEC.

The Company can regain

compliance with the NYSE listing standards at any time prior to that date by filing its Form 10-Q.

If the Company fails to file the Form

10-Q before the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months

for the Company to regain compliance, depending on the specific circumstances.

The notice from the NYSE also notes that the NYSE may nevertheless

commence delisting proceedings at any time if it deems that the circumstances warrant.

On February 12, 2024, the New York

Stock Exchange (the “NYSE”) determined that the Company was not in compliance with Section 802.01B and 102.06e of the NYSE

Listed Company Manual (the “LCM”) because the Company failed to consummate a Business Combination within the shorter of (i)

the time period specified by its constitutive documents or by contract or (ii) three years.

As such, the NYSE had determined to commence

proceedings to delist from the NYSE the Company’s Class A ordinary shares and Units.

Trading of the Company’s securities

was suspended on February 12, 2024.

The NYSE applied to the SEC to delist the Company’s securities upon completion of all applicable

The Company did not appeal the staff’s determination and, accordingly, the Company’s securities were delisted

from the NYSE.

The registration statement for

the Company’s IPO was declared effective on February 9, 2021.

On February 11, 2021, the Company consummated the IPO by

issuing 27,600,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered,

the “public share”), at $ 10.00 per Unit, generating gross proceeds of $ 276,000,000 , which is discussed in Note 3.

Simultaneously with the closing of

the IPO, the Company consummated the sale of 5,013,333 warrants (the “Private Placement Warrant”), at a price of $ 1.50 per

Private Placement Warrant, which is discussed in Note 4.

Trust Account

the closing of the IPO on February 11, 2021, an amount of $ 276,000,000 from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (“Trust Account”) which is invested in U.S.

government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940 (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7

of the Investment Company Act, as determined by the Company.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO and the sale of the private placement units will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within 36 months from the closing of the IPO (or until February 11, 2024), subject to applicable law.

The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

Termination of the Proposed Brivo Transaction

November 10, 2021, the Company entered into a Business Combination agreement (the “BCA” or the “Business Combination Agreement”), by and among (i) the Company, (ii) Crown PropTech Merger Sub I Corp, a Delaware corporation and wholly owned direct subsidiary of Crown (“Merger Sub I”), (iii) Crown PropTech Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of Crown (“Merger Sub II”, and together with Merger Sub I the “Merger Subs”) and (iv) Brivo, Inc., a Nevada corporation (“Brivo” and all the parties to the Business Combination Agreement, the “Parties to the Business Combination Agreement”) (the “Business Combination”).

The obligation of Brivo to consummate the Business Combination was subject to certain closing conditions, including, but not limited to, the aggregate cash proceeds from Crown’s trust account, together with the proceeds from the sale of the PIPE Notes (as defined below).

connection with the signing of the Business Combination Agreement, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors (the “PIPE Investors”).

Pursuant to the terms of the Subscription Agreements, each PIPE Investor had the right to terminate its Subscription Agreement after July 9, 2022, if the closing of the Business Combination had not occurred as of such date or at any date and time as the Business Combination Agreement is validly terminated.

Capital LLC and its affiliates (together with its affiliates, “Golub”), a PIPE Investor, subscribed for PIPE Notes with an aggregate principal amount of $ 68 million.

On July 11, 2022, the Company received a notice of election from Golub, notifying the Company that Golub has elected to terminate Golub’s Subscription Agreement because the Business Combination had not been consummated by July 9,

August 10, 2022, the Company received a notice of election from Brivo, notifying the Company that Brivo had elected to terminate the Business Combination.

As a result of such election, the Business Combination was immediately terminated.

In addition, the remaining Subscription Agreements were automatically terminated.

Following a confidential settlement arrangement, the Company is no longer pursuing any remedies in connection with the termination of the Brivo Business Combination.

On January 13, 2023, the Company formally withdrew its Form S-4

Registration Statement from the SEC associated with the BCA.

Following the closing of the IPO on

February 11, 2021, an amount of $ 276,000,000 from the net proceeds of the sale of the Units in the IPO and the sale of the Private

Placement Warrants was placed in a trust account (“Trust Account”) which is invested in U.S.

government securities, within

the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940 (the “Investment Company Act”), with

a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions

of Rule 2a-7 of the Investment Company Act, as determined by the Company.

Except with respect to interest earned on the funds held in

the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO and the sale of the private

placement units will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial

Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the

Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s public shares if

the Company is unable to complete the initial Business Combination within 36 months from the closing of the IPO (or until February 11,

2024), subject to applicable law.

The proceeds deposited in the Trust Account could become subject to the claims of the Company’s

creditors, if any, which could have priority over the claims of the Company’s public shareholders.

As discussed above, the Company’s

shareholder have agreed to extend the date by which the Company must consummate an initial Business Combination from February 11,

2023 to May 11, 2025.

Termination of the Proposed Brivo

On November 10, 2021, the Company

entered into a Business Combination agreement (the “BCA” or the “Business Combination Agreement”), by and among

(i) the Company, (ii) Crown PropTech Merger Sub I Corp, a Delaware corporation and wholly owned direct subsidiary of Crown (“Merger

Sub I”), (iii) Crown PropTech Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of Crown (“Merger

Sub II”, and together with Merger Sub I the “Merger Subs”) and (iv) Brivo, Inc., a Nevada corporation (“Brivo”

and all the parties to the Business Combination Agreement, the “Parties to the Business Combination Agreement”) (the “Business

Combination”).

The obligation of Brivo to consummate the Business Combination was subject to certain closing conditions, including,

but not limited to, the aggregate cash proceeds from Crown’s trust account, together with the proceeds from the sale of the PIPE

Notes (as defined below).

In connection with the signing of the

Business Combination Agreement, the Company entered into subscription agreements (the “Subscription Agreements”) with certain

investors (the “PIPE Investors”).

Pursuant to the terms of the Subscription Agreements, each PIPE Investor had the right to

terminate its Subscription Agreement after July 9, 2022, if the closing of the Business Combination had not occurred as of such date

or at any date and time as the Business Combination Agreement is validly terminated.

GolubCapital LLC and its affiliates

(together with its affiliates, “Golub”), a PIPE Investor, subscribed for PIPE Notes with an aggregate principal amount of

$ 68 million.

On July 11, 2022, the Company received a notice of election from Golub, notifying the Company that Golub has elected

to terminate Golub’s Subscription Agreement because the Business Combination had not been consummated by July 9,2022.

On August 10, 2022, the Company

received a notice of election from Brivo, notifying the Company that Brivo had elected to terminate the Business Combination.

of such election, the Business Combination was immediately terminated.

In addition, the remaining Subscription Agreements were automatically

Following a confidential settlement

arrangement, the Company is no longer pursuing any remedies in connection with the termination of the Brivo Business Combination.

On January 13, 2023, the Company

formally withdrew its Form S-4 Registration Statement from the SEC associated with the BCA.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination.

Business Combination must be with one or more target businesses that together have a fair market value equal to at least

80 % of the balance in the Trust Account (as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a Business Combination.

However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires

50 % or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

There is no assurance that the Company will be able to successfully effect a Business Combination.

will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a shareholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer.

The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion.

The shareholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially $ 10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).

A ordinary shares subject to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $ 5,000,001 either immediately prior to or upon consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.

30, 2023, the Company has until February 11, 2024 to consummate a Business Combination (the “Combination Period”).

However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will redeem 100 % of the outstanding public shares for a pro rata portion of the funds held in the Trust Account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company, divided by the number of then outstanding public shares, subject to applicable law and as further described in the registration statement, and then seek to dissolve and liquidate.

Company’s Sponsors, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares, private placement shares and public shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares and private placement shares if the Company fails to complete the initial Business Combination within the Combination Period.

of a liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination by February 11, 2024, Crown PropTech Sponsor (but not CIIG) has agreed that it will indemnify the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $ 10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

However, the Company has not asked Crown PropTech Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether Crown PropTech Sponsor has sufficient funds to satisfy its indemnity obligations and believe that Crown PropTech Sponsor’s only assets are securities of the Company.

Therefore, the Company cannot assure that Crown PropTech Sponsor would be able to satisfy those obligations.

Liquidity, Capital Resources and Going Concern

of June 30, 2023, the Company had cash outside the Trust Account of $ 31,048 available for working capital needs and working capital deficit of $ 1,658,590 .

All remaining cash held in the Trust Account is generally unavailable for the Company’s use, prior to an initial Business Combination, and is restricted for use either in a Business Combination or to redeem Class A ordinary shares.

As of June 30, 2023, none of the amount in the Trust Account was available to be withdrawn as described above.

Through June 30, 2023, the Company’s liquidity needs were satisfied through receipt of $ 25,000 from the sale of the Founder Shares, the remaining net proceeds from the IPO, the sale of Private Placement Warrants, the Promissory Note (as defined below), the Working Capital Loan (as defined below) and capital contributions from the Sponsors of $ 673,418 .

The Company has incurred and expects to continue to incur significant costs in pursuit of it financing and acquisition plans.

The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements are issued.

The Company’s management has

broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds

are intended to be generally applied toward consummating a Business Combination.

The Company’s Business Combination

must be with one or more target businesses that together have a fair market value equal to at least 80 % of the balance in the Trust Account

(as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a Business Combination.

However, the Company

will only complete a Business Combination if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting

securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as

an investment company under the Investment Company Act.

There is no assurance that the Company will be able to successfully effect a Business

The Company will provide its public

shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination

either (i) in connection with a shareholder meeting called to approve the initial Business Combination or (ii) by means of a

tender offer.

The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct

a tender offer will be made by the Company, solely in its discretion.

The shareholders will be entitled to redeem their shares for a pro

rata portion of the amount then on deposit in the Trust Account (initially $ 10.00 per share, plus any pro rata interest earned on the

funds held in the Trust Account and not previously released to the Company to pay its tax obligations, if any).

The Class A ordinary shares subject

to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with

Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the

Company will proceed with a Business Combination if the Company has net tangible assets of at least $ 5,000,001 either immediately prior

to or upon consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding

shares voted are voted in favor of the Business Combination.

The Company has until May 11,

2025 to consummate a Business Combination (the “Combination Period”).

However, if the Company is unable to complete a Business

Combination within the Combination Period, the Company will redeem 100 % of the outstanding public shares for a pro rata portion of the

funds held in the Trust Account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds

held in the trust account and not previously released to the Company, divided by the number of then outstanding public shares, subject

to applicable law and as further described in the registration statement, and then seek to dissolve and liquidate.

The Company’s Sponsors, officers

and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares, private placement shares and

public shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect

to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended

and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with

respect to their Founder Shares and private placement shares if the Company fails to complete the initial Business Combination within

the Combination Period.

In the event of a liquidation of the

Trust Account upon the failure of the Company to consummate its initial Business Combination by May 11, 2025, Crown PropTech Sponsor

(but not CIIG) has agreed that it will indemnify the Company if and to the extent any claims by a third party for services rendered or

products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality

or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.00

per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the

Trust Account, if less than $ 10.00 per share due to reductions in the value of the trust assets, less taxes payable, if any, provided

that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all

rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the

Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act

of 1933, as amended (the “Securities Act”).

However, the Company has not asked Crown PropTech Sponsor to reserve for such

indemnification obligations, nor has the Company independently verified whether Crown PropTech Sponsor has sufficient funds to satisfy

its indemnity obligations and believe that Crown PropTech Sponsor’s only assets are securities of the Company.

Therefore, the Company

cannot assure that Crown PropTech Sponsor would be able to satisfy those obligations.

Liquidity, Capital Resources and

Going Concern

As of September 30, 2023, the

Company had cash outside the Trust Account of $ 1,115 available for working capital needs and working capital deficit of $ 2,058,700 .

remaining cash held in the Trust Account is generally unavailable for the Company’s use, prior to an initial Business Combination,

and is restricted for use either in a Business Combination or to redeem Class A ordinary shares.

As of September 30, 2023, none

of the amount in the Trust Account was available to be withdrawn as described above.

Through September 30, 2023, the

Company’s liquidity needs were satisfied through receipt of $ 25,000 from the sale of the Founder Shares, the remaining net proceeds

from the IPO, the sale of Private Placement Warrants, the Promissory Note (as defined below), the Working Capital Loan (as defined below)

and capital contributions from the Sponsors of $ 673,418 .

The Company has incurred and expects

to continue to incur significant costs in pursuit of it financing and acquisition plans.

The Company lacks the financial resources it

needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial

statements are issued.

Although no formal agreement exists, the Sponsors are committed to extend loans as needed (see Note 5).

Accordingly, the Company may not be able to obtain additional financing.

If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not limited to, curtailing operations, suspending the pursuit of a potential merger target, and reducing overhead expenses.

The Company cannot provide any assurance that new financing will be available to in on commercially acceptable terms, if at all, or that its plans to consummate an initial Business Combination will be successful.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15,

“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the above liquidity issues and the mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination, raises substantial doubt about the Company’s ability to continue as a going concern.

The Company has until February 11, 2024, or by the end of any extension to the Combination Period, to consummate a Business Combination.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year from the date that the financial statements are issued.

If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution.

No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after February 11, 2024.

Accordingly, the Company may not be

able to obtain additional financing.

If the Company is unable to raise additional capital, it may be required to take additional measures

to conserve liquidity, which could include, but not limited to, curtailing operations, suspending the pursuit of a potential merger target,

and reducing overhead expenses.

The Company cannot provide any assurance that new financing will be available to in on commercially acceptable

terms, if at all, or that its plans to consummate an initial Business Combination will be successful.

In connection with the Company’s

assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update

(“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”

management has determined that the above liquidity issues and the mandatory liquidation and subsequent dissolution, should the Company

be unable to complete a Business Combination, raises substantial doubt about the Company’s ability to continue as a going concern.

The Company has until May 11, 2025, or by the end of any extension to the Combination Period, to consummate a Business Combination.

conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year

from the date that the financial statements are issued.

If a Business Combination is not consummated by this date, there will be a mandatory

liquidation and subsequent dissolution.

No adjustments have been made to the carrying amounts of assets or liabilities should the Company

be required to liquidate after May 11, 2025.

Risks and Uncertainties

In February 2022, the Russian Federation commenced a military action with the country of Ukraine.

As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation.

As of the date of these financial statements, the impact of this action and the related sanctions on the world economy and the effect on these unaudited financial statements are currently not determinable.

Management continues to evaluate the impact of the COVID-19

pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and search for a target company, the specific impact is not readily determinable as of the date of the unaudited consolidated condensed financial statements.

The unaudited consolidated condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties.

The Company’s results of operations and ability to complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond the Company’s control.

The Company’s business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19

pandemic, including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine.

The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact its business and the Company’s ability to complete an initial Business Combination.

Note 2 — Significant Accounting Policies

The United States and global markets

are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and

the recent escalation of conflict in the Middle East and Southwest Asia.

In response to the ongoing Russia-Ukraine conflict, the North

Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United

Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related

individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication

(SWIFT) payment system.

Certain countries, including the United States, have also provided and may continue to provide military aid or

other assistance to Ukraine and to Israel, or have undertaken or will undertake military strikes in Southwest Asia, increasing geopolitical

tensions among a number of nations.

The invasion of Ukraine by Russia and the escalation of conflict in the Middle East and Southwest

Asia and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom,

the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting

impact on regional and global economies.

Although the length and impact of the ongoing conflicts are highly unpredictable, they could

lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain

interruptions and increased cyber-attacks against U.S.

Additionally, any resulting sanctions could adversely affect the global

economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above-mentioned factors, or

any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion

of Ukraine, the escalation of conflict in the Middle East and Southwest Asia and subsequent sanctions or related actions, could adversely

affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate

an initial Business Combination.

Note 2 — Significant Accounting

Basis of Presentation

The accompanying unaudited consolidated condensed financial statements are presented in U.S.

dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC.

Accordingly, they do not include all of the information and footnotes required by GAAP.

In the opinion of management, the unaudited consolidated condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented.

Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected through December 31, 2023.

The Company’s subsidiaries include Crown PropTech Merger Sub I Corp., a Delaware corporation and wholly owned direct subsidiary of Crown (“Merger Sub I”) and Crown PropTech Merger Sub II LLC, a Delaware limited liability company and wholly owned direct subsidiary of Crown (“Merger Sub II”);

The accompanying unaudited consolidated

condensed financial statements are presented in U.S.

dollars in conformity with accounting principles generally accepted in the United

States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC.

Accordingly, they

do not include all of the information and footnotes required by GAAP.

In the opinion of management, the unaudited consolidated condensed

financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the

balances and results for the periods presented.

Operating results for the three and nine months ended September 30, 2023 are not

necessarily indicative of the results that may be expected through December 31, 2023.

The Company’s subsidiaries include

Crown PropTech Merger Sub I Corp., a Delaware corporation and wholly owned direct subsidiary of Crown (“Merger Sub I”) and

Crown PropTech Merger Sub II LLC, a Delaware limited liability company and wholly owned direct subsidiary of Crown (“Merger Sub

both of which were formed for the purposes of facilitating a proposed business agreement.

All intercompany transactions have been eliminated upon consolidation.

The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K

filed by the Company with the S E

C on May 2, 2023.

All intercompany transactions have

been eliminated upon consolidation.

The accompanying unaudited consolidated

condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form

10-K filed by the Company with the SEC on May 2, 2023.

Principles of Consolidation

The accompanying consolidated condensed financial statements include the accounts of the Company and its wholly owned subsidiaries.

All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying consolidated condensed

financial statements include the accounts of the Company and its wholly owned subsidiaries.

All significant intercompany balances and

transactions have been eliminated in consolidation.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging

The Company is an “emerging growth

company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012,

(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable

to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the

auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation

in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive

compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of

the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until

private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class

of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging

growth companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s unaudited consolidated condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

The Company has elected not to opt out of such extended transition period

which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,

as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s unaudited consolidated condensed financial statements with another public company which

is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult

or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of these unaudited consolidated condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated condensed financial statements and the reported amounts of expenses during the reporting period.

Actual results could differ from those estimates.

The preparation of these unaudited

consolidated condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited

consolidated condensed financial statements and the reported amounts of expenses during the reporting period.

Actual results could differ

from those estimates.

Cash and Cash Equivalents

Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company did no

t have any cash equivalents as of June 30, 2023 and December 31, 2022.

The Company considers all short-term

investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company did not have any cash

equivalents as of September 30, 2023 and December 31, 2022.

Investments Held in Trust Account

At June 30, 2023 and December 31, 2022, the Trust Account had $ 43,906,522 and $ 279,998,549 held in marketable securities, respectively.

Such securities are presented on the consolidated condensed balance sheets at fair value at the end of the reporting period.

Dividends resulting from the change in fair value of these securities are included in trust dividend income in the accompanying consolidated condensed statements of operations.

The estimated fair values of investments held in the Trust Account are determined using available market information.

During the three and six months ended June 30, 2023, the Company withdrew $ 0 and $ 238,305,063 , respectively, of principal and interest income from the Trust Account in connection with redemptions.

During the three and six months ended June 30, 2022, no amounts were withdrawn from the Trust Account in connection with redemptions.

At September 30, 2023 and December 31,

2022, the Trust Account had $ 44,475,564 and $ 279,998,549 held in marketable securities, respectively.

Such securities are presented on

the consolidated condensed balance sheets at fair value at the end of the reporting period.

Dividends resulting from the change in fair

value of these securities are included in trust dividend income in the accompanying consolidated condensed statements of operations.

estimated fair values of investments held in the Trust Account are determined using available market information.

During the three and

nine months ended September 30, 2023, the Company withdrew $0 and $ 238,305,063 , respectively, of principal and interest income from

the Trust Account in connection with redemptions.

During the three and nine months ended September 30, 2022, no amounts were withdrawn

from the Trust Account in connection with redemptions.

Concentration of Credit Risk

instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 .

At June 30, 2023 and December 31, 2022, the Company has not experienced losses on this account.

Class A Ordinary Shares Subject to Possible Redemption

Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity.

Financial instruments that potentially

subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed

the Federal Depository Insurance Coverage of $ 250,000 .

At September 30, 2023 and December 31, 2022, the Company has not

experienced losses on this account.

Class A Ordinary Shares Subject

to Possible Redemption

The Company accounts for its Class A

ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from

Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are

measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either

within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s

control) are classified as temporary equity.

At all other times, ordinary shares are classified as shareholders’ equity.

The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events.

Accordingly, as of June 30, 2023 and December 31, 2022, 4,196,485

27,600,000 , respectively, shares of Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s consolidated condensed balance sheets.

As of December 31, 2022 and June 30, 2023, the ordinary shares subject to possible redemption reflected on the consolidated condensed balance sheets are reconciled in the following table:

The Company’s

Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject

to the occurrence of uncertain future events.

Accordingly, as of September 30, 2023 and December 31, 2022, 4,196,485 and 27,600,000 ,

respectively, shares of Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity,

outside of the shareholders’ deficit section of the Company’s consolidated condensed balance sheets.

As of December 31, 2022 and September 30,

2023, the ordinary shares subject to possible redemption reflected on the consolidated condensed balance sheets are reconciled in the

following table:

Ordinary shares subject to possible redemption, December 31, 2022

$ 279,998,549

( 23,403,515 )

( 238,305,063 )

Remeasurement of carrying value to redemption value

Ordinary shares subject to possible redemption, June 30, 2023

Ordinary shares subject to possible redemption, September 30, 2023

Net Income per Ordinary Shares

Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares.

Earnings and losses are shared pro rata between the two classes of shares.

Private and public warrants to purchase 14,213,333 Class A ordinary shares at $ 11.50 per share were issued on February 11, 2021.

No warrants were exercised during the three and six months ended June 30, 2023 and 2022.

The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the (i) IPO, (ii) exercise of over-allotment, and (iii) Private Placement since the exercise of the warrants are contingent upon the occurrence of future events.

The Company has two classes of shares,

which are referred to as Class A ordinary shares and Class B ordinary shares.

Earnings and losses are shared pro rata between

the two classes of shares.

Private and public warrants to purchase 14,213,333 Class A ordinary shares at $ 11.50 per share were issued

on February 11, 2021.

No warrants were exercised during the three and nine months ended September 30, 2023 and 2022.

The calculation

of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the (i) IPO, (ii) exercise

of over-allotment, and (iii) Private Placement since the exercise of the warrants are contingent upon the occurrence of future events.

As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods.

For the Three Months Ended June 30,

For the Six Months Ended June 30,

Basic and diluted net income per share

Allocation of net income including

the Three Months Ended

September 30,

the Nine Months Ended

September 30,

Non-redeemable

Basic and diluted net income

Allocation of net

income including

remeasurement of temporary

Weighted-average shares outstanding

Basic and diluted net income per share

Basic and diluted net income

Share Based Compensation

The Company complies with ASC 718 Compensation—Stock Compensation regarding Founder Shares acquired by directors and independent advisors of the Company at prices below fair value.

The acquired shares vested upon granting of the shares.

The Founder Shares owned by the director (1) may not be sold or transferred, until one year after the consummation of a Business Combination, (2) are not entitled to redemption from the funds held in the Trust Account, or any liquidating distributions.

If the Company does not consummate a Business Combination during the Combination Period, the Company will liquidate and the shares will become worthless.

shares were issued in February 2021 (“Grant Date”), and the shares vested immediately.

Since the approach in ASC 718 is to determine the fair value without regard to the vesting date, the Company has determined the valuation of the Class B shares as of the Grant Dates.

The valuation for the 250,000 shares in excess of the amount paid was not material.

The Company complies with ASC 718 Compensation—Stock

Compensation regarding Founder Shares acquired by directors and independent advisors of the Company at prices below fair value.

shares vested upon granting of the shares.

The Founder Shares owned by the director (1) may not be sold or transferred, until one

year after the consummation of a Business Combination, (2) are not entitled to redemption from the funds held in the Trust Account,

or any liquidating distributions.

If the Company does not consummate a Business Combination during the Combination Period, the Company

will liquidate and the shares will become worthless.

The shares were issued in February

2021 (“Grant Date”), and the shares vested immediately.

Since the approach in ASC 718 is to determine the fair value without

regard to the vesting date, the Company has determined the valuation of the Class B shares as of the Grant Dates.

The valuation for

the 250,000 shares in excess of the amount paid was not material.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets.

The fair value of the Company’s

assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC

820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets.

Derivative Warrant Liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks.

The Company evaluates all of its financial instruments, including issued stock purchase warrants and working capital loan options, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC815-15.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed

at the end of each reporting period.

Company accounts for its 14,213,333 ordinary share warrants issued in connection with its IPO ( 9,200,000 ) and Private Placement ( 5,013,333 ) as derivative warrant liabilities in accordance with ASC815-40.

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period.

The liabilities are subject to re-measurement

at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statements of operations.

The Company does not use derivative

instruments to hedge exposures to cash flow, market, or foreign currency risks.

The Company evaluates all of its financial instruments,

including issued stock purchase warrants and working capital loan options, to determine if such instruments are derivatives or contain

features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15.

The classification of derivative instruments, including

whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company accounts for its 14,213,333

ordinary share warrants issued in connection with its IPO ( 9,200,000 ) and Private Placement ( 5,013,333 ) as derivative warrant liabilities

in accordance with ASC 815-40.

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the

instruments to fair value at each reporting period.

The liabilities are subject to re-measurement at each balance sheet date until exercised,

and any change in fair value is recognized in the Company’s statements of operations.

Working Capital Loans Option

November 30, 2021, Richard Chera, the Company’s former Chief Executive Officer and director agreed to loan the Company up to $ 1,500,000 to be used for a portion of the expenses of the Company (“Working Capital Loan”).

At December 31, 2022, at the option of Richard Chera, the outstanding principle of $ 666,000 may be converted into that number of warrants equal to the outstanding principle of the note divided by $ 1.50 ( 444,000 warrants).

The option (“Working Capital Loan Option”) to convert the Working Capital Loan into warrants qualified as an embedded derivative under ASC 815 and was required to be reported at fair value.

On May 31, 2023, and effective as of January 17, 2023, Richard Chera agreed to waive the right to convert the amounts due under the Working Capital Loan into warrants.

At June 30, 2023, the Working Capital Loan Option no longer existed and at December 31, 2022 the value of the Working Capital Loan Option was $ 0 .

Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes.

Deferred income tax assets and liabilities are computed for differences between the unaudited consolidated condensed financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

740 prescribes a recognition threshold and a measurement attribute for the unaudited consolidated condensed financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction.

On November 30, 2021, Richard

Chera, the Company’s former Chief Executive Officer and director agreed to loan the Company up to $ 1,500,000 to be used for a portion

of the expenses of the Company (“Working Capital Loan”).

At December 31, 2022, at the option of Richard Chera, the outstanding

principal of $ 666,000 may be converted into that number of warrants equal to the outstanding principal of the note divided by $ 1.50 ( 444,000 warrants).

The option (“Working Capital Loan Option”) to convert the Working Capital Loan into warrants qualified as an embedded derivative

under ASC 815 and was required to be reported at fair value.

On May 31, 2023, and effective as of January 17, 2023, Richard

Chera agreed to waive the right to convert the amounts due under the Working Capital Loan into warrants.

At September 30, 2023, the

Working Capital Loan Option no longer existed and at December 31, 2022 the value of the Working Capital Loan Option was $ 0 .

The Company accounts for income taxes

under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting

for income taxes.

Deferred income tax assets and liabilities are computed for differences between the unaudited consolidated condensed

financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted

tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

Valuation allowances are

established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition

threshold and a measurement attribute for the unaudited consolidated condensed financial statements recognition and measurement of tax

positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than

not to be sustained upon examination by taxing authorities.

The Company’s management determined that the Cayman Islands is the Company’s

major tax jurisdiction.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

As of June 30, 2023 and December 31, 2022, there were no unrecognized tax benefits and no amounts accrued for interest and penalties.

The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States.

As such, the Company’s tax provision was zero for the period presented.

As of September 30, 2023 and December 31, 2022, there were no unrecognized tax benefits and no amounts accrued for interest

and penalties.

The Company is currently not aware of any issues under review that could result in significant payments, accruals or material

deviation from its position.

The Company is considered to be an

exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income

tax filing requirements in the Cayman Islands or the United States.

As such, the Company’s tax provision was zero for the period

Recent Accounting Standards

During August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06,

Debt—Debt with Conversion and Other Options (Subtopic 470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)

(“ASU 2020-06”)

to simplify accounting for certain financial instruments.

eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity.

The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity.

amends the diluted earnings per share guidance, including the requirement to use the if-converted

method for all convertible instruments.

The Company adopted ASU 2020-06

on January 1, 2022, and the standard was applied on a full retrospective basis.

There was no material impact on the Company’s financial position, results of operations or cash flows.

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited consolidated condensed financial statements.

In November 2023, the FASB issued ASU 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,

Early adoption is permitted.

The Company’s management does not believe the adoption of ASU 2023-07 will have a material impact

on its financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09,

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information

within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements.

ASU 2023-09 is effective

for fiscal years beginning after December 15, 2024.

Early adoption is permitted.

The Company’s management does not believe the adoption

of ASU 2023-09 will have a material impact on its financial statements and disclosures.

Management does not believe that any

recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited

consolidated condensed financial statements.

Securities Assignment Agreement

17, 2023, pursuant to the Assignment Agreement, CIIG, acquired an aggregate of 5,662,000 Class B ordinary shares and 250,667 Private Placement Warrants of the Company from Crown PropTech Sponsor in a private transaction.

of the Company determined the fair value of the Class B ordinary shares and Private Placement Warrants acquired to be $ 2,859,310 .

The excess value of the Class B ordinary shares and Private Placement Warrants acquired of $ 2,837,593 is reported as a component of shareholders’ deficit.

Non-Redemption

on January 31, 2023, and continuing until the Extraordinary General Meeting, the Company and CIIG entered into the Non-Redemption

Agreements with the Non-Redeeming

The Non-Redemption

Agreements provide for the assignment of economic interest of an aggregate of 1,500,000 Class B ordinary shares held by CIIG to the Non-Redeeming

Investors in exchange for such Non-Redeeming

Investors agreeing to hold and not redeem an aggregate of 4,000,000 Class A ordinary shares at the Extraordinary General Meeting.

Pursuant to the Non-Redemption

Agreements, CIIG has agreed to transfer to such Non-Redeeming

Investors an aggregate of 1,500,000 Class A ordinary shares upon conversion of the Class B ordinary shares in connection with the consummation of an initial Business Combination.

The Company estimated the aggregate fair value of the 1,500,000 Class B ordinary shares attributable to the Non-Redeeming

Investors to be $ 1,156,500 or $ 0.77 per share.

On January 17, 2023, pursuant

to the Assignment Agreement, CIIG, acquired an aggregate of 5,662,000 Class B ordinary shares and 250,667 Private Placement Warrants

of the Company from Crown PropTech Sponsor in a private transaction.

Management of the Company determined

the fair value of the Class B ordinary shares and Private Placement Warrants acquired to be $ 2,859,310 .

The excess value of the Class B

ordinary shares and Private Placement Warrants acquired of $ 2,837,593 is reported as a component of shareholders’ deficit.

Non-Redemption Agreements

Beginning on January 31, 2023,

and continuing until the Extraordinary General Meeting, the Company and CIIG entered into the Non-Redemption Agreements with the Non-Redeeming

The Non-Redemption Agreements provide for the assignment of economic interest of an aggregate of 1,500,000 Class B ordinary

shares held by CIIG to the Non-Redeeming Investors in exchange for such Non-Redeeming Investors agreeing to hold and not redeem an aggregate

of 4,000,000 Class A ordinary shares at the Extraordinary General Meeting.

Pursuant to the Non-Redemption Agreements, CIIG has agreed

to transfer to such Non-Redeeming Investors an aggregate of 1,500,000 Class A ordinary shares upon conversion of the Class B

ordinary shares in connection with the consummation of an initial Business Combination.

The Company estimated the aggregate fair value of the 1,500,000 Class B

ordinary shares attributable to the Non-Redeeming Investors to be $ 1,156,500 or $ 0.77 per share.

Each Non-Redeeming

Investor acquired from the Sponsors an indirect economic interest in the Founder Shares.

The value of the Non-Redemption

Agreements is reported as a component of shareholders’ deficit.

Note 3—Initial Public Offering

to the IPO, the Company sold 27,600,000 Units, at a price of $ 10.00 per Unit.

Each Unit consists of one Class A ordinary share, par value $ 0.0001 per share, and one -third

of one redeemable warrant (“Public Warrant”).

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $ 11.50 per share.

Note 4—Private Placement Warrants

Simultaneously

with the closing of the IPO, Crown PropTech Sponsor and certain funds and accounts managed by subsidiaries of BlackRock, Inc.

(collectively, the “Anchor Investor”) purchased an aggregate of 5,013,333 Private Placement Warrants at a price of $ 1.50 per warrant ($ 7,520,000 in the aggregate), each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $ 11.50 per share.

A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the IPO to be held in the Trust Account.

Note 5—Related Party Transactions

The value of the Non-Redemption Agreements is

reported as a component of shareholders’ deficit.

Beginning on February 7, 2024, and

continuing until the February 9, 2024 Extraordinary General Meeting, the Company and CIIG entered into the Non-Redemption Agreements

with the Non-Redeeming Investors.

The Non-Redemption Agreements provide for the assignment of economic interest of an aggregate of

464,414 Class B ordinary shares held by CIIG to the Non-Redeeming Investors in exchange for such Non-Redeeming Investors

agreeing to hold and not redeem an aggregate of 1,857,655 Class A ordinary shares at the Extraordinary General Meeting.

Pursuant to the Non-Redemption Agreements, CIIG has agreed to transfer to such Non-Redeeming Investors an aggregate of 464,414

Class A ordinary shares upon conversion of the Class B ordinary shares in connection with the consummation of an initial

Business Combination.

Each Non-Redeeming Investor acquired from the Sponsors an indirect economic interest in the Founder Shares.

The value of the Non-Redemption Agreements is reported as a component of shareholders’ deficit.

Beginning on August 8, 2024, and

continuing until the August 9, 2024 Extraordinary General Meeting, the Company and CIIG entered into the Non-Redemption Agreements

with the Non-Redeeming Investors.

The Non-Redemption Agreements provide for the assignment of economic interest of an aggregate of

115,287 Class B ordinary shares held by CIIG to the Non-Redeeming Investors in exchange for such Non-Redeeming Investors

agreeing to hold and not redeem an aggregate of 461,146 Class A ordinary shares at the Extraordinary General Meeting.

to the Non-Redemption Agreements, CIIG has agreed to transfer to such Non-Redeeming Investors an aggregate of 115,287 Class A

ordinary shares upon conversion of the Class B ordinary shares in connection with the consummation of an initial Business

Each Non-Redeeming Investor acquired from the Sponsors an indirect economic interest in the Founder Shares.

of the Non-Redemption Agreements is reported as a component of shareholders’ deficit.

Note 3 — Initial

Public Offering

Pursuant to the IPO, the Company

sold 27,600,000 Units, at a price of $ 10.00 per Unit.

Each Unit consists of one Class A ordinary share, par value $ 0.0001 per share,

and one-third of one redeemable warrant (“Public Warrant”).

Each whole Public Warrant entitles the holder to purchase one

Class A ordinary share at a price of $ 11.50 per share.

Note 4 — Private

Placement Warrants

Simultaneously with the closing

of the IPO, Crown PropTech Sponsor and certain funds and accounts managed by subsidiaries of BlackRock, Inc.

(collectively, the “Anchor

Investor”) purchased an aggregate of 5,013,333 Private Placement Warrants at a price of $ 1.50 per warrant ($ 7,520,000 in the aggregate),

each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $ 11.50 per share.

the purchase price of the Private Placement Warrants was added to the proceeds from the IPO to be held in the Trust Account.

Note 5 — Related Party

Founder Shares

13, 2020, the Company issued 5,750,000 Class B ordinary shares to Crown PropTech Sponsor for an aggregate purchase price of $ 25,000 (the “Founder Shares”).

On February 9, 2021, the Company effected a dividend of 0.2 of a Class B ordinary share for each Class B ordinary share, resulting in 6,900,000 Class B ordinary shares being issued and outstanding.

11, 2021, Crown PropTech Sponsor transferred 690,000 Founder Shares to the Anchor Investors for $ 2,500 .

In February 2021, Crown PropTech Sponsor transferred an aggregate of 250,000 Founder Shares to four of the Company’s independent directors and two independent advisors.

Immediately after transferring shares to the Anchor Investors, directors and advisors, Crown PropTech Sponsor owned 5,960,000 Founder Shares.

17, 2023, CIIG entered into the Assignment Agreement, by and among Crown PropTech Sponsor, CIIG and Richard Chera, whereby the Crown PropTech Sponsor sold, transferred and assigned 5,662,000 Class B ordinary shares of the Company and 250,667 private placement warrants to purchase Class A ordinary shares of the Company to CIIG.

On October 13, 2020, the Company

issued 5,750,000 Class B ordinary shares to Crown PropTech Sponsor for an aggregate purchase price of $ 25,000 (the “Founder

On February 9, 2021, the Company effected a dividend of 0.2 of a Class B ordinary share for each Class B

ordinary share, resulting in 6,900,000 Class B ordinary shares being issued and outstanding.

On February 11, 2021, Crown PropTech

Sponsor transferred 690,000 Founder Shares to the Anchor Investors for $ 2,500 .

In February 2021, Crown PropTech Sponsor transferred an

aggregate of 250,000 Founder Shares to four of the Company’s independent directors and two independent advisors.

Immediately after

transferring shares to the Anchor Investors, directors and advisors, Crown PropTech Sponsor owned 5,960,000 Founder Shares.

On January 17, 2023, CIIG entered

into the Assignment Agreement, by and among Crown PropTech Sponsor, CIIG and Richard Chera, whereby the Crown PropTech Sponsor sold, transferred

and assigned 5,662,000 Class B ordinary shares of the Company and 250,667 private placement warrants to purchase Class A ordinary

shares of the Company to CIIG.

Total consideration paid for the class B ordinary shares and private placement warrants was $ 21,717 .

Sponsor, CIIG and the Anchor Investor have agreed, subject to limited exceptions, not to transfer, assign or sell any Founder Shares until the earlier to occur of (i) one year after the completion of a Business Combination or (ii) the date following the completion of a Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading

day period commencing at least 150 days after a Business Combination, the Founder Shares will be released from the lockup.

Crown PropTech Sponsor, CIIG

and the Anchor Investor have agreed, subject to limited exceptions, not to transfer, assign or sell any Founder Shares until the earlier

to occur of (i) one year after the completion of a Business Combination or (ii) the date following the completion of a Business

Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the

shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Notwithstanding the foregoing,

if the closing price of the Class A ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share splits, share capitalizations,

reorganizations, recapitalizations and the like) for any 20 trading days within any30-tradingday period commencing at least 150 days

after a Business Combination, the Founder Shares will be released from the lockup.

Promissory Note—Related Party

13, 2020, the Company issued a promissory note (the “Promissory Note”) to Crown PropTech Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $ 300,000 .

The Promissory Note was non-interest

bearing and payable on the earlier of (i) December 31, 2021 or (ii) the completion of the IPO.

On October 13, 2020, the Company

issued a promissory note (the “Promissory Note”) to Crown PropTech Sponsor, pursuant to which the Company may borrow up to

an aggregate principal amount of $ 300,000 .

The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31,

2021 or (ii) the completion of the IPO.

On February 11, 2021, the Company repaid the Promissory Note in full.

No future borrowings are permitted under this Promissory Note.

No future borrowings

are permitted under this Promissory Note.

Administrative Support Agreement

on the date of the IPO, the Company agreed to pay Crown PropTech Sponsor a total of $ 15,000 per month for office space and administrative support services.

Upon completion of the initial Business Combination or the Company’s liquidation, the Company would cease paying these monthly fees.

On January 17, 2023, Crown PropTech Sponsor agreed to waive all amounts due under the administrative support agreement and cease charging future fees.

At June 30, 2023 and December 31, 2022, $ 0 and $ 339,107 , respectively, was reported on the consolidated condensed balance sheets as due to related party.

At June 30, 2023, $ 339,107 is included in the consolidated condensed statements of operations as settlement of payables.

Commencing on the date of the IPO,

the Company agreed to pay Crown PropTech Sponsor a total of $ 15,000 per month for office space and administrative support services.

completion of the initial Business Combination or the Company’s liquidation, the Company would cease paying these monthly fees.

On January 17, 2023, Crown PropTech Sponsor agreed to waive all amounts due under the administrative support agreement and cease

charging future fees.

At September 30, 2023 and December 31, 2022, $0 and $ 339,107 , respectively, was reported

on the consolidated condensed balance sheets as due to related party.

At September 30, 2023, $ 339,107 is included in the consolidated

condensed statements of operations as settlement of payables.

Working Capital Loans

order to finance transaction costs in connection with a Business Combination, the initial shareholders or an affiliate of the initial shareholders or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.

Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account.

In the event that a Business Combination is not consummated, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $ 1.50 per warrant.

In order to finance transaction

costs in connection with a Business Combination, the initial shareholders or an affiliate of the initial shareholders or certain of the

Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds

of the Trust Account released to the Company.

Otherwise, the Working Capital Loans would be repaid only out of funds held outside the

Trust Account.

In the event that a Business Combination is not consummated, the Company may use a portion of proceeds held outside the

Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s

discretion, up to $ 1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at

a price of $ 1.50 per warrant.

The warrants would be identical to the Private Placement Warrants.

r 30, 2021, the Company entered into a convertible note with Richard Chera, its former Chief Executive Officer and director, pursuant to which Mr.

Chera agreed to loan the Company up to an aggregate principal amount of $ 1,500,000 (the “Convertible Note”).

The Convertible Note was non-interest

bearing and due on the earlier of:

(i) 12 months from the date thereof or (ii) the date on which the Company consummates a Business Combination.

If the Company does not consummate a Business Combination, the Company may use a portion of any funds held outside the Trust Account to repay the Convertible Note;

however, no proceeds from the Trust Account may be used for such repayment if the Company does not consummate the Business Combination.

Up to $ 1,500,000 of the Convertible Note may be converted into warrants at a price of $ 1.50 per warrant at the option of Mr.

On July 20, 2023, CIIG advanced the Company $ 114,419 in to be used for working capital.

No amount of these loans are convertible into

warrants of the Company.

On November 30, 2021, the Company

entered into a convertible note with Richard Chera, its former Chief Executive Officer and director, pursuant to which Mr.

agreed to loan the Company up to an aggregate principal amount of $ 1,500,000 (the “Convertible Note”).

The Convertible Note

was non-interest bearing and due on the earlier of:

(i) 12 months from the date thereof or (ii) the date on which the Company consummates

a Business Combination.

If the Company does not consummate a Business Combination, the Company may use a portion of any funds held outside

the Trust Account to repay the Convertible Note;

however, no proceeds from the Trust Account may be used for such repayment if the Company

does not consummate the Business Combination.

Up to $ 1,500,000 of the Convertible Note may be converted into warrants at a price of $ 1.50

per warrant at the option of Mr.

Chera (the “Conversion Right”).

The warrants would be identical to the Private Placement Warrants.

May 31, 2023, and effective as of January 17, 2023, the Convertible Note was amended and restated (the “A&R Note”) in the aggregate principal amount of up to $1,000,000 to be due on the earlier of:

The warrants would be identical to the Private Placement

On May 31, 2023, and effective as of

January 17, 2023, the Convertible Note was amended and restated (the “A&R Note”) in the aggregate principal amount

of up to $ 1,000,000 to be due on the earlier of:

(i) February 11, 2024;

(ii) the date on which the Company consummates a Business Combination;

(ii) the date on which the Company consummates a Business

or (iii) the effective date of a liquidation of the Company.

Additionally, due to a waiver by Mr.

Chera, the A&R Note no longer provides for the Conversion Right.

At June 30, 2023 and December 31, 2022, $ 801,000 and $ 666,000 was outstanding on the A&R Note, respectively.

Note 6—Commitments & Contingencies

Chera, the A&R

Note no longer provides for the Conversion Right.

At September 30, 2023 and December 31, 2022, $ 801,000 and $ 666,000 was

outstanding on the A&R Note, respectively.

On March 28, 2025, and effective as of February 11, 2024, the

A&R Note in the aggregate principal amount of up to $ 1,000,000 was amended to be due on the earlier of:

(i) February 11,

(ii) the date on which the Company consummates a Business Combination;

or (iii) the effective date of a liquidation of the

Commitments & Contingencies

Registration Rights

holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the IPO requiring the Company to register such securities for resale.

The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities.

In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination.

The holders of the Founder Shares,

Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any ordinary shares issuable

upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion

of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on

the effective date of the IPO requiring the Company to register such securities for resale.

The holders of these securities will be entitled

to make up to three demands, excluding short form demands, that the Company register such securities.

In addition, the holders have certain

“piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriters Agreement

underwriting discount of $

0.35 per Unit, or $

9,660,000 in the aggregate, was payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement.

In December 2022, the underwriters agreed to waive their right to receive the deferred underwriting discount.

A deferred underwriting discount

of $ 0.35 per Unit, or $ 9,660,000 in the aggregate, was payable to the underwriters from the amounts held in the Trust Account solely in

the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement.

2022, the underwriters agreed to waive their right to receive the deferred underwriting discount.

Advisory Service Agreements

The Company has enlisted various entities as capital market advisors to assist in the identification and consummation of an initial Business Combination.

During the fourth quarter of 2022 these contracts with the advisors have been terminated and no amounts were paid or due under the contracts.

The Company has enlisted various entities

as capital market advisors to assist in the identification and consummation of an initial Business Combination.

During the fourth quarter of 2022 these

contracts with the advisors have been terminated and no amounts were paid or due under the contracts.

Attorney Fees

The Company incurred legal fees in connection with the proposed Brivo Business Combination, none of which were payable until consummation of the proposed Brivo Business Combination.

The Company incurred legal fees in

connection with the proposed Brivo Business Combination, none of which were payable until consummation of the proposed Brivo Business

As of December 31, 2022, the Company fully paid a settled amount in legal fees associated with the Brivo Business Combination.

Settlement of Payables

April and January 2023 and December 2022, the Company settled $ 400,000 , $ 377,871 and $ 6,472,941 , respectively, for an aggregate $ 7,250,812 due to vendors and related parties.

In addition, in December 2022, the underwriters agreed to waive their right to receive the deferred underwriting discount of $ 0.35 per Unit, or $ 9,660,000 in the aggregate, that was to be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination.

Note 7—Shareholders’ Deficit

The Company is authorized to issue a total of

1,000,000 preference shares at par value of $

At June 30, 2023 and December 31, 2022, there were

no preference shares issued or outstanding.

A Ordinary Shares

The Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $ 0.0001 each.

At June 30, 2023 and December 31, 2022, there were no shares issued and outstanding (excluding 4,196,485 and 27,600,000 shares subject to possible redemption, respectively).

B Ordinary Shares

The Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $ 0.0001 each.

At June 30, 2023 and December 31, 2022, there were 6,900,000 Class B ordinary shares issued or outstanding.

of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law;

provided that only holders of Class B ordinary shares have the right to vote on the appointment of directors prior to the Company’s initial Business Combination.

ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the completion of a Business Combination on a one-for-one

basis, subject to adjustment.

In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with a Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20 % of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the sponsor, officers or directors upon conversion of Working Capital Loans;

provided that such conversion of Founder Shares will never occur on a less than one-for-one

In April and January 2023 and December

2022, the Company settled $ 400,000 , $ 377,871 and $ 6,472,941 , respectively, for an aggregate $ 7,250,812 due to vendors and related parties.

In addition, in December 2022, the underwriters agreed to waive their right to receive the deferred underwriting discount of $ 0.35 per

Unit, or $ 9,660,000 in the aggregate, that was to be payable to the underwriters from the amounts held in the Trust Account solely in

the event that the Company completes an initial Business Combination.

Shareholders’ Deficit

Preference Shares — The

Company is authorized to issue a total of 1,000,000 preference shares at par value of $ 0.0001 each.

At September 30, 2023 and December 31,

2022, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The

Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $ 0.0001 each.

At September 30,

2023 and December 31, 2022, there were no shares issued and outstanding (excluding 4,196,485 and 27,600,000 shares subject to possible

redemption, respectively).

Class B Ordinary Shares — The

Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $ 0.0001 each.

At September 30,

2023 and December 31, 2022, there were 6,900,000 Class B ordinary shares issued or outstanding.

Holders of Class A ordinary

shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders,

except as required by law;

provided that only holders of Class B ordinary shares have the right to vote on the appointment of directors

prior to the Company’s initial Business Combination.

The Class B ordinary

shares will automatically convert into Class A ordinary shares concurrently with or immediately following the completion of a Business

Combination on a one-for-one basis, subject to adjustment.

In the case that additional Class A ordinary shares or equity-linked securities

are issued or deemed issued in connection with a Business Combination, the number of Class A ordinary shares issuable upon conversion

of all Founder Shares will equal, in the aggregate, 20 % of the total number of Class A ordinary shares outstanding after such conversion

(after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A

ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed

issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary

shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller

in a Business Combination and any Private Placement Warrants issued to the sponsor, officers or directors upon conversion of Working Capital

provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Note 8 — Warrants

Warrants may only be exercised for a whole number of shares.

Public Warrants may only be exercised

for a whole number of shares.

No fractional warrants will be issued upon separation of the Units and only whole warrants will trade.

The Public Warrants become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the IPO.

The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration.

No Public Warrant will be exercisable and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.

Company has agreed that as soon as practicable, but in no event later than 15 business

days, after the closing of the Company’s Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants.

The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement.

If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60 th

business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.

Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

the warrants become exercisable, the Company may redeem the Public Warrants for redemption:

in whole and not in part;

at a price of $ 0.01 per warrant;

upon not less than 30 days’ prior written notice of redemption;

to each warrant holder;

if, and only if, the reported closing price of the ordinary shares equals or exceeds $ 18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading

day period ending three business days before we send to the notice of redemption to the warrant holders.

when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation.

However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price.

Public Warrants become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the

closing of the IPO.

The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption

or liquidation.

The Company will not be obligated

to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public

Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying

the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations

with respect to registration.

No Public Warrant will be exercisable and the Company will not be obligated to issue any shares to holders

seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities

laws of the state of the exercising holder, or an exemption is available.

The Company has agreed that as soon

as practicable, but in no event later than 15 business days, after the closing of the Company’s Business Combination, the Company

will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities

Act, of the Class A ordinary shares issuable upon exercise of the warrants.

The Company will use its commercially reasonable efforts

to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating

thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement.

If a registration

statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60 th business

day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement

and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless

basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.

Notwithstanding the above, if the Class A

ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition

of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders

of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the

Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration

statement, and in the event the Company does not so elect, it will use its commercially reasonable efforts to register or qualify the

shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable,

the Company may redeem the Public Warrants for redemption:

whole and not in part;

a price of $ 0.01 per warrant;

not less than 30 days’ prior written notice of redemption;

each warrant holder;

and only if, the reported closing price of the ordinary shares equals or exceeds $ 18.00 per share (as adjusted for share splits, share

capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending three

business days before we send to the notice of redemption to the warrant holders.

If and when the warrants become

redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities

for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, as described above, its

management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,”

as described in the warrant agreement.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants

may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization,

merger or consolidation.

However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares

at a price below its exercise price.

Additionally, in no event will the Company be required to net cash settle the Public Warrants.

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants.

Accordingly, the Public Warrants may expire worthless.

n, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $ 9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the sponsor or its affiliates, without taking into account any Founder Shares held by the sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60 % of the total equity proceeds, and interest thereon, available for the funding of a Business Combination, and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $ 9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115 % of the higher of the Market Value and the Newly Issued Price, and the $ 10.00 and $ 18.00 per share redemption trigger prices will be adjusted (to the nearest cent) to be equal to 100 % and 180 % of the higher of the Market Value and the Newly Issued Price, respectively.

Placement Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that (x) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable

so long as they are held by the initial purchasers or their permitted transferees and (z) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will be entitled to registration rights.

If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Note 9—Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date.

the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the

Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive

any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants.

the Public Warrants may expire worthless.

In addition, if (x) the Company

issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing

of a Business Combination at an issue price or effective issue price of less than $ 9.20 per Class A ordinary share (with such issue

price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the sponsor or its

affiliates, without taking into account any Founder Shares held by the sponsor or such affiliates, as applicable, prior to such issuance)

(the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60 % of the total equity

proceeds, and interest thereon, available for the funding of a Business Combination, and (z) the volume weighted average trading

price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company

consummates a Business Combination (such price, the “Market Value”) is below $ 9.20 per share, then the exercise price of the

warrants will be adjusted (to the nearest cent) to be equal to 115 % of the higher of the Market Value and the Newly Issued Price, and

the $ 10.00 and $ 18.00 per share redemption trigger prices will be adjusted (to the nearest cent) to be equal to 100 % and 180 % of the higher

of the Market Value and the Newly Issued Price, respectively.

The Private Placement Warrants

are identical to the Public Warrants underlying the Units being sold in the IPO, except that (x) the Private Placement Warrants and

the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or

salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (y) the Private Placement

Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted

transferees and (z) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private

Placement Warrants will be entitled to registration rights.

If the Private Placement Warrants are held by someone other than the initial

purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders

on the same basis as the Public Warrants.

Note 9 — Fair Value

Fair value is defined as the price

that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants

at the measurement date.

GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)

and the lowest priority to unobservable inputs (Level 3 measurements).

These tiers include:

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices

for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;

defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,

such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Recurring Fair Value Measurements

The Company’s permitted investments consist of U.S.

The Company’s permitted investments

consist of U.S.

Money Market funds.

Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The Company’s warrant liability for the Public Warrants is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted)

in active markets for identical assets.

The Company’s warrant liability

for the Public Warrants is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has

the ability to access.

The fair value of the Public Warrant liability is classified within Level 1 of the fair value hierarchy.

The Company’s management believes the Private Warrants are economically equivalent to the Public Warrants.

As such, the valuation of the Private Warrants is based on the valuation of the Public Warrants.

The fair value of the Private Warrant liability is classified within Level 2 of the fair value hierarchy due to the Company using quoted prices for similar instruments in active markets.

At December 31, 2022, the Company’s Working Capital Loan option was based on a valuation model utilizing inputs from observable and unobservable markets with less volume and transaction frequency than active markets.

The inputs used to determine the fair value of the Working Capital Loan option liability were classified within Level 3 of the fair value hierarchy.

On May 31, 2023, and effective as of January 17, 2023, Richard Chera agreed to waive the right to convert the amounts due under the Working Capital Loan into warrants.

At June 30, 2023, the Working Capital Loan Option no longer existed.

The following table presents fair value information of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

June 30, 2023

The Company’s management believes

the Private Warrants are economically equivalent to the Public Warrants.

As such, the valuation of the Private Warrants is based on the

valuation of the Public Warrants.

The fair value of the Private Warrant liability is classified within Level 2 of the fair value

hierarchy due to the Company using quoted prices for similar instruments in active markets.

At September 30, 2023, there was insufficient

trading activity for the Public Warrants to be classified as Level 1 and was reclassified as Level 2.

At December 31, 2022, the Company’s

Working Capital Loan option was based on a valuation model utilizing inputs from observable and unobservable markets with less volume

and transaction frequency than active markets.

The inputs used to determine the fair value of the Working Capital Loan option liability

were classified within Level 3 of the fair value hierarchy.

On May 31, 2023, and effective as of January 17, 2023, Richard

Chera agreed to waive the right to convert the amounts due under the Working Capital Loan into warrants.

At September 30, 2023, the

Working Capital Loan Option no longer existed.

The following table presents fair value

information of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates

the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

September 30, 2023

Investments held in Trust Account

4 unchanged sentences

Investments held in Trust Account

$ 279,998,549

Working Capital Loan Option

2 unchanged sentences

Fair Value of warrants and Working Capital Loan Option

The Company utilized an internal model to value the Working Capital Loan op tion

at December 31, 2022.

Note 10—Subsequent Events

Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the unaudited consolidated condensed financial statements were issued.

Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited consolidated condensed financial statements other than the matters discussed below.

The Company utilized an internal model

to value the Working Capital Loan option at December 31, 2022.

Note 10 — Subsequent

The Company evaluated subsequent events and

transactions that occurred after the balance sheet date through the date that the unaudited consolidated condensed financial statements

Based upon this review, the Company did not identify any subsequent events, other than discussed in the Notes and below,

that would have required adjustment or disclosure in the unaudited consolidated condensed financial statements.

Change in Management

On February 15, 2024, Gavin Cuneo notified the

Company of his decision to resign as the co-chief executive officer of the Company, effective immediately.

Cuneo also served as the

Company’s principal financial and accounting officer and resigned from such positions as well.

Cuneo’s decision to resign

was not the result of any dispute or disagreement with the Company or any matter relating to the Company’s operations, policies

or practices.

Michael Minnick, the Company’s Chief Executive

Officer, assumed the role of principal financial and accounting officer of the Company effective upon Mr.

Cuneo’s resignation.

Minnick has served as the Company’s Co-Chief Executive Officer since January 2023.

Listing Notices

On November 21, 2023, the Company, received a

notice from the NYSE indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result

of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form 10-Q”)

with the Securities and Exchange Commission (the “SEC”).

The NYSE informed the Company that, under NYSE

rules, the Company would have six months from November 20, 2023 to file the Form 10-Q with the SEC.

The Company can regain compliance

with the NYSE listing standards at any time prior to that date by filing its Form 10-Q.

If the Company fails to file the Form 10-Q before

the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the

Company to regain compliance, depending on the specific circumstances.

The notice from the NYSE also notes that the NYSE may nevertheless

commence delisting proceedings at any time if it deems that the circumstances warrant.

On February 12, 2024, the NYSE determined that

the Company was not in compliance with Section 802.01B and 102.06e of the NYSE Listed Company Manual (the “LCM”) because the

Company failed to consummate a Business Combination within the shorter of (i) the time period specified by its constitutive documents

or by contract or (ii) three years.

As such, the NYSE had determined to commence proceedings to delist from the NYSE the Company’s

Class A ordinary shares and Units.

Trading of the Company’s securities was

suspended on February 12, 2024.

The NYSE applied to the SEC to delist the Company’s securities upon completion of all applicable

The Company did not appeal the staff’s determination and, accordingly, the Company’s securities were delisted

from the NYSE.

Shareholder Meetings

On February 9, 2024, the Company’s

shareholders approved an amendment to amend and restate the Company’s Second Amended and Restated Memorandum and Articles of Association

to extend the date by which the Company must consummate an initial Business Combination from February 11, 2024 to August 11, 2024

(the “February 2024 Extension Proposal”).

In connection with the vote to approve the February

2024 Extension Proposal, shareholders holding an aggregate of 2,195,847 shares of the Company’s Class A ordinary shares exercised

their right to redeem their shares for a pro rata portion of the funds in the Trust Account.

As a result, $ 23,724,846 (approximately

$ 10.80 per share) was withdrawn from the Trust Account to redeem such shares.

Following the redemptions, there were 2,000,638 Class A

ordinary shares issued and outstanding.

Associated with the February 9, 2024 Extraordinary

General Meeting, the Company and CIIG entered into the February 2024 Non-Redemption Agreements with certain investors pursuant to which,

if such investors do not redeem (or validly rescind any redemption requests on) their Class A ordinary shares of the Company (the “February

2024 Non-Redeemed Shares”) in connection with the February 9, 2024 Extraordinary General Meeting, CIIG will agree to transfer to

such investors Class B ordinary shares held by CIIG immediately following the consummation of an initial Business Combination if they

continue to hold such February 2024 Non-Redeemed Shares through the February 9, 2024 Extraordinary General Meeting.

The February 2024 Non-Redemption Agreements provide

for the assignment of up to 464,414 Class B ordinary shares, par value $ 0.0001 per share, held by CIIG to the investors in exchange for

such Investors agreeing to hold and not redeem certain public shares at the February 9, 2024 Extraordinary General Meeting.

On August 9, 2024, the Company’s shareholders

approved an amendment to amend and restate the Company’s Third Amended and Restated Memorandum and Articles of Association to extend

the date by which the Company must consummate an initial Business Combination from August 11, 2024 to May 11, 2025 (the “August

2024 Extension Proposal”).

The August 2024 Non-Redemption Agreements provide

for the assignment of economic interest of an aggregate of 115,287 Class B ordinary shares held by CIIG to the Non-Redeeming Investors

in exchange for such Non-Redeeming Investors agreeing to hold and not redeem an aggregate of 461,146 Class A ordinary shares at the

August 9, 2024 Extraordinary General Meeting.

In connection with the vote to approve the August

2024 Extension Proposal, shareholders holding an aggregate of 1,487,025 shares of the Company’s Class A ordinary shares exercised

their right to redeem their shares for a pro rata portion of the funds in the Trust Account (as defined below).

As a result, $ 16,484,256

(approximately $ 11.09 per share) was withdrawn from the Trust Account (described below) to redeem such shares.

Following the redemptions,

there were 513,613 Class A ordinary shares issued and outstanding.

Associated with the August 9, 2024 Extraordinary

General Meeting, the Company and CIIG entered into non-redemption agreements (the “August 2024 Non-Redemption Agreements”)

with certain investors pursuant to which, if such investors do not redeem (or validly rescind any redemption requests on) their Class

A ordinary shares of the Company (the “August 2024 Non-Redeemed Shares”) in connection with the August 9, 2024 Extraordinary

General Meeting, CIIG will agree to transfer to such investors Class B ordinary shares held by CIIG immediately following the consummation

of an initial Business Combination if they continue to hold such August 2024 Non-Redeemed Shares through the August 9, 2024 Extraordinary

General Meeting.

Revised A&R Note

On March 28, 2025, and effective as of February

11, 2024, the A&R Note in the aggregate principal amount of up to $ 1,000,000 was amended to be due on the earlier of:

(ii) the date on which the Company consummates a Business Combination;

or (iii) the effective date of a liquidation of the Company.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements