What changed in this filing

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Item 9A. Controls and Procedures

2025-12-03 compared with 2025-09-12 · 1738 added, 1889 removed, 178 unchanged (95% of the section changed)

Controls and Procedures

of Disclosure Controls and Procedures

controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed

under the Exchange Act is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and

Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to

our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding

required disclosure.

required by Rules 13a-15 and 15d-15 under the Exchange Act, our Co-Chief Executive Officers carried out an evaluation of the effectiveness

of the design and operation of our disclosure controls and procedures as of December 31, 2023.

Based upon their evaluation, our Co-Chief

Executive Officers concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange

Act) were not effective, due solely to the material weakness in our internal control over financial reporting related to the Company’s

accounting for complex financial instruments and review procedures around key reconciliations including accruals and payables.

we performed additional analysis and reconcilliations as deemed necessary to ensure that our financial statements were prepared in accordance

Accordingly, management believes that the financial statements included in this Annual Report present fairly in all material

respects our financial position, results of operations and cash flows for the period presented.

has identified a material weakness in internal controls related to the accounting for complex financial instruments and review procedures

around key reconciliations including accruals and payables.

While we have processes to identify and appropriately apply applicable accounting

requirements, we plan to continue to enhance our system of evaluating and implementing the accounting standards that apply to our financial

statements, including through enhanced analyses by our personnel and third-party professionals with whom we consult regarding complex

accounting applications.

The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that

these initiatives will ultimately have the intended effects.

Report on Internal Controls Over Financial Reporting

required by SEC rules and regulations implementing Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing

and maintaining adequate internal control over financial reporting.

Our internal control over financial reporting is designed to provide

reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting

purposes in accordance with GAAP.

Our internal control over financial reporting includes those policies and procedures that:

to the maintenance of records that, in reasonable detail, accurately and fairly reflect the

transactions and dispositions of the assets of our company,

reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with GAAP, and that our receipts and expenditures are

being made only in accordance with authorizations of our management and directors, and

reasonable assurance regarding prevention or timely detection of unauthorized acquisition,

use or disposition of our assets that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our financial

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

Management assessed

the effectiveness of our internal control over financial reporting at December 31, 2023.

In making these assessments, management used

the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated

Framework (2013).

Based on our assessments and those criteria, management determined that we did not maintain effective internal control

over financial reporting as of December 31, 2023.

has implemented remediation steps to improve our internal control over financial reporting.

Specifically, we expanded and improved our

review process for complex securities and related accounting standards.

We plan to further improve this process by enhancing access to

accounting literature, identification of third-party professionals with whom to consult regarding complex accounting applications and

consideration of additional staff with the requisite experience and training to supplement existing accounting professionals.

Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm due to our status

as an emerging growth company under the JOBS Act.

in Internal Control over Financial Reporting

were no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected,

or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed

with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed,

summarized, and reported within the time period specified in the SEC’s rules and forms.

Disclosure controls are also designed with

the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer

to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the

Exchange Act, our Chief Executive Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure

controls and procedures as of December 31, 2024.

Based upon their evaluation, our Chief Executive Officer concluded that our disclosure

controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective, due solely to the material

weakness in our internal control over financial reporting related to the Company’s accounting for complex financial instruments

and review procedures around key reconciliations including accruals and payables.

As a result, we performed additional analysis as deemed

necessary to ensure that our financial statements were prepared in accordance with GAAP.

Accordingly, management believes that the financial

statements included in this Annual Report present fairly in all material respects our financial position, results of operations

and cash flows for the periods presented.

Management has identified a material weakness

in internal controls related to the accounting for complex financial instruments and review procedures around key reconciliations including

accruals and payables.

While we have processes to identify and appropriately apply applicable accounting requirements, we plan to continue

to enhance our system of evaluating and implementing the accounting standards that apply to our financial statements, including through

enhanced analyses by our personnel and third-party professionals with whom we consult regarding complex accounting applications.

of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have

the intended effects.

Management’s Report on Internal Controls

Over Financial Reporting

As required by SEC rules and regulations implementing

Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing and maintaining adequate internal control over financial

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of our financial statements for external reporting purposes in accordance with GAAP.

Our internal control

over financial reporting includes those policies and procedures that:

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company,

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors, and

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect errors or misstatements in our financial statements.

Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,

or that the degree or compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of our internal

control over financial reporting at December 31, 2024.

In making these assessments, management used the criteria set forth by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013).

Based on our assessments

and those criteria, management determined that we did not maintain effective internal control over financial reporting as of December

Management has implemented remediation steps to

improve our internal control over financial reporting.

Specifically, we expanded and improved our review process for complex securities

and related accounting standards.

We plan to further improve this process by enhancing access to accounting literature, identification

of third-party professionals with whom to consult regarding complex accounting applications and consideration of additional staff with

the requisite experience and training to supplement existing accounting professionals.

This Annual Report on Form 10-K does not include

an attestation report of our independent registered public accounting firm due to our status as an emerging growth company under the JOBS

Changes in Internal Control over Financial

There were no changes in our internal control

over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect,

our internal control over financial reporting.

Other Information

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Directors, Executive Officers And Corporate Governance

Officers and Directors

names of our executive officers and directors, their ages as of August 28, 2025, and their positions are shown below:

Executive Officer

of the Board of Directors

“Lisa” Holladay

Minnick, Chief Executive Officer

Michael Minnick has served as our Chief Executive Officer since January, 2023.

Minnick is a Co-Founder and has been a Managing Partner

at IIG Holdings since 2014, is a Co-Founder and Managing Partner of Opus Music II LLC since December 2024 and is the managing member

of CIIG Management III LLC since its inception.

Trading Plans

During the year ended December 31, 2024, none of the Company’s

directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that

was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Disclosure Regarding Foreign

Jurisdictions That Prevent Inspections

Directors, Executive Officers

And Corporate Governance

Executive Officers and Directors

The names of our executive

officers and directors, their ages as of December 2, 2025, and their positions are shown below:

Michael Minnick

Chief Executive Officer

Richard Chera

Chairman of the Board of Directors

Melissa “Lisa” Holladay

Stephen Siegel

Michael Minnick, Chief Executive Officer

Michael Minnick has served

as our Chief Executive Officer since January, 2023.

Minnick is a Co-Founder and has been a Managing Partner at IIG Holdings since

2014, is a Co-Founder and Managing Partner of Opus Music II LLC since December 2024 and is the managing member of CIIG Management III

LLC since its inception.

Since May 2024, Mr.

Minnick has served as the Chief Executive Officer of Target Global

Acquisition I Corp., a special purpose acquisition company.

Minnick served as co-chief executive officer and a director of CIIG Capital

Partners II, Inc.

(now known as Zapp Electric Vehicles, Inc.) (“CIIG”) from February 2021 until April 2023 when CIIG completed

its initial business combination with Zapp Electric Vehicles Group Limited.

Minnick served as the Chief Investment Officer of CIIG

(“CIIC”) from December 2019 to March 2021 when CIIC closed its initial business combination with Arrival Group.

Minnick has also served as a Director and Co-Founder of Opus Music Group Investments, LLC from December 2021 until August 2024.

2019 until March 2021, he was Chief Investment Officer and director of CIIC.

Prior to forming IIG Holdings, he was a Co-Founder and Senior

Managing Director of Interlink Investment Group, from 2012 to 2014.

Minnick has experience in more than $190 billion in transaction

volume, including advisory and debt and equity capital executions at JPMorgan Chase & Co.

(NYSE:JPM) and The Royal Bank of Scotland

Group plc (NYSE:RBS), or RBS.

Minnick served in various capacities at RBS, from 2004 to 2011, culminating in his service as a Managing

Director and Head of Corporate Finance in the Telecom, Media & Technology Group.

From 2003 to 2004, Mr.

Minnick was the Founder and

Chief Executive Officer of Traffic Networks, a startup that developed mobile and online real-time traffic information for the New York

Metropolitan markets.

Minnick has served as the Chief Executive Officer of Target Global Acquisition I Corp., a

special purpose acquisition company.

Minnick served as co-chief executive officer and a director of CIIG Capital Partners II, Inc.

(now known as Zapp Electric Vehicles, Inc.) (“CIIG”) from February 2021 until April 2023 when CIIG completed its initial business

combination with Zapp Electric Vehicles Group Limited.

Minnick served as the Chief Investment Officer of CIIG Merger Corp.

from December 2019 to March 2021 when CIIC closed its initial business combination with Arrival Group.

Minnick has also served as

a Director and Co-Founder of Opus Music Group Investments, LLC from December 2021 until August 2024.

From 2019 until March 2021, he was

Chief Investment Officer and director of CIIC.

Prior to forming IIG Holdings, he was a Co-Founder and Senior Managing Director of Interlink

Investment Group, from 2012 to 2014.

Minnick has experience in more than $190 billion in transaction volume, including advisory and

debt and equity capital executions at JPMorgan Chase & Co.

(NYSE:JPM) and The Royal Bank of Scotland Group plc (NYSE:RBS), or RBS.

Minnick served in various capacities at RBS, from 2004 to 2011, culminating in his service as a Managing Director and Head of Corporate

Finance in the Telecom, Media & Technology Group.

From 2003 to 2004, Mr.

Minnick served in different positions within Investment Banking at JPMorgan Chase &

including the Telecom, Media & Technology Group and the Global Syndicated Finance Group.

Prior to joining JPMorgan Chase &

Minnick was an Associate at The Bank of Nova Scotia in the Corporate Finance and Syndications division from 1994 to 1996.

Minnick began his career at AT&T (NYSE:T) where he served in several analyst capacities from 1989 to 1992, including as a Financial

Analyst in the Market Analysis & Forecasting Division for Business Communications Services within the Chief Financial Officer division.

From 2012 to 2019, he served as a Director of Paystar Inc., a privately-held FinTech company.

Minnick was the Founder and Chief Executive Officer of Traffic

Networks, a startup that developed mobile and online real-time traffic information for the New York Metropolitan markets.

Minnick served in different positions within Investment Banking at JPMorgan Chase & Co.

including the Telecom, Media &

Technology Group and the Global Syndicated Finance Group.

Prior to joining JPMorgan Chase & Co., Mr.

Minnick was an Associate at The

Bank of Nova Scotia in the Corporate Finance and Syndications division from 1994 to 1996.

Minnick began his career at AT&T (NYSE:T)

where he served in several analyst capacities from 1989 to 1992, including as a Financial Analyst in the Market Analysis & Forecasting

Division for Business Communications Services within the Chief Financial Officer division.

From 2012 to 2019, he served as a Director

of Paystar Inc., a privately-held FinTech company.

Minnick received a M.B.A.

University and a B.A.

from The University of St.

Chera, Chairman of the Board of Directors

Chera has been a member of the Crown Board since September 2020.

Chera served as Crown’s Chief Executive Officer from

September 2020 until January 2023.

from Cornell University and a B.A.

from The University

Richard Chera, Chairman of the Board of

Richard Chera has been a

member of the Crown Board since September 2020.

Chera served as Crown’s Chief Executive Officer from September 2020 until

January 2023.

He is a co-founder and has served as Senior Managing Director of Crown Acquisitions Inc.

Chera has been the Chief Executive Officer of First Mile Capital, a multi-strategy fund, since 2022.

Chera is also a co-founder

of ReWyre®, a technology aggregator and intelligent city master planner based in New York City.

Chera also serves on the

boards of various nonprofit organizations that focus on public health, children’s and seniors’ services, as well as business

growth opportunities for entrepreneurs.

Chera attended The Sanno Institute in Tokyo, Japan in 1992 and New York University’s

Stern School of Business from 1992-1995.

Chera has been

the Chief Executive Officer of First Mile Capital, a multi-strategy fund, since 2022.

Chera is also a co-founder of ReWyre®,

a technology aggregator and intelligent city master planner based in New York City.

Chera also serves on the boards of various

nonprofit organizations that focus on public health, children’s and seniors’ services, as well as business growth opportunities

for entrepreneurs.

Chera attended The Sanno Institute in Tokyo, Japan in 1992 and New York University’s Stern School of

Business from 1992-1995.

Crown believes Mr.

Chera’s experience in leading large real estate transactions in

the U.S., Canada and UK and numerous retail developments make him well qualified to serve on the Crown Board.

Holladay, Director

Holladay has been a member of the Crown Board since February 2021.

Chera’s experience in leading large real estate transactions in the U.S., Canada

and UK and numerous retail developments make him well qualified to serve on the Crown Board.

Lisa Holladay, Director

Lisa Holladay has been a

member of the Crown Board since February 2021.

Since April 2020, Ms.

Holladay has been Chief Experience Officer

of TIGER 21, a peer-to-peer learning company.

Holladay has been Chief Experience Officer of TIGER 21, a peer-to-peer

learning company.

From September 2016 to April 2020, Ms.

Holladay served as Global Brand Leader of five

of Marriott International’s luxury brands, including The Ritz-Carlton Hotel and The St.

Holladay served as Global Brand Leader of five of Marriott International’s

luxury brands, including The Ritz-Carlton Hotel and The St.

Regis Hotels & Resorts.

Holladay served as Vice President, Global Brand Marketing for The Ritz-Carlton Hotel Company, L.L.C.

Prior to joining

Marriott, Ms.

Holladay was National Manager of Experiential Marketing of Mercedes-Benz USA, an automotive company.

also serves on the board of the Erwin Center for Brand Communications at Clemson University.

From 2012 to 2016, Ms.

Holladay served

as Vice President, Global Brand Marketing for The Ritz-Carlton Hotel Company, L.L.C.

Prior to joining Marriott, Ms.

National Manager of Experiential Marketing of Mercedes-Benz USA, an automotive company.

Holladay also serves on the board of

the Erwin Center for Brand Communications at Clemson University.

Holladay has an M.A.

from Georgetown

University and a B.A.

from Clemson University.

from Georgetown University and a B.A.

Clemson University.

Crown believes Ms.

Holladay’s experience in customer experience, hospitality

and marketing makes her well qualified to serve on the Crown Board.

Siegel, Director

Siegel has been a member of the Crown Board since February 2021.

Holladay’s experience in customer experience, hospitality and marketing makes her well

qualified to serve on the Crown Board.

Stephen Siegel, Director

Stephen Siegel has been a

member of the Crown Board since February 2021.

Since July 2003, Mr.

Siegel has served as the Chairman, Global

Brokerage at CBRE, Inc.

Siegel has served as the Chairman, Global Brokerage at CBRE,

Prior to the merger with CBRE, Mr.

Siegel was Chairman and Chief Executive Officer of Insignia/ESG.

that, he became President and Chief Executive Officer of Cushman & Wakefield at the age of 37.

Siegel has arranged

multimillion-dollar transactions for some of the nation’s most prominent corporate clients over the years.

Before that, he became President

and Chief Executive Officer of Cushman & Wakefield at the age of 37.

Siegel has arranged multimillion-dollar transactions

for some of the nation’s most prominent corporate clients over the years.

More recently, Mr.

closed major deals with the headquarters of HBC (400,000 sq.

Siegel closed major deals with

the headquarters of HBC (400,000 sq.

ft.), Headquarters of Apollo (300,000 sq.

ft.), Estee Lauder, Corp.

ft.) and the Headquarters for L’Oreal (400,000 sq.

He sits on numerous nonprofit boards, such as Gift of Life

and National Jewish Health.

Headquarters (300,000 sq.

and the Headquarters for L’Oreal (400,000 sq.

He sits on numerous nonprofit boards, such as Gift of Life and National Jewish

He has honorary doctorates from Baruch College, Yeshiva University, Monmouth University and St.

Thomas Aquinas

Crown believes Mr.

Siegel’s experience as an industry leader and benefactor makes him well qualified to serve

on the Crown Board.

Rogers, Director

Rogers has been a member of the Crown Board since May 2023.

Rogers has over 30 years of operating and investing experience

and has served in his current capacity as Partner at Lumia Capital LLC since 2013.

He served as a member of CIIG Capital Partners II,

Inc.’s board of directors from September 2021 to April 2023.

Thomas Aquinas University.

Siegel’s experience as an industry leader and benefactor makes him well qualified to serve on the Crown Board.

Chris Rogers, Director

Chris Rogers has been a member

of the Crown Board since May 2023.

Rogers has over 30 years of operating and investing experience and has served in his

current capacity as Partner at Lumia Capital LLC since 2013.

He served as a member of CIIG Capital Partners II, Inc.’s board of

directors from September 2021 to April 2023.

From 2019 until March 2021, he was a director of CIIG Merger Corp.

Rogers co-founded Nextel Communications in 1987, which later sold to Sprint Corporation (NYSE:S) in 2005.

served as Senior Vice President at Nextel, implementing numerous strategies and campaigns.

Rogers moved to Sprint in 2005 after

Nextel was acquired, where he served as a Senior Vice President of Corporate Development and Spectrum until 2012.

He oversaw mergers,

acquisitions, divestitures, equity investments and joint ventures in the role and was also responsible for management and oversight of

wireless spectrum licenses and Sprint’s portfolio of emerging technology investments.

Rogers co-founded Nextel Communications in

1987, which later sold to Sprint Corporation (NYSE:S) in 2005.

Rogers served as Senior Vice President at Nextel, implementing

numerous strategies and campaigns.

Rogers moved to Sprint in 2005 after Nextel was acquired, where he served as a Senior Vice

President of Corporate Development and Spectrum until 2012.

He oversaw mergers, acquisitions, divestitures, equity investments and

joint ventures in the role and was also responsible for management and oversight of wireless spectrum licenses and Sprint’s portfolio

of emerging technology investments.

Rogers received his B.A.

University and his J.D.

from the Catholic University of America.

and Terms of Office of Officers and Directors

Crown Board consists of four members, divided into three classes with only one class of directors being appointed in each year, and with

each class (except for those directors appointed prior to Crown’s first general meeting) serving a three-year term.

hold an annual general meeting of stockholders to elect new directors prior to the consummation of our initial business combination.

holders of Class B ordinary shares have the right to appoint directors in any general meeting held prior to or in connection with

the completion of an initial business combination.

Holders of the Class A ordinary shares are not entitled to vote on the appointment

of directors during such time.

These provisions of Crown’s fifth amended and restated memorandum and articles of association relating

to the rights of Crown’s holders of Class B ordinary shares to appoint directors may be amended by a special resolution passed

by a majority of at least 90% of the ordinary shares voting in a general meeting.

officers are appointed by the Crown Board and serve at the discretion of the Crown Board, rather than for specific terms of office.

Crown Board is authorized to appoint officers as it deems appropriate pursuant to Crown’s fifth amended and restated memorandum

and articles of association.

“independent director” is defined generally as a person who, in the opinion of the company’s board of directors, has

no material relationship with the listed company (either directly or as a partner, shareholder, stockholder or officer of an organization

that has a relationship with the company).

from Tufts University and his J.D.

from the Catholic University

Number and Terms of Office of Officers and

The Crown Board consists

of four members, divided into three classes with only one class of directors being appointed in each year, and with each class (except

for those directors appointed prior to Crown’s first general meeting) serving a three-year term.

We may not hold an annual general

meeting of stockholders to elect new directors prior to the consummation of our initial business combination.

Only holders of Class B

ordinary shares have the right to appoint directors in any general meeting held prior to or in connection with the completion of an initial

business combination.

Holders of the Class A ordinary shares are not entitled to vote on the appointment of directors during such

These provisions of Crown’s fifth amended and restated memorandum and articles of association relating to the rights of Crown’s

holders of Class B ordinary shares to appoint directors may be amended by a special resolution passed by a majority of at least 90%

of the ordinary shares voting in a general meeting.

Crown’s officers are

appointed by the Crown Board and serve at the discretion of the Crown Board, rather than for specific terms of office.

The Crown Board

is authorized to appoint officers as it deems appropriate pursuant to Crown’s fifth amended and restated memorandum and articles

of association.

Director Independence

An “independent director”

is defined generally as a person who, in the opinion of the company’s board of directors, has no material relationship with the

listed company (either directly or as a partner, shareholder, stockholder or officer of an organization that has a relationship with the

Crown currently has three “independent directors” as defined in the SEC rules.

The Crown Board has determined that Ms.

The Crown Board has determined that

Holladay, Mr.

Siegel and Mr.Rogers are “independent directors” as defined

in the SEC rules.

Crown’s independent directors will have regularly scheduled meetings at which only independent directors are

of the Board of Directors

Crown Board has three standing committees:

Siegel and Mr.Rogers are “independent directors” as defined in the SEC rules.

Crown’s independent

directors will have regularly scheduled meetings at which only independent directors are present.

Committees of the Board of Directors

The Crown Board has three

standing committees:

an audit committee, a compensation committee and a nominating and corporate governance committee.

All of Crown’s committees are composed solely of independent directors.

Subject to phase-in rules and Rule 10A-3 of the Exchange

Act require that the audit committee of a listed company be comprised solely of independent directors.

Each committee operates under

a charter that has been approved by the Crown Board and has the composition and responsibilities described below.

The charter of each

committee is available on Crown’s website (https://www.crownproptech.com/).

Information contained on Crown’s website is not

part of this Form 10-K, and the inclusion of Crown’s website address in this Form 10-K is an inactive textual reference

established an audit committee of the board of directors.

Lisa Holladay, Chris Rogers and Stephen Siegel serve as the members and Chris

Rogers serves as chair of the audit committee.

Lisa Holladay, Chris Rogers and Stephen Siegel are independent of and unaffiliated with

our sponsors and our underwriters.

Under the applicable SEC rules, we are required to have at least three members of the audit committee,

all of whom must be independent.

Holladay, Chris Rogers and Stephen Siegel are financially literate and the Crown Board has determined that Chris Rogers qualifies as

an “audit committee financial expert” and has accounting or related financial management expertise.

Crown has adopted an

audit committee charter, which details the principal functions of the audit committee, including:

board oversight of (1) the integrity of Crown’s financial statements, (2) Crown’s

compliance with legal and regulatory requirements, (3) Crown’s independent registered

public accounting firm’s qualifications and independence, and (4) the performance

of Crown’s internal audit function and independent auditors;

the appointment, compensation,

retention, replacement, oversight of the work of the independent auditors and any other independent

registered public accounting firm engaged by Crown;

● pre-approving

all audit and non-audit services to be provided by the independent auditors or any other

registered public accounting firm engaged by Crown, and establishing pre-approval policies

and procedures;

reviewing and discussing with the independent auditors all relationships

the auditors have with Crown in order to evaluate their continued independence;

clear policies for audit partner rotation in compliance with applicable laws and regulations;

obtaining and reviewing a report, at least annually, from the independent registered public

accounting firm describing (1) the independent auditor’s internal quality-control

procedures and (2) any material issues raised by the most recent internal quality control

review, or peer review, of the audit firm, or by any inquiry or investigation by governmental

or professional authorities, within the preceding five years respecting one or more

independent audits carried out by the firm and any steps taken to deal with such issues;

to review and discuss Crown’s annual audited financial statements and quarterly financial

statements with management and the independent auditor, including reviewing Crown’s

specific disclosures under Management’s Discussion and Analysis of Financial Condition

and Results of Operations;

reviewing and approving any related party transaction required

to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior

to Crown entering into such transaction;

with management, the independent auditors, and Crown’s legal advisors, as appropriate,

any legal, regulatory, or compliance matters, including any correspondence with regulators

or government agencies and any employee complaints or published reports that raise material

issues regarding Crown’s financial statements or accounting policies and any significant

changes in accounting standards or rules promulgated by the Financial Accounting Standards

Board, the SEC, or other regulatory authorities.

and Corporate Governance Committee

established a nominating and corporate governance committee of the board of directors.

The members of our nominating and corporate governance

are Chris Rogers, Lisa Holladay and Stephen Siegel.

All of Crown’s

committees are composed solely of independent directors.

Subject to phase-in rules and Rule 10A-3 of the Exchange Act require that

the audit committee of a listed company be comprised solely of independent directors.

Each committee operates under a charter that has

been approved by the Crown Board and has the composition and responsibilities described below.

The charter of each committee is available

on Crown’s website (https://www.crownproptech.com/).

Information contained on Crown’s website is not part of this Form 10-K,

and the inclusion of Crown’s website address in this Form 10-K is an inactive textual reference only.

Audit Committee

We established an audit committee

of the board of directors.

Lisa Holladay, Chris Rogers and Stephen Siegel serve as the members and Chris Rogers serves as chair of the

audit committee.

Lisa Holladay, Chris Rogers and Stephen Siegel are independent of and unaffiliated with our sponsors and our underwriters.

Under the applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent.

Lisa Holladay, Chris Rogers

and Stephen Siegel are financially literate and the Crown Board has determined that Chris Rogers qualifies as an “audit committee

financial expert” and has accounting or related financial management expertise.

Crown has adopted an audit committee charter, which

details the principal functions of the audit committee, including:

assisting board oversight of (1) the integrity of Crown’s financial statements, (2) Crown’s compliance with legal and regulatory requirements, (3) Crown’s independent registered public accounting firm’s qualifications and independence, and (4) the performance of Crown’s internal audit function and independent auditors;

the appointment, compensation, retention, replacement, oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by Crown;

pre-approving all audit and non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by Crown, and establishing pre-approval policies and procedures;

reviewing and discussing with the independent auditors all relationships the auditors have with Crown in order to evaluate their continued independence;

setting clear policies for audit partner rotation in compliance with applicable laws and regulations;

obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent auditor’s internal quality-control procedures and (2) any material issues raised by the most recent internal quality control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues;

meeting to review and discuss Crown’s annual audited financial statements and quarterly financial statements with management and the independent auditor, including reviewing Crown’s specific disclosures under Management’s Discussion and Analysis of Financial Condition and Results of Operations;

reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to Crown entering into such transaction;

reviewing with management, the independent auditors, and Crown’s legal advisors, as appropriate, any legal, regulatory, or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding Crown’s financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC, or other regulatory authorities.

Nominating and Corporate Governance Committee

We established a nominating

and corporate governance committee of the board of directors.

The members of our nominating and corporate governance are Chris Rogers,

Lisa Holladay and Stephen Siegel.

Stephen Seigel serves as chair of the nominating and corporate governance committee.

have adopted a nominating and corporate governance committee charter, which details the purpose and responsibilities of the nominating

and corporate governance committee, including:

● identifying,

screening and reviewing individuals qualified to serve as directors, consistent with criteria

approved by the board, and recommending to the board of directors candidates for nomination

for appointment at the annual general meeting or to fill vacancies on the board of directors;

and recommending to the board of directors and overseeing implementation of our corporate

governance guidelines;

● coordinating

and overseeing the annual self-evaluation of the board of directors, its committees, individual

directors and management in the governance of the company;

on a regular basis our overall corporate governance and recommending improvements as and

when necessary.

charter of the nominating and corporate governance committee also provides that the nominating and corporate governance committee may,

in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and

has been directly responsible for approving the search firm’s fees and other retention terms.

has not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating nominees for director, the Crown Board considers educational background, diversity of professional

experience, knowledge of Crown’s business, integrity, professional reputation, independence, wisdom, and the ability to represent

the best interests of Crown shareholders.

Prior to an initial business combination, holders of Crown’s Public Shares will not have

the right to recommend director candidates for nomination to the Crown Board.

Holladay, Chris Rogers and Stephen Siegel serve as the members and Lisa Holladay serves as chair of the compensation committee.

has adopted a compensation committee charter, which details the principal functions of the compensation committee, including:

and approving on an annual basis the corporate goals and objectives relevant to Crown’s

chief executive officer’s compensation;

Crown’s chief executive officer’s performance in light of such goals and objectives

and determining and approving the remuneration (if any) of Crown’s chief executive

officer based on such evaluation;

and making recommendations to the Crown Board with respect to the compensation, and any incentive

compensation and equity-based plans that are subject to Crown Board approval of all of Crown’s

other officers;

Crown’s executive compensation policies and plans;

● implementing

and administering Crown’s incentive compensation and equity-based remuneration plans;

management in complying with Crown’s proxy statement and annual report disclosure requirements;

all special perquisites, special cash payments, and other special compensation and benefit

arrangements for Crown’s officers and employees;

a report on executive compensation to be included in Crown’s annual proxy statement;

evaluating, and recommending changes, if appropriate, to the remuneration for directors.

Notwithstanding

the foregoing, as indicated above, no compensation of any kind, including finders, consulting or other similar fees, will be paid to

any of Crown’s existing shareholders, officers, directors or any of their respective affiliates, prior to, or for any services

they render in order to effectuate the consummation of an initial business combination.

Accordingly, it is likely that prior to the consummation

of an initial business combination, the compensation committee will only be responsible for the review and recommendation of any compensation

arrangements to be entered into in connection with such initial business combination.

charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,

independent legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work

of any such adviser.

However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other

adviser, the compensation committee will consider the independence of each such adviser, including the factors required by the SEC.

Section 16(a)

Beneficial Ownership Reporting Compliance

Section 16(a)

of the Exchange Act requires our officers, directors and persons who beneficially own more than ten percent of our ordinary shares to

file reports of ownership and changes in ownership with the SEC.

These reporting persons are also required to furnish us with copies

of all Section 16(a) forms they file.

Based solely upon a review of such forms, we believe that during the year ended December 31,

2022 there were no delinquent filers.

adopted a Code of Business Conduct and Ethics applicable to Crown directors, officers, and employees.

You can review this document by

accessing Crown’s public filings at the SEC’s website at www.sec.gov.

In addition, a copy of the Code of Business Conduct

and Ethics and the charters of the committees of the Crown Board will be provided without charge upon request in writing to Crown PropTech

Acquisitions, 40 West 57th Street, 29 th Floor, New York, NY 10019.

If Crown makes any amendments to Crown’s Code of

Business Conduct and Ethics other than technical, administrative or other non-substantive amendments, or grants any waiver, including

any implicit waiver, from a provision of the Code of Business Conduct and Ethics applicable to Crown’s principal executive officer,

principal financial officer, principal accounting officer or controller or persons performing similar functions requiring disclosure

under applicable SEC rules, Crown will disclose the nature of such amendment or waiver on Crown’s website.

The information included

on Crown’s website is not incorporated by reference into this proxy statement/prospectus or in any other report or document Crown

files with the SEC, and any references to Crown’s website are intended to be inactive textual references only.

Cayman Islands law, directors and officers owe the following fiduciary duties:

to act in good faith in what the director or officer believes to be in the best interests

of the company as a whole;

to exercise powers for the purposes for which those powers were conferred and not for a collateral

(iii) directors

should not improperly fetter the exercise of future discretion;

to exercise powers fairly as between different sections of shareholders;

not to put themselves in a position in which there is a conflict between their duty to the

company and their personal interests;

to exercise independent judgment.

addition to the above, directors also owe a duty of care which is not fiduciary in nature.

This duty has been defined as a requirement

to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person

carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience

of that director.

set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing,

or to otherwise benefit as a result of their position.

However, in some instances what would otherwise be a breach of this duty can be

forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors.

This can be done by

way of permission granted in the fifth amended and restated memorandum and articles of association or alternatively by shareholder approval

at general meetings.

of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations

to another entity pursuant to which such officer or director is or will be required to present a business combination opportunity to

Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for

an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual

obligations to present such business combination opportunity to such entity, subject to their fiduciary duties under Cayman Islands law.

Our fifth amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law:

(i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract,

to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us;

renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which

may be a corporate opportunity for any director or officer on the one hand, and us, on the other.

We do not believe, however, that the

fiduciary duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business

is a table summarizing the other entities to which our officers and directors currently have fiduciary.

We have adopted a nominating

and corporate governance committee charter, which details the purpose and responsibilities of the nominating and corporate governance

committee, including:

identifying, screening and reviewing individuals qualified to serve as directors, consistent with criteria approved by the board, and recommending to the board of directors candidates for nomination for appointment at the annual general meeting or to fill vacancies on the board of directors;

developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines;

coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and management in the governance of the company;

reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary.

The charter of the nominating

and corporate governance committee also provides that the nominating and corporate governance committee may, in its sole discretion, retain

or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and has been directly responsible

for approving the search firm’s fees and other retention terms.

Crown has not formally established

any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying

and evaluating nominees for director, the Crown Board considers educational background, diversity of professional experience, knowledge

of Crown’s business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of

Crown shareholders.

Prior to an initial business combination, holders of Crown’s Public Shares will not have the right to recommend

director candidates for nomination to the Crown Board.

Compensation Committee

Lisa Holladay, Chris Rogers

and Stephen Siegel serve as the members and Lisa Holladay serves as chair of the compensation committee.

Crown has adopted a compensation

committee charter, which details the principal functions of the compensation committee, including:

reviewing and approving on an annual basis the corporate goals and objectives relevant to Crown’s chief executive officer’s compensation;

evaluating Crown’s chief executive officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of Crown’s chief executive officer based on such evaluation;

reviewing and making recommendations to the Crown Board with respect to the compensation, and any incentive compensation and equity-based plans that are subject to Crown Board approval of all of Crown’s other officers;

reviewing Crown’s executive compensation policies and plans;

implementing and administering Crown’s incentive compensation and equity-based remuneration plans;

assisting management in complying with Crown’s proxy statement and annual report disclosure requirements;

approving all special perquisites, special cash payments, and other special compensation and benefit arrangements for Crown’s officers and employees;

producing a report on executive compensation to be included in Crown’s annual proxy statement;

reviewing, evaluating, and recommending changes, if appropriate, to the remuneration for directors.

Notwithstanding the foregoing,

as indicated above, no compensation of any kind, including finders, consulting or other similar fees, will be paid to any of Crown’s

existing shareholders, officers, directors or any of their respective affiliates, prior to, or for any services they render in order to

effectuate the consummation of an initial business combination.

Accordingly, it is likely that prior to the consummation of an initial

business combination, the compensation committee will only be responsible for the review and recommendation of any compensation arrangements

to be entered into in connection with such initial business combination.

The charter also provides

that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal

counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.

However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation

committee will consider the independence of each such adviser, including the factors required by the SEC.

Section 16(a) Beneficial Ownership Reporting

Section 16(a) of the

Exchange Act requires our officers, directors and persons who beneficially own more than ten percent of our ordinary shares to file reports

of ownership and changes in ownership with the SEC.

These reporting persons are also required to furnish us with copies of all Section 16(a)

forms they file.

Based solely upon a review of such forms, we believe that during the year ended December 31, 2024 there were no

delinquent filers.

Code of Ethics

Crown adopted a Code of Business

Conduct and Ethics applicable to Crown directors, officers, and employees.

You can review this document by accessing Crown’s public

filings at the SEC’s website at www.sec.gov.

In addition, a copy of the Code of Business Conduct and Ethics and the charters of

the committees of the Crown Board will be provided without charge upon request in writing to Crown PropTech Acquisitions, 40 West 57th

Street, 29 th Floor, New York, NY 10019.

If Crown makes any amendments to Crown’s Code of Business Conduct and Ethics

other than technical, administrative or other non-substantive amendments, or grants any waiver, including any implicit waiver, from a

provision of the Code of Business Conduct and Ethics applicable to Crown’s principal executive officer, principal financial officer,

principal accounting officer or controller or persons performing similar functions requiring disclosure under applicable SEC rules, Crown

will disclose the nature of such amendment or waiver on Crown’s website.

The information included on Crown’s website is not

incorporated by reference into this proxy statement/prospectus or in any other report or document Crown files with the SEC, and any references

to Crown’s website are intended to be inactive textual references only.

Conflicts of Interest

Under Cayman Islands law,

directors and officers owe the following fiduciary duties:

duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;

duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

directors should not improperly fetter the exercise of future discretion;

duty to exercise powers fairly as between different sections of shareholders;

duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests;

duty to exercise independent judgment.

In addition to the above,

directors also owe a duty of care which is not fiduciary in nature.

This duty has been defined as a requirement to act as a reasonably

diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same

functions as are carried out by that director in relation to the company and the general knowledge skill and experience of that director.

As set out above, directors

have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit

as a result of their position.

However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized

in advance by the shareholders provided that there is full disclosure by the directors.

This can be done by way of permission granted

in the fifth amended and restated memorandum and articles of association or alternatively by shareholder approval at general meetings.

Each of our officers and

directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to another entity pursuant

to which such officer or director is or will be required to present a business combination opportunity to such entity.

Accordingly, if

any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she

has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present

such business combination opportunity to such entity, subject to their fiduciary duties under Cayman Islands law.

Our fifth amended and

restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law:

(i) no individual

serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging

directly or indirectly in the same or similar business activities or lines of business as us;

and (ii) we renounce any interest or

expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity

for any director or officer on the one hand, and us, on the other.

We do not believe, however, that the fiduciary duties or contractual

obligations of our officers or directors will materially affect our ability to complete our initial business combination.

Below is a table summarizing the other entities

to which our officers and directors currently have fiduciary duties.

Entity/Organization

International

Investment Group Holdings LLC

Global Acquisition I Corp.

Purpose Acquisition Company

Executive Officer

and Managing Partner

Estate Holding Company

Managing Director

Executive Officer

Entity’s Business

Michael Minnick

International Investment Group Holdings LLC

Target Global Acquisition I Corp.

Opus Music II LLC

Investment Company

Special Purpose Acquisition Company

Investment Company

Managing Partner

Chief Executive Officer

Co-Founder and Managing Partner

Richard Chera

Crown Acquisitions

First Mile Capital

Real Estate Holding Company

Investment Company

Senior Managing Director

Chief Executive Officer

Lisa Holladay

University (Erwin Center for Brand Communications)

Experience Officer

and Investment Firm

Global Brokerage

are also other potential conflicts of interest:

officers and directors are not required to, and will not, commit their full time to Crown’s

affairs, which may result in a conflict of interest in allocating their time between Crown’s

operations and Crown’s search for a business combination and their other businesses.

Crown currently does not have and does not intend to have any full-time employees prior to

the completion of an initial business combination.

Each of Crown’s officers is engaged

in several other business endeavors for which he may be entitled to substantial compensation,

and Crown’s officers are not obligated to contribute any specific number of hours per

week to Crown’s affairs.

PropTech Sponsor purchased Founder Shares prior to the date of Crown’s initial public

offering and purchased Private Placement Warrants in a transaction that closed simultaneously

with the closing of Crown’s initial public offering.

In February 2021, Crown PropTech

Sponsor transferred 690,000 Founder Shares to our Anchor Investor and transferred 50,000

Founder Shares to each of Crown’s four independent directors prior to Crown’s

initial public offering.

In January 2023 Crown PropTech Sponsor sold 5,662,000 Founder Shares

and 250,667 Private Placement Warrants to CIIG.

The sponsors, officers, and directors have

entered into a letter agreement with Crown, pursuant to which they have agreed to waive their

redemption rights with respect to their Founder Shares and public shares in connection with

the completion of an initial business combination.

Additionally, the sponsors, officers,

and directors have agreed to waive their rights to liquidating distributions from the trust

account with respect to their Founder Shares if Crown fails to complete an initial business

combination within the prescribed time frame.

If Crown does not complete an initial business

combination within the prescribed time frame, the Private Placement Warrants will expire

Furthermore, the sponsors, the Anchor Investor and Crown’s officers and

directors have agreed not to transfer, assign or sell any of their Founder Shares and any

Class A ordinary shares issuable upon conversion thereof until the earlier to occur

(i) one year after the completion of an initial business combination or (ii) the

date following the completion of an initial business combination on which Crown completes

a liquidation, merger, share exchange or other similar transaction that results in all of

Crown shareholders having the right to exchange their ordinary shares for cash, securities

or other property.

Notwithstanding the foregoing, if the closing price of Crown Class A ordinary

shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations,

reorganizations, recapitalizations and other similar transactions) for any 20 trading days

within any 30-trading day period commencing at least 150 days after an initial business combination,

the Founder Shares will be released from the lockup.

Private Placement Warrants (including the Class A ordinary shares issuable upon exercise

of the Private Placement Warrants) will not be transferable until 30 days following

the completion of an initial business combination.

Because each of Crown’s officers

and directors will own ordinary shares or warrants directly or indirectly, they may have

a conflict of interest in determining whether a particular target business is an appropriate

business with which to effectuate an initial business combination.

Clemson University (Erwin Center for Brand Communications)

Peer-to-Peer Lending

Chief Experience Officer

Stephen Siegel

Real Estate and Investment Firm

Chairman, Global Brokerage

Lumia Capital

Investment Company

There are also other potential conflicts of interest:

Crown’s officers and directors are not required to, and will not, commit their full time to Crown’s affairs, which may result in a conflict of interest in allocating their time between Crown’s operations and Crown’s search for a business combination and their other businesses.

Crown currently does not have and does not intend to have any full-time employees prior to the completion of an initial business combination.

Each of Crown’s officers is engaged in several other business endeavors for which he may be entitled to substantial compensation, and Crown’s officers are not obligated to contribute any specific number of hours per week to Crown’s affairs.

Crown PropTech Sponsor purchased Founder Shares prior to the date of Crown’s initial public offering and purchased Private Placement Warrants in a transaction that closed simultaneously with the closing of Crown’s initial public offering.

In February 2021, Crown PropTech Sponsor transferred 690,000 Founder Shares to our Anchor Investor and transferred 50,000 Founder Shares to each of Crown’s four independent directors prior to Crown’s initial public offering.

In January 2023 Crown PropTech Sponsor sold 5,662,000 Founder Shares and 250,667 Private Placement Warrants to CIIG.

The sponsors, officers, and directors have entered into a letter agreement with Crown, pursuant to which they have agreed to waive their redemption rights with respect to their Founder Shares and public shares in connection with the completion of an initial business combination.

Additionally, the sponsors, officers, and directors have agreed to waive their rights to liquidating distributions from the trust account with respect to their Founder Shares if Crown fails to complete an initial business combination within the prescribed time frame.

If Crown does not complete an initial business combination within the prescribed time frame, the Private Placement Warrants will expire worthless.

Furthermore, the sponsors, the Anchor Investor and Crown’s officers and directors have agreed not to transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of:

(i) one year after the completion of an initial business combination or (ii) the date following the completion of an initial business combination on which Crown completes a liquidation, merger, share exchange or other similar transaction that results in all of Crown shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Notwithstanding the foregoing, if the closing price of Crown Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after an initial business combination, the Founder Shares will be released from the lockup.

The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable until 30 days following the completion of an initial business combination.

Because each of Crown’s officers and directors will own ordinary shares or warrants directly or indirectly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate an initial business combination.

Chera and Mr.

Siegel invested $2,271,000 and $230,000 in Crown PropTech

Sponsor, respectively and hold interests in the Crown PropTech Sponsor, or directly in Crown,

that represent an interest of up to 348,000 Class B ordinary shares and 3,760,000 Private

Placement Warrants.

All of such securities would be worthless if a business combination is

not consummated by March 11, 2026 (unless such date is extended in accordance with the Existing

Governing Documents).

November 30, 2021, we entered into a convertible note with Richard Chera, our former

Chief Executive Officer and Director, pursuant to which Mr.

Chera agreed to loan us

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

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 we consummate a business combination.

we do not consummate a business combination, we 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 we do not consummate a business combination.

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:

Siegel invested $2,271,000 and $230,000 in Crown PropTech Sponsor, respectively and hold interests in the Crown PropTech Sponsor, or directly in Crown, that represent an interest of up to 348,000 Class B ordinary shares and 3,760,000 Private Placement Warrants.

All of such securities would be worthless if a business combination is not consummated by March 11, 2026 (unless such date is extended in accordance with the Existing Governing Documents).

On November 30, 2021, we entered into a convertible note with Richard Chera, our former Chief Executive Officer and Director, pursuant to which Mr.

Chera agreed to loan us 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 we consummate a business combination.

If we do not consummate a business combination, we 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 we do not consummate a business combination.

On May 31, 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 or (iii) the

effective date of a liquidation of the Company.

(ii) the date on which the Company consummates a Business Combination or (iii) the effective date of a liquidation of the Company.

Additionally, due to a waiver by Mr.

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

On March 28, 2025, the

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

on the earlier of:

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

On March 28, 2025, 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, 2026;

(ii) the date on which the Company consummates

a Business Combination;

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

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

January 17, 2023, CIIG entered into the Securities Assignment Agreement, 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 Crown and (ii) entered into a joinder agreement to the

Registration Rights Agreement entered into by Crown PropTech Sponsor in connection with Crown’s

Initial Public Offering.

Crown’s Chief Executive Officer and the Managing Member of CIIG, invested $20,514 and

$1,203.21, respectively, to acquire 5,622,000 Class B ordinary shares and 250,667 Private

Placement Warrants from Crown PropTech Sponsor.

All of such securities would be worthless

if a business combination is not consummated by March 11, 2026 (unless such date is extended).

officers and directors may have a conflict of interest with respect to evaluating a particular

business combination if the retention or resignation of any such officers and directors was

included by a target business as a condition to any agreement with respect to Crown’s

initial business combination.

no event will the sponsors or any of Crown’s existing officers or directors, or any of their respective affiliates, be paid by

the Crown any finder’s fee, consulting fee, or other compensation prior to, or for any services they render in order to effectuate,

the completion of an initial business combination.

Further, commencing on the date that the Crown securities were first listed on the

NYSE through the earlier of consummation of an initial business combination and Crown’s liquidation, pursuant to an administrative

services agreement, Crown agreed to pay Crown PropTech Sponsor or an affiliate thereof up to $15,000 per month of Administrative

Support Payments.

Pursuant to a subsequent letter agreement, Crown PropTech Sponsor is no longer entitled to receive any Administrative

Support Payments and Crown is no longer required to pay any such payments.

As of the date of this Annual Report, Crown has not made any

Administrative Support Payments pursuant to the administrative agreement and does not expect to incur any related expenses in the near

cannot assure you that any of the above-mentioned conflicts will be resolved in Crown’s favor.

sponsors, officers, and directors have agreed to vote their Founder Shares and any shares purchased during or after the offering in favor

of an initial business combination.

On January 17, 2023, CIIG entered into the Securities Assignment Agreement, 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 Crown and (ii) entered into a joinder agreement to the Registration Rights Agreement entered into by Crown PropTech Sponsor in connection with Crown’s Initial Public Offering.

Minnick, Crown’s Chief Executive Officer and the Managing Member of CIIG, invested $20,514 and $1,203, respectively, to acquire 5,622,000 Class B ordinary shares and 250,667 Private Placement Warrants from Crown PropTech Sponsor.

All of such securities would be worthless if a business combination is not consummated by March 11, 2026 (unless such date is extended).

Crown’s officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to Crown’s initial business combination.

In no event will the sponsors

or any of Crown’s existing officers or directors, or any of their respective affiliates, be paid by the Crown any finder’s

fee, consulting fee, or other compensation prior to, or for any services they render in order to effectuate, the completion of an initial

business combination.

Further, commencing on the date that the Crown securities were first listed on the NYSE through the earlier of consummation

of an initial business combination and Crown’s liquidation, pursuant to an administrative services agreement, Crown agreed to pay

Crown PropTech Sponsor or an affiliate thereof up to $15,000 per month of Administrative Support Payments.

Pursuant to a subsequent

letter agreement, Crown PropTech Sponsor is no longer entitled to receive any Administrative Support Payments and Crown is no longer required

to pay any such payments.

As of the date of this Annual Report, Crown has not made any Administrative Support Payments pursuant to the

administrative agreement and does not expect to incur any related expenses in the near future.

Crown cannot assure you that any of the above-mentioned

conflicts will be resolved in Crown’s favor.

The sponsors, officers, and

directors have agreed to vote their Founder Shares and any shares purchased during or after the offering in favor of an initial business

Executive Compensation

of our executive officers or directors have received any cash compensation for services rendered to us.

No compensation of any kind,

including finder’s and consulting fees, will be paid to our sponsors, directors and officers, or any of their respective affiliates,

for services rendered prior to or in connection with the completion of our initial business combination.

However, these individuals will

be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target

businesses and performing due diligence on suitable business combinations.

Our audit committee will review on a quarterly basis all payments

that were made to our sponsors, directors or officers, or our or their affiliates.

For the fiscal year ended December 31, 2023,

no expenses have been incurred by our sponsors, directors or officers, or our or their affiliates, on behalf of Crown for which they

are seeking reimbursement.

the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting

or management fees from the combined company.

All of these fees will be fully disclosed to shareholders, to the extent then known, in

the tender offer materials or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination.

We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of

It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because the

directors of the post-combination business will be responsible for determining officer and director compensation.

Any compensation to

be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee

constituted solely by independent directors or by a majority of the independent directors on our board of directors.

do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation

of our initial business combination, although it is possible that some or all of our directors and officers may negotiate employment

or consulting arrangements to remain with us after our initial business combination.

The existence or terms of any such employment or

consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting

a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business

combination will be a determining factor in our decision to proceed with any potential business combination.

We are not party to any

agreements with our directors and officers that provide for benefits upon termination of employment.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

following table sets forth information regarding the beneficial ownership of our ordinary shares available to us as of August 28, 2025,

with respect to our ordinary shares held by:

person known by us to be the beneficial owner of more than 5% of our outstanding shares of

Class A ordinary shares;

of our directors and executive officers that beneficially owns CPTK ordinary shares;

our directors and executive officers as a group.

ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security

if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently

exercisable or will become exercisable within 60 days.

Except as described in the footnotes below and subject to applicable community

property laws and similar laws, we believe that each person listed below has sole voting and investment power with respect to such shares.

On January 17, 2023, CIIG entered into the Assignment Agreement whereby Crown PropTech Sponsor sold, transferred and assigned 5,662,000

Founder Shares of the Company and 250,667 Private Placement Warrants to purchase Class A ordinary shares of the Company to CIIG

for an aggregate purchase price of $21,717.21.

the table below, percentage ownership is based on 7,391,806 ordinary shares outstanding as of August 28, 2025, including 491,806 shares

of Crown Class A ordinary shares and 6,900,000 shares of Crown Class B ordinary shares.

Voting percentages represents

the voting power of the ordinary shares owned beneficially by such person.

On all matters to be voted upon, the holders of the ordinary

shares vote together as a single class, 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 table below does not include any ordinary shares underlying

our outstanding warrants because such securities are not exercisable within 60 days of the date hereof.

Our Sponsors,

Directors and Executive Officers

Address of Beneficial Owner(1)

None of our executive officers

or directors have received any cash compensation for services rendered to us.

No compensation of any kind, including finder’s and

consulting fees, will be paid to our sponsors, directors and officers, or any of their respective affiliates, for services rendered prior

to or in connection with the completion of our initial business combination.

However, these individuals will be reimbursed for any out-of-pocket

expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence

on suitable business combinations.

Our audit committee will review on a quarterly basis all payments that were made to our sponsors, directors

or officers, or our or their affiliates.

For the fiscal year ended December 31, 2024, no expenses have been incurred by our sponsors,

directors or officers, or our or their affiliates, on behalf of Crown for which they are seeking reimbursement.

After the completion of our

initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees

from the combined company.

All of these fees will be fully disclosed to shareholders, to the extent then known, in the tender offer materials

or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination.

We have not established

any limit on the amount of such fees that may be paid by the combined company to our directors or members of management.

It is unlikely

the amount of such compensation will be known at the time of the proposed business combination, because the directors of the post-combination

business will be responsible for determining officer and director compensation.

Any compensation to be paid to our officers will be determined,

or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors

or by a majority of the independent directors on our board of directors.

We do not intend to take

any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business

combination, although it is possible that some or all of our directors and officers may negotiate employment or consulting arrangements

to remain with us after our initial business combination.

The existence or terms of any such employment or consulting arrangements to

retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do

not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a

determining factor in our decision to proceed with any potential business combination.

We are not party to any agreements with our directors

and officers that provide for benefits upon termination of employment.

Security Ownership of Certain

Beneficial Owners and Management and Related Stockholder Matters

The following table sets

forth information regarding the beneficial ownership of our ordinary shares available to us as of December 2, 2025, with respect to our

ordinary shares held by:

each person known by us to be the beneficial owner of more than 5% of our outstanding shares of Class A ordinary shares;

each of our directors and executive officers that beneficially owns CPTK ordinary shares;

all our directors and executive officers as a group.

Beneficial ownership is determined

according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses

sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or will become

exercisable within 60 days.

Except as described in the footnotes below and subject to applicable community property laws and similar laws,

we believe that each person listed below has sole voting and investment power with respect to such shares.

On January 17, 2023, CIIG

entered into the Assignment Agreement whereby Crown PropTech Sponsor sold, transferred and assigned 5,662,000 Founder Shares of the Company

and 250,667 Private Placement Warrants to purchase Class A ordinary shares of the Company to CIIG for an aggregate purchase price

In the table below, percentage

ownership is based on 7,391,806 ordinary shares outstanding as of December 2, 2025, including 491,806 shares of Crown Class A ordinary

shares and 6,900,000 shares of Crown Class B ordinary shares.

Voting percentages represents the voting power of the ordinary

shares owned beneficially by such person.

On all matters to be voted upon, the holders of the ordinary shares vote together as a single

class, 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 table below does not include any ordinary shares underlying our outstanding warrants

because such securities are not exercisable within 60 days of the date hereof.

Our Sponsors, Directors and Executive Officers

Name and Address of Beneficial Owner(1)

5% Holders of the Company

Management III LLC(2)

CIIG Management III LLC(2)

BlackRock, Inc.(3)

Investment Management LP(4)

and Executive Officers of the Company

Sandia Investment Management LP(4)

Directors and Executive Officers of the Company

Michael Minnick(2)

Richard Chera(5)

directors and executive officers of the Company as a group (5 individuals)

otherwise indicated, the business address of each of the individuals prior to a business

combination is 40 West 57th Street, 29 th Floor, New York, New York 10019.

Stephen Siegel

Lisa Holladay

All directors and executive officers of the Company as a group (5 individuals)

otherwise indicated, the business address of each of the individuals prior to a business combination is 40 West 57th Street, 29 th

Floor, New York, New York 10019.

is the record holder of such shares.

Michael Minnick, Chief Executive Officer, is the managing

member of CIIG Management III LLC.

Consequently, he may be deemed the beneficial owner of

the shares held by CIIG Management III LLC and have voting and dispositive control over such

Minnick disclaims beneficial ownership of any shares other than to the

extent he may have a pecuniary interest therein, directly or indirectly.

The address for

CIIG Management III LLC, and Michael Minnick is 40 West 57th Street, 29th Floor, New York,

New York 10019.

information in the table above regarding Class A ordinary shares is based solely on

information contained in this shareholder’s Schedule 13G/A under the Exchange Act filed

by such shareholder with the SEC on February 14, 2024.

Michael Minnick, Chief Executive Officer, is the managing member of CIIG Management III LLC.

Consequently,

he may be deemed the beneficial owner of the shares held by CIIG Management III LLC and have voting and dispositive control over such

Minnick disclaims beneficial ownership of any shares other than to the extent he may have a pecuniary interest therein,

directly or indirectly.

The address for CIIG Management III LLC, and Michael Minnick is 40 West 57th Street, 29th Floor, New York, New

(3) The information in the

table above regarding Class A ordinary shares is based on additional information of management as of April 29, 2025 and

information contained in this shareholder’s Schedule 13G/A under the Exchange Act filed by such shareholder with the SEC on

February 14, 2024.

The address for the BlackRock, Inc.

is 50 Hudson Yards, New York, New York 10001.

information in the table above regarding Class A ordinary shares is based solely on

information contained in this shareholder’s Schedule 13G under the Exchange Act filed

by such shareholder with the SEC on August 14, 2025.

information in the table above regarding Class A ordinary shares is based solely on information contained in this shareholder’s

Schedule 13G under the Exchange Act filed by such shareholder with the SEC on August 14, 2025.

Sandia Investment Management LP.

that, as of March 31, 2025, it had shared voting and dispositive power over 61,146 Class

A ordinary shares.

Sandia Investment Management LP is the beneficial owner and Timothy Sichler,

who serves as Managing Member of the general partner of Sandia, may be deemed an indirect

that, as of March 31, 2025, it had shared voting and dispositive power over 61,146 Class A ordinary shares.

Sandia Investment Management

LP is the beneficial owner and Timothy Sichler, who serves as Managing Member of the general partner of Sandia, may be deemed an indirect

beneficial owner of the 61,146 Class A ordinary shares.

The address for Sandia Investment

Management LP and Timothy Sichler is 201 Washington Street, Boston, MA 02108.

The address for Sandia Investment Management LP and Timothy Sichler is 201 Washington

Street, Boston, MA 02108.

PropTech Sponsor is the record holder of such shares and is managed by a board of managers.

comprising Mr.

Chera and Dr.

Pius Sprenger, the Company’s former Chief Financial

Officer and director, who may each be deemed to have voting and investment discretion with

respect to the ordinary shares held of record by Crown PropTech Sponsor, LLC.

Sprenger disclaims any beneficial ownership of the reported shares other than

to the extent of any pecuniary interest he may have therein, directly or indirectly.

sponsors beneficially own approximately 80.6% of our issued and outstanding ordinary shares.

Because of this ownership block, our sponsors

may be able to effectively influence the outcome of all other matters requiring approval by our shareholders, including amendments to

our Charter and approval of significant corporate transactions.

Certain Relationships and Related Transactions and Director Independence

October 2020, Crown PropTech Sponsor paid $25,000, or approximately $0.004 per share, to cover certain offering costs on our behalf

in consideration of 6,900,000 Founder Shares.

The number of Founder Shares issued was determined based on the expectation that such Founder

Shares would represent 20% of the issued and outstanding shares upon completion of the Initial Public Offering.

In February 2021, Crown

PropTech Sponsor transferred 690,000 Founder Shares to our Anchor Investor and transferred 50,000 Founder Shares to each of Crown’s

four independent directors prior to Crown’s initial public offering.

In January 2023, Crown PropTech Sponsor and CIIG entered into

the Securities Assignment Agreement, pursuant to which Crown PropTech Sponsor sold 5,662,000 Class B ordinary shares and 250,667

Private Placement Warrants held by it to CIIG.

Concurrently with the execution of the Securities Assignment Agreement, Michael Minnick,

the managing member of CIIG, and Gavin Cuneo were appointed co-Chief Executive Officers of the Company.

The Founder Shares (including

the Class A ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned

or sold by the holder.

February 2021, Crown PropTech Sponsor and our Anchor Investor purchased 4,010,667 and 1,002,666 Private Placement Warrants, respectively

(5,013,333 in the aggregate) for a purchase price of $1.50 per whole warrant in a private placement that occurred simultaneously with

the closing of the Initial Public Offering.

As such, Crown PropTech Sponsor’s interest and our Anchor Investor’s interest

in this transaction is valued at for an aggregate purchase price of $7,520,000.

Each Private Placement Warrant entitles the holder to

purchase one Class A ordinary share at $11.50 per share, subject to adjustment.

The Private Placement Warrants (including the Class A

ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the

holder until 30 days after the completion of our initial business combination.

any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity

to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations

to present such opportunity to such entity.

Our officers and directors currently have certain relevant fiduciary duties or contractual

obligations that may take priority over their duties to us.

on the date of the Initial Public Offering, pursuant to an administrative services agreement, the Company agreed to pay Crown PropTech

Sponsor or an affiliate thereof a total of $15,000 per month of Administrative Support Payments.

Pursuant to a subsequent letter

agreement dated as of January 17, 2023, Crown PropTech Sponsor is no longer entitled to receive any Administrative Support Payments

and the Company is no longer required to pay any such payments.

As of the date of this Annual Report, we have not made any Administrative

Support Payments pursuant to the administrative agreement and do not expect to incur any related expenses in the near future.

addition, 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 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 does not close, 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.

Except for the foregoing, the terms of such Working Capital Loans, if any, have not been

determined and no written agreements exist with respect to such loans.

The Working Capital Loans would be repaid upon consummation of

a business combination, without interest.

November 30, 2021, we entered into a convertible note with Richard Chera, our former Chief Executive Officer and Director, pursuant

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

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 we consummate a business combination.

If we do not consummate a business combination, we 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 we do

not consummate a business combination.

On May 31, 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:

Chera may be deemed to have voting and investment discretion

with respect to the ordinary shares held of record by Crown PropTech Sponsor, LLC.

Chera disclaims

any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

Our sponsors beneficially

own approximately 80.6% of our issued and outstanding ordinary shares.

Because of this ownership block, our sponsors may be able to effectively

influence the outcome of all other matters requiring approval by our shareholders, including amendments to our Charter and approval of

significant corporate transactions.

Certain Relationships and Related Transactions and

Director Independence

In October 2020, Crown

PropTech Sponsor paid $25,000, or approximately $0.004 per share, to cover certain offering costs on our behalf in consideration of 6,900,000

Founder Shares.

The number of Founder Shares issued was determined based on the expectation that such Founder Shares would represent 20%

of the issued and outstanding shares upon completion of the Initial Public Offering.

In February 2021, Crown PropTech Sponsor transferred

690,000 Founder Shares to our Anchor Investor and transferred 50,000 Founder Shares to each of Crown’s four independent directors

prior to Crown’s initial public offering.

In January 2023, Crown PropTech Sponsor and CIIG entered into the Securities Assignment

Agreement, pursuant to which Crown PropTech Sponsor sold 5,662,000 Class B ordinary shares and 250,667 Private Placement Warrants

held by it to CIIG.

Concurrently with the execution of the Securities Assignment Agreement, Michael Minnick, the managing member of CIIG,

and Gavin Cuneo were appointed co-Chief Executive Officers of the Company.

The Founder Shares (including the Class A ordinary shares

issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder.

In February 2021, Crown PropTech

Sponsor and our Anchor Investor purchased 4,010,667 and 1,002,666 Private Placement Warrants, respectively (5,013,333 in the aggregate)

for a purchase price of $1.50 per whole warrant in a private placement that occurred simultaneously with the closing of the Initial Public

As such, Crown PropTech Sponsor’s interest and our Anchor Investor’s interest in this transaction is valued at for

an aggregate purchase price of $7,520,000.

Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share

at $11.50 per share, subject to adjustment.

The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise

thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30 days after the completion

of our initial business combination.

If any of our officers or

directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she

has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present

such opportunity to such entity.

Our officers and directors currently have certain relevant fiduciary duties or contractual obligations

that may take priority over their duties to us.

Commencing on the date of

the Initial Public Offering, pursuant to an administrative services agreement, the Company agreed to pay Crown PropTech Sponsor or an

affiliate thereof a total of $15,000 per month of Administrative Support Payments.

Pursuant to a subsequent letter agreement dated

as of January 17, 2023, Crown PropTech Sponsor is no longer entitled to receive any Administrative Support Payments and the Company

is no longer required to pay any such payments.

As of the date of this Annual Report, we have not made any Administrative Support Payments

pursuant to the administrative agreement and do not expect to incur any related expenses in the near future.

In addition, 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 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 does not close, 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.

Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with

respect to such loans.

The Working Capital Loans would be repaid upon consummation of a business combination, without interest.

On November 30, 2021,

we entered into a convertible note with Richard Chera, our former Chief Executive Officer and Director, pursuant to which Mr.

agreed to loan us 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 we consummate a business combination.

If we do not consummate a business combination, we may use a portion of any funds held outside the trust account to repay the Convertible

however, no proceeds from the trust account may be used for such repayment if we do not consummate a business combination.

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 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.

March 28, 2025, 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

our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees

from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender

offer or proxy solicitation materials, as applicable, furnished to our shareholders.

It is unlikely the amount of such compensation will

be known at the time of distribution of such tender offer materials or at the time of a general meeting held to consider our initial

business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive and director

compensation.

entered into a Registration Rights Agreement pursuant to which our sponsors, Anchor Investor, and directors will be entitled to certain

registration rights with respect to the Private Placement Warrants, the warrants issuable upon conversion of working capital loans (if

any) and the Class A ordinary shares issuable upon exercise of the foregoing and upon conversion of the Founder Shares, as long

as the sponsors and directors hold any securities covered by the registration agreement.

On November 10, 2021 (but effective as

of the closing of the Brivo Business Combination), and as part of the Brivo Business Combination, New Brivo, Crown PropTech Sponsor,

Anchor Investor and certain other stockholders and directors and officers of Crown and Brivo entered into an amended and restated registration

rights agreement (“Amended and Restated Registration Rights Agreement”), which would terminate and replace the existing Registration

Rights Agreement.

As part of the termination of the Brivo Business Combination in August 2022, the Amended and Restated Registration

Rights Agreement was automatically terminated.

for Approval of Related Party Transactions

audit committee of our board of directors has adopted a policy setting forth the policies and procedures for its review and approval

or ratification of “related party transactions.” A “related party transaction” is any consummated or proposed

transaction or series of transactions:

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

On March 28, 2025, 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, 2026;

(ii) the date

on which the Company consummates a Business Combination;

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

After our initial business

combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company

with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy solicitation

materials, as applicable, furnished to our shareholders.

It is unlikely the amount of such compensation will be known at the time of distribution

of such tender offer materials or at the time of a general meeting held to consider our initial business combination, as applicable, as

it will be up to the directors of the post-combination business to determine executive and director compensation.

We entered into a Registration

Rights Agreement pursuant to which our sponsors, Anchor Investor, and directors will be entitled to certain registration rights with respect

to the Private Placement Warrants, the warrants issuable upon conversion of working capital loans (if any) and the Class A ordinary

shares issuable upon exercise of the foregoing and upon conversion of the Founder Shares, as long as the sponsors and directors hold any

securities covered by the registration agreement.

Policy for Approval of Related Party Transactions

The audit committee of our

board of directors has adopted a policy setting forth the policies and procedures for its review and approval or ratification of “related

party transactions.” A “related party transaction” is any consummated or proposed transaction or series of transactions:

(i) in which the company was or is to be a participant;

(ii) the amount of which exceeds

(or is reasonably expected to exceed) the lesser of $120,000 or 1% of the average of the company’s total assets at year end for

the prior two completed fiscal years in the aggregate over the duration of the transaction (without regard to profit or loss);

which a “related party” had, has or will have a direct or indirect material interest.

“Related parties” under

this policy will include:

(i) our directors, nominees for director or officers;

(ii) any record or beneficial owner of more

than 5% of any class of our voting securities;

(iii) any immediate family member of any of the foregoing if the foregoing person

is a natural person;

and (iv) any other person who maybe a “related person” pursuant to Item 404 of Regulation S-K under

the Exchange Act.

Pursuant to the policy, the audit committee will consider (i) the relevant facts and circumstances of each related

party transaction, including if the transaction is on terms comparable to those that could be obtained in arm’s-length dealings

with an unrelated third party, (ii) the extent of the related party’s interest in the transaction, (iii) whether the

transaction contravenes our code of ethics or other policies, (iv) whether the audit committee believes the relationship underlying

the transaction to be in the best interests of the company and its shareholders and (v) the effect that the transaction may have

on a director’s status as an independent member of the board and on his or her eligibility to serve on the board’s committees.

Management will present to the audit committee each proposed related party transaction, including all relevant facts and circumstances

relating thereto.

Under the policy, we may consummate related party transactions only if our audit committee approves or ratifies the

transaction in accordance with the guidelines set forth in the policy.

The policy will not permit any director or officer to participate

in the discussion of, or decision concerning, a related person transaction in which he or she is the related party.

“independent director” is defined generally as a person who, in the opinion of the company’s board of directors, has

no material relationship with the listed company (either directly or as a partner, shareholder, stockholder or officer of an organization

that has a relationship with the company).

Crown currently has three “independent directors” as defined in the applicable

The Crown Board has determined that Ms.

(ii) the amount of which exceeds (or is reasonably expected to exceed)

the lesser of $120,000 or 1% of the average of the company’s total assets at year end for the prior two completed fiscal years in

the aggregate over the duration of the transaction (without regard to profit or loss);

and (iii) in which a “related party”

had, has or will have a direct or indirect material interest.

“Related parties” under this policy will include:

directors, nominees for director or officers;

(ii) any record or beneficial owner of more than 5% of any class of our voting securities;

(iii) any immediate family member of any of the foregoing if the foregoing person is a natural person;

and (iv) any other person

who maybe a “related person” pursuant to Item 404 of Regulation S-K under the Exchange Act.

Pursuant to the policy, the audit

committee will consider (i) the relevant facts and circumstances of each related party transaction, including if the transaction

is on terms comparable to those that could be obtained in arm’s-length dealings with an unrelated third party, (ii) the extent

of the related party’s interest in the transaction, (iii) whether the transaction contravenes our code of ethics or other policies,

(iv) whether the audit committee believes the relationship underlying the transaction to be in the best interests of the company

and its shareholders and (v) the effect that the transaction may have on a director’s status as an independent member of the

board and on his or her eligibility to serve on the board’s committees.

Management will present to the audit committee each proposed

related party transaction, including all relevant facts and circumstances relating thereto.

Under the policy, we may consummate related

party transactions only if our audit committee approves or ratifies the transaction in accordance with the guidelines set forth in the

The policy will not permit any director or officer to participate in the discussion of, or decision concerning, a related person

transaction in which he or she is the related party.

Director Independence

An “independent director”

is defined generally as a person who, in the opinion of the company’s board of directors, has no material relationship with the

listed company (either directly or as a partner, shareholder, stockholder or officer of an organization that has a relationship with the

Crown currently has three “independent directors” as defined in the applicable SEC rules.

The Crown Board has determined

Holladay, Mr.

Siegel and Mr.

Rogers are “independent directors”

as defined in the applicable SEC rules.

Crown’s independent directors will have regularly scheduled meetings at which only independent

directors are present.

Principal Accounting Fees and Services

June 13, 2025, the Company was notified by Marcum LLP (“Marcum”) that Marcum resigned as the independent registered accounting

firm of the Company.

On November 1, 2024, CBIZ CPAs P.C.

Rogers are “independent directors” as defined in the applicable SEC rules.

Crown’s independent directors will have regularly scheduled meetings at which only independent directors are present.

Principal Accounting Fees and

On June 13, 2025, the Company

was notified by Marcum LLP (“Marcum”) that Marcum resigned as the independent registered accounting firm of the Company.

November 1, 2024, CBIZ CPAs P.C.

acquired the attest business of Marcum.

On June 13, 2025, upon Marcum’s

resignation as auditors of the Company and with the approval of the Company’s Board of Directors, CBIZ CPAs P.C.

was engaged as

the Company’s independent registered public accounting firm.

The following principal accounting fees and services for Marcum and

CBIZ are combined.

following is a summary of fees paid or to be paid to CBIZ for services rendered.

During the year ended December 31, 2023 and 2022, fees for our independent registered public accounting firm were approximately

$111,180 and $59,014 for the services Marcum performed in connection with the audit of our December 31, 2023 and 2022 financial

statements included in this Annual Report on Form 10-K and the review of our quarterly financial statements.

Audit-Related

During the year ended December 31, 2023 and 2022, fees for our independent registered public accounting firm were approximately

$0 and $82,296 for the services Marcum performed in connection with our registration statement on Form S-4 and Initial Public Offering.

During the year ended December 31, 2023 and 2022, our fees for our independent registered public accounting firm were

approximately $13,390 and $11,330 for services to us for tax compliance, tax advice and tax planning.

During the year ended December 31, 2023 and 2022, there were no fees billed for products and services provided by

our independent registered public accounting firm other than those set forth above.

audit committee was formed upon the consummation of our Initial Public Offering.

As a result, the audit committee did not pre-approve

all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our board

of directors.

Since the formation of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve

all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject

to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to

the completion of the audit).

On June 13, 2025, upon Marcum’s resignation as auditors

of the Company and with the approval of the Company’s Board of Directors, CBIZ CPAs P.C.

was engaged as the Company’s independent

registered public accounting firm.

The following principal accounting fees and services for Marcum and CBIZ are combined.

The following is a summary

of fees paid or to be paid to CBIZ for services rendered.

the year ended December 31, 2024 and 2023, fees for our independent registered public accounting firm were approximately $127,720

and $111,180 for the services Marcum performed in connection with the audit of our December 31, 2024 and 2023 financial statements

included in this Annual Report on Form 10-K and the review of our quarterly financial statements.

year ended December 31, 2024 and 2023, our fees for our independent registered public accounting firm were approximately $0 and $13,390

for services to us for tax compliance, tax advice and tax planning.

All Other Fees .

the year ended December 31, 2024 and 2023, there were no fees billed for products and services provided by our independent registered

public accounting firm other than those set forth above.

Pre-Approval Policy

Our audit committee was formed

upon the consummation of our Initial Public Offering.

As a result, the audit committee did not pre-approve all of the foregoing services,

although any services rendered prior to the formation of our audit committee were approved by our board of directors.

Since the formation

of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted

non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions

for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

Exhibits, Financial Statement Schedules

(1) Financial Statements:

Report of Independent Registered Public Accounting Firm (PCAOB ID # 199 ) F-1

(a) (1) Financial Statements:

Report of Independent Registered Public Accounting Firm (PCAOB ID # 199 ) F-1

5 unchanged sentences

(2) Financial Statement Schedules:

hereby file as part of this Report the exhibits listed in the attached Exhibit Index.

Exhibits which are incorporated herein by reference

can be inspected and copied at the public reference facilities maintained by the SEC, 100 F Street, N.E., Room 1580, Washington, D.C.

Copies of such material can also be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C.

20549, at prescribed rates or on the SEC website at www.sec.gov.

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

Crown PropTech Acquisitions

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Crown

PropTech Acquisitions (the “Company”) as of December 31, 2023, the related consolidated statements of operations, changes

in shareholders’ deficit and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as

the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial

position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year then ended, in conformity

with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that

the Company will continue as a going concern.

As described in Note 1 to the financial statements, the Company is a Special Purpose Acquisition

Corporation that was formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization

or similar business combination with one or more businesses or entities on or before March 11, 2026.

The Company entered into a business

combination agreement with a business combination target on July 2, 2025;

however, the completion of this transaction is subject to the

approval of the Company’s shareholders among other conditions.

There is no assurance that the Company will obtain the necessary

approvals, satisfy the required closing conditions, raise the additional capital it needs to fund its operations, and complete the transaction

prior to March 11, 2026, if at all.

The Company also has no approved plan in place to extend the business combination deadline and fund

operations for any period of time after March 11, 2026, in the event that it is unable to complete a business combination by that date.

These matters raise substantial doubt about the Company’s ability to continue as a going concern.

Management’s plans with

regard to these matters are also described in Note 1.

The financial statements do not include any adjustments that may be necessary should

the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility of the Company's

Our responsibility is to express an opinion on the Company's financial statements based on our audit.

We are a public accounting

firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent

with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free

of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit

of its internal control over financial reporting.

As part of our audit we are required to obtain an understanding of internal control

over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over

financial reporting.

Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included

evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation

of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company’s auditor since 2020 (such date

takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C.

effective November 1, 2024).

September 11, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby file as part of

this Report the exhibits listed in the attached Exhibit Index.

Exhibits which are incorporated herein by reference can be inspected and

copied at the public reference facilities maintained by the SEC, 100 F Street, N.E., Room 1580, Washington, D.C.

Copies of such

material can also be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C.

20549, at prescribed

rates or on the SEC website at www.sec.gov.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Shareholders and Board of Directors of

1 unchanged sentence

Opinion on the Financial Statements

We have audited the accompanying balance sheet

of Crown PropTech Acquisitions (the “Company”) as of December 31, 2022, the related statements of operations, changes in shareholders’

deficit and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December

31, 2022, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally

accepted in the United States of America .

We have audited the accompanying balance sheets

of Crown PropTech Acquisitions (the “Company”) as of December 31, 2024 and 2023, the related statements of operations, changes

in shareholders’ deficit and cash flows for the years ended December 31, 2024 and 2023, and the related notes (collectively referred

to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the

financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years

then ended, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

1 unchanged sentence

prepared assuming that the Company will continue as a going concern.

As more fully described in Note 1, the Company’s business plan

is dependent on the completion of a business combination and the Company’s cash and working capital at December 31, 2022 are not

sufficient to complete its planned activities for a reasonable period of time, which is considered to be one year from the issuance date

of these financial statements.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

plans in regard to these matters are also described in Note 1.

The financial statements do not include any adjustments that might result

from the outcome of these uncertainties.

As described in Note 1 to the financial statements, the Company is

a Special Purpose Acquisition Corporation that was formed for the purpose of completing a merger, capital stock exchange, asset acquisition,

stock purchase, reorganization or similar business combination with one or more businesses or entities on or before March 11, 2026.

Company entered into a business combination agreement with a business combination target on July 2, 2025;

however, the completion of this

transaction is subject to the approval of the Company’s shareholders among other conditions.

There is no assurance that the Company

will obtain the necessary approvals, satisfy the required closing conditions, raise the additional capital it needs to fund its operations,

and complete the transaction prior to March 11, 2026, if at all.

The Company also has no approved plan in place to extend the business

combination deadline and fund operations for any period of time after March 11, 2026, in the event that it is unable to complete a business

combination by that date.

These matters raise substantial doubt about the Company’s ability to continue as a going concern.

plans with regard to these matters are also described in Note 1.

The financial statements do not include any adjustments that may be necessary

should the Company be unable to continue as a going concern.

Basis for Opinion

1 unchanged sentence

of the Company's management.

Our responsibility is to express an opinion on the Company's financial statements based on our audit.

Our responsibility is to express an opinion on the Company's financial statements based on our audits.

are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are

2 unchanged sentences

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged

to perform, an audit of its internal control over financial reporting.

As part of our audit, we are required to obtain an understanding

to perform, audits of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding

of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal

1 unchanged sentence

Accordingly, we express no such opinion.

Our audit included performing procedures to assess

Our audits included performing procedures to assess

the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond

1 unchanged sentence

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

/s/ Marcum LLP

We have served as the Company’s auditor since 2020.

PROPTECH ACQUISITIONS

Current assets:

We believe that our audits provide a reasonable basis for our opinion.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company’s auditor since 2020 (such date

takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C.

effective November 1, 2024).

December 2, 2025

CROWN PROPTECH ACQUISITIONS

BALANCE SHEETS

Current assets:

held in Trust account

$ 280,118,377

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

payable and accrued expenses

note – related party

to related party

Prepaid expenses

Total current assets

Investments held in Trust Account

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

Current liabilities:

Accounts payable and accrued expenses

Due to related parties

Total current liabilities

Warrant liabilities

Total liabilities

Class A ordinary shares subject to possible redemption, 513,613 and 4,196,485 shares at a redemption value of $ 11.30 and $ 10.74 as of December 31, 2024 and 2023, respectively

Shareholders’

Shareholders’ deficit:

Preference shares, $ 0.0001 par value;

7 unchanged sentences

6,900,000 shares issued and outstanding

paid-in capital

( 13,890,094 )

( 11,041,286 )

shareholders’ deficit

Additional paid-in capital

Accumulated deficit

( 15,041,897 )

( 13,890,094 )

liabilities, class A ordinary shares subject to possible redemption, and shareholders’ deficit

Total shareholders’ deficit

( 2,977,600 )

accompanying notes are an integral part of the financial statements.

PROPTECH ACQUISITIONS

OF OPERATIONS

For the Year Ended

from operations

( 2,277,119 )

Total liabilities, class A ordinary shares subject to possible redemption, and shareholders’ deficit

The accompanying notes are an integral

part of the financial statements.

CROWN PROPTECH ACQUISITIONS

STATEMENTS OF OPERATIONS

For the Year Ended December 31,

Operating costs

Loss from operations

( 2,112,830 )

5 unchanged sentences

Change in fair value of warrant liabilities

Offering expenses related

to warrant issuance

Total other income, net

Net (loss) income

$ ( 204,458 )

Weighted average redeemable shares outstanding

and diluted net income per redeemable share

Basic and diluted net (loss) income per redeemable share

Weighted average non-redeemable shares outstanding

and diluted net income per non-redeemable share

accompanying notes are an integral part of the financial statements.

PROPTECH ACQUISITIONS

OF CHANGES IN SHAREHOLDERS’ DEFICIT

THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Basic and diluted net (loss) income per non-redeemable share

The accompanying notes are an integral

part of the financial statements.

CROWN PROPTECH ACQUISITIONS

STATEMENTS OF CHANGES IN SHAREHOLDERS’

FOR THE YEARS ENDED DECEMBER 31,

2024 AND 2023

Ordinary Shares

Shareholders’

as of December 31, 2021

$ ( 21,853,536 )

$ ( 21,852,846 )

contribution from Sponsor

of deferred underwriters’ discount

Remeasurement

of ordinary shares subject to possible redemption

Balance as of December 31, 2022

$ ( 11,041,286 )

$ ( 1,512,655 )

as of December 31, 2022

Capital contribution from Sponsors

Remeasurement of ordinary shares subject to redemption value

( 3,372,354 )

contribution from Sponsors

Remeasurement

of ordinary shares subject to redemption value

Equity contribution from previous Sponsor in connection with the Securities Assignment Agreement

Equity contribution from previous Sponsor in connection with forgiveness of Administrative Services Agreement

Equity contribution from Non-Redemption Agreements

Balance as of December 31, 2023

$ ( 13,890,094 )

$ ( 2,277,119 )

contribution from previous Sponsor in connection with the Securities Assignment Agreement

contribution from previous Sponsor in connection with forgiveness of Administrative Services Agreement

contribution from Non-Redemption Agreements

as of December 31, 2023

Capital contribution from Sponsors

Remeasurement of ordinary shares subject to redemption value

Balance as of December 31, 2024

$ ( 15,041,897 )

$ ( 2,977,600 )

accompanying notes are an integral part of the financial statements.

PROPTECH ACQUISITIONS

OF CASH FLOWS

the Year Ended

The accompanying notes are an integral

part of the financial statements.

CROWN PROPTECH ACQUISITIONS

STATEMENTS OF CASH FLOWS

For the Year Ended

Cash Flows from Operating Activities:

Adjustments to reconcile net income to net

cash used in operating activities:

Change in fair value of warrant liabilities

Net (loss) income

$ ( 204,458 )

Adjustments to reconcile net (loss) income to net cash used in operating activities:

Change in fair value of warrant liabilities

Non-redemption agreement expense

Settlement of payables

( 6,472,941 )

Trust dividend income

( 3,372,354 )

( 3,985,204 )

Offering costs allocated to warrants

Changes in current assets and current liabilities:

Prepaid expenses

Due to related party

Accounts payable and

accrued expenses

cash used in operating activities

Cash Flows from Investing

Cash withdrawn from

Trust Account in connection with redemption

cash provided by investing activities

Cash Flows from Financing

Equity contribution from previous Sponsor in

connection with the Securities Assignment Agreement

Accounts payable and accrued expenses

Net cash used in operating activities

Cash Flows from Investing Activities:

Cash withdrawn from Trust Account in connection with redemption

Net cash provided by investing activities

Cash Flows from Financing Activities:

Equity contribution from previous Sponsor in connection with the Securities Assignment Agreement

Proceeds from promissory note to related party

Capital contribution from the Sponsor

Redemption of Class

A ordinary shares subject to possible redemption

Redemption of Class A ordinary shares subject to possible redemption

( 40,209,102 )

cash (used in) provided by financing activities

( 238,305,063 )

Net cash used in financing activities

( 39,935,444 )

( 237,466,907 )

Net Change in Cash

Cash—Beginning of year

Cash—Ending of

Supplemental Disclosure

of Non-cash Financing Activities:

Remeasurement of Class A

ordinary shares subject to possible redemption

Waiver of deferred underwriters’

Equity contribution from

Non-Redemption Agreements

Equity contribution from

previous Sponsor in connection with forgiveness of Administrative Services Agreement

accompanying notes are an integral part of the financial statements.

PROPTECH ACQUISITIONS

TO FINANCIAL STATEMENTS

1 — Organization and Business Operations

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

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.

of December 31, 2023, the Company had not yet commenced any operations.

All activity through December 31, 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 dividend income on cash and cash equivalents

from the proceeds derived from the IPO.

Extraordinary

General Meetings

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.

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”).

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.

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”).

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

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

May 2, 2023, the Company filed its Form 10-K with the SEC and regained compliance with the NYSE.

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 SEC.

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

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.

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 SEC.

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

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.

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.

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 procedures.

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

securities were delisted from the NYSE.

registration statement for the Company’s IPO was declared effective on February 8, 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.

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, if any, 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.

Cash—Ending of year

Supplemental Disclosure of Non-cash Financing Activities:

Remeasurement of Class A ordinary shares subject to possible redemption

Equity contribution from Non-Redemption Agreements

Equity contribution from previous Sponsor in connection with forgiveness of Administrative Services Agreement

The accompanying notes are an integral

part of the financial statements.

CROWN PROPTECH ACQUISITIONS

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024

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 December 31, 2024, the Company had not yet

commenced any operations.

All activity through December 31, 2024, 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.

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

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

The Company’s sponsors are Crown PropTech

Sponsor, LLC (“Crown PropTech Sponsor”), a Delaware limited liability company and CIIG Management III LLC (“CIIG”),

a Delaware limited liability company, (each, a “Sponsor” and together, the “Sponsors”).

Change in Management, Sponsor and Board of

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.

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

Additionally, in connection with this appointment,

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

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

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.

In connection with the above transaction, Crown

PropTech Sponsor entered into a letter agreement dated 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.

Additionally,

Crown PropTech Sponsor waived their right to receive $ 339,107 related to the administrative services agreement.

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.

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.

Notice of Delisting

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.

Trust Account

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, if any, 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, 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.

discussed above, the Company’s shareholders have agreed to extend the date by which the Company must consummate an initial Business

Combination from May 11, 2025 to March 11, 2026.

Business Combination

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.

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 Combination.

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,

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.

Company has until March 11, 2026 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.

the event of a liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination by March

11, 2026, 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.

of the Proposed Brivo Transaction

November 10, 2021, the Company entered into a Business Combination agreement (the “Brivo BCA” or the “Brivo 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 Brivo Business Combination

Agreement, the “Parties to the Brivo Business Combination Agreement”) (the “Brivo Business Combination”).

obligation of Brivo to consummate the Brivo 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

connection with the signing of the Brivo 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 Brivo Business Combination

had not occurred as of such date or at any date and time as the Brivo Business Combination Agreement is validly terminated.

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 Brivo Business Combination had not been consummated

by July 9,2022

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

the Brivo Business Combination.

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

the remaining Subscription Agreements were automatically terminated.

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

Business Combination.

January 13, 2023, the Company formally withdrew its Form S-4 Registration Statement from the SEC associated with the Brivo BCA.

Business Combination

July 2, 2025, (i) the Company (“SPAC”), (ii) Mkango (Cayman) Limited, an exempted company limited by shares incorporated

under the laws of the Cayman Islands and a direct wholly owned Subsidiary of Lancaster (as defined below) (“Merger Sub”),

(iii) Lancaster Exploration Limited, a company organized under the laws of the British Virgin Islands (“Lancaster”, and from

and after the Closing, “PubCo”), and a direct, wholly owned subsidiary of Mkango Resources Ltd., a company organized under

the laws of British Columbia, Canada (the “Selling Shareholder”), (iv) Mkango Polska s.p.

Z.o.o., a company organized under

the laws of Poland and a direct, wholly owned subsidiary of Selling Shareholder (“MKA Poland”), (v) Mkango ServiceCo UK Limited,

a company organized under the laws of England and a direct, wholly owned subsidiary of Selling Shareholder (“Mkango ServiceCo”),

and (vi) MKA Exploration Ltd., a company organized under the laws of the British Virgin Islands and a direct, wholly owned subsidiary

of Selling Shareholder (“MKA BVI”, and together with Lancaster, MKA Poland and Mkango ServiceCo, the “Companies”

and, each, a “Company”) entered into a business combination agreement (the “Business Combination Agreement”).

proposed Merger and the other transactions contemplated by the Business Combination Agreement (collectively, the “Transactions”)

are expected to be consummated after the required approval by the shareholders of SPAC and the satisfaction of certain other conditions

summarized below.

Combination Agreement

promptly as reasonably practicable after the date of the Business Combination Agreement, Lancaster will prepare and file with the SEC

a registration statement on Form F-4 (the “Registration Statement”), which will include a prospectus with respect to PubCo’s

securities to be issued in connection with the Business Combination Agreement and a proxy statement to be distributed to SPAC’s

public shareholders in connection with SPAC’s solicitation of proxies for the vote by SPAC’s shareholders with respect to

the proposed business combination and other matters to be described in the Registration Statement.

Representations

and Warranties

Business Combination Agreement contains customary representations and warranties of the parties, in each case relating to, among other

things, their ability to enter into the Business Combination Agreement and their outstanding capitalization.

The representations and

warranties will not survive the Closing, and the Business Combination Agreement does not provide for indemnification with respect to

any of the representations and warranties of the parties thereto.

Business Combination Agreement contains customary covenants of the parties, including, among others, covenants requiring (i) the parties

to conduct their respective businesses in the ordinary course through the Closing Date, (ii) the parties not to solicit, initiate, submit,

facilitate, discuss or negotiate with third parties regarding alternative transactions and comply with certain related restrictions,

(iii) the parties to prepare, and PubCo to file, the Registration Statement with the SEC and (iv) SPAC and the Companies using commercially

reasonable efforts to execute financing agreements raising $ 25.75 million or more in aggregate gross proceeds prior to or at the Closing.

Business Combination Agreement provides that, immediately following the Closing, the board of directors of PubCo (i) will consist of

one (1) director designated in writing by SPAC, reasonably acceptable to Lancaster and qualifying as an independent director, and up

to six (6) other directors designated in writing by Lancaster, after consultation with SPAC, and (ii) will be divided into three (3)

classes of directors with staggered terms.

The management team of PubCo immediately following the Closing will consist solely of Lancaster’s

current management team.

Conditions to Closing

Closing will occur within three (3) business days following the satisfaction or waiver of all of the closing conditions, or at such other

time or in such other manner as agreed upon by SPAC and the Companies in writing.

Business Combination Agreement may be terminated and the Transactions may be abandoned at any time prior to the effective time of the

Merger, as follows:

mutual written consent of SPAC and Lancaster;

either Lancaster or SPAC if the Closing has not occurred by March 11, 2026 (and no material

breach of the Business Combination Agreement by the party seeking to terminate primarily

caused or resulted in the failure of the Transactions to be consummated by such time);

either Lancaster or SPAC if any governmental authority has enacted, issued, promulgated,

enforced, or entered any governmental order which has become final and nonappealable and

has the effect of making consummation of the Transactions illegal or otherwise preventing

or prohibiting consummation of the Transactions;

either the Lancaster or SPAC if the SPAC shareholders do not approve the Transactions;

SPAC if the Selling Shareholder does not approve the Transactions;

SPAC if the Companies fail to deliver either of the Technical Report Summary or Lancaster’s

2024 and 2023 audited financial statements on or before August 31, 2025;

(i) any Company or any of their subsidiaries enters into bankruptcy, receivership,

administration, restructuring, corporate rescue or other similar proceedings or (ii) a liquidator,

administrator, restructuring officer, or similar person is appointed on behalf of a Company;

either the Companies or SPAC upon a material breach of any representation, warranty, covenant,

or agreement on the part of the other in the Business Combination Agreement or in any other

agreements relating to the Transactions and such breach is not cured within thirty (30) days

following receipt of a written notice of such breach;

written notice from Lancaster to SPAC if the closing of a convertible note transaction between

Lancaster and CIIG Management III LLC, a Delaware limited liability company and an existing

sponsor of SPAC (“CIIG III”), which is conditioned on the public filing of the

Registration Statement, is not consummated in accordance with the terms of the convertible

the Business Combination Agreement is terminated, the Business Combination Agreement will become void and have no effect, without any

liability on the part of any party thereto or its respective affiliates, officers, directors, or shareholders, other than liability of

the Companies or SPAC, as the case may be, for fraud or for any willful and material breach of the Business Combination Agreement occurring

prior to such termination.

Capital Resources and Going Concern

of December 31, 2023, the Company had cash outside the Trust Account of $ 652 available for working capital needs and working capital

deficit of $ 2,277,105 .

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.

of December 31, 2023, none of the amount in the Trust Account was available to be withdrawn as described above.

December 31, 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 .

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

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).

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.

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 March 11, 2026, or by the end of any extension to the Combination Period, to consummate a Business

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 March 11, 2026.

and Uncertainties

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.

changes in international trade policies, tariffs and macroeconomic conditions have created and are expected to create global economic

consequences.

The specific impact on the Company’s financial condition, results of operations, cash flows and completion of a Business

Combination is not determinable as of the date of these financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

of Presentation

accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America

(“GAAP”) and pursuant to the rules and regulations of the SEC.

of Consolidation

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

All significant intercompany

balances and transactions have been eliminated in consolidation.

Growth Company Status

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.

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

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 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 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.

preparation of these 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 financial

statements and the reported amounts of expenses during the reporting period.

As discussed in Note 10, the Company’s shareholders

have agreed to extend the date by which the Company must consummate an initial Business Combination from May 11, 2025 to March 11, 2026.

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.

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

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 March 11, 2026 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 March 11, 2026, 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.

Business Combination Agreement

On July 2, 2025, the Company (“SPAC”),

(ii) Mkango (Cayman) Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly

owned Subsidiary of Lancaster (as defined below) (“Merger Sub”), (iii) Lancaster Exploration Limited, a company organized

under the laws of the British Virgin Islands (“Lancaster”, and from and after the Closing, “PubCo”), and a direct,

wholly owned subsidiary of Mkango Resources Ltd., a company organized under the laws of British Columbia, Canada (the “Selling Shareholder”),

(iv) Mkango Polska s.p.

Z.o.o., a company organized under the laws of Poland and a direct, wholly owned subsidiary of Selling Shareholder

(“MKA Poland”), (v) Mkango ServiceCo UK Limited, a company organized under the laws of England and a direct, wholly owned

subsidiary of Selling Shareholder (“Mkango ServiceCo”), and (vi) MKA Exploration Ltd., a company organized under the laws

of the British Virgin Islands and a direct, wholly owned subsidiary of Selling Shareholder (“MKA BVI”, and together with Lancaster,

MKA Poland and Mkango ServiceCo, the “Companies”) entered into a business combination agreement (the “Business Combination

Capitalized terms used herein but not defined shall have the meanings as set forth in the Business Combination Agreement.

Pursuant to the Business Combination Agreement,

the parties thereto will enter into a business combination transaction by which, among other things, Merger Sub will be merged with and

into SPAC, with SPAC being the surviving entity of the Merger and becoming a wholly-owned subsidiary of PubCo.

Concurrently therewith,

PubCo will become a publicly traded company, expected to operate under the name “Mkango Rare Earths Limited,” and its ordinary

shares are expected to trade on Nasdaq.

The proposed Merger and the other transactions

contemplated by the Business Combination Agreement (collectively, the “Transactions”) are expected to be consummated after

the required approval by the shareholders of SPAC and the satisfaction of certain other conditions as described in the Business Combination

Agreement in the Company’s Form 8-K filed with the SEC on July 3, 2025.

Shareholder Meetings

February 9, 2023

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”).

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.

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.

February 9, 2024

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”).

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 9, 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.

In connection with the vote to approve the February

9, 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.

August 9, 2024

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).

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.

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.

Liquidity, Capital Resources and Going Concern

As of December 31, 2024, the Company had cash

outside the Trust Account of $ 425 available for working capital needs and working capital deficit of $ 2,977,586 .

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 December 31, 2024, none of the amount in the

Trust Account was available to be withdrawn as described above.

Through December 31, 2024, 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 its 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

Although no formal agreement exists, the Sponsors are committed to extend loans as needed (see Note 6).

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 ASC 205-40, “Presentation of Financial Statements-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.

has until March 11, 2026, 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 March 11, 2026.

Risks and Uncertainties

The United States and global markets are experiencing

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

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

Recent changes in international trade policies,

tariffs and macroeconomic conditions have created and are expected to create global economic consequences.

The specific impact on the

Company’s financial condition, results of operations, cash flows and completion of a Business Combination is not determinable as

of the date of these financial statements.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying financial statements

are presented in U.S.

dollars and have been prepared in accordance with accounting principles generally accepted in the United States

of America (“U.S.

GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC.

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 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 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 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 financial statements and the reported amounts of expenses during

the reporting period.

Actual results could differ from those estimates.

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 not have any cash equivalents as of December 31, 2023 or 2022.

Held in Trust Account

December 31, 2023 and 2022, the Trust Account had $ 45,065,840 and $ 279,998,549 held in marketable securities, respectively.

Such securities

are presented on the balance sheets at fair value at the end of the reporting period.

Dividends earned on these securities are included

in trust dividend income in the accompanying statements of operations.

The estimated fair values of investments held in the Trust Account

are determined using available market information.

During the years ended December 31, 2023 and 2022, the Company withdrew $ 238,305,063

and $0 , respectively, of principal and dividend income 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 December 31, 2023 and 2022, the Company has

not experienced losses on this account.

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.

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 December 31, 2023

and 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 balance sheets.

of December 31, 2023 and 2022, the ordinary shares subject to possible redemption reflected on the balance sheets are reconciled

in the following table:

shares subject to possible redemption, December 31, 2021

Cash and Cash Equivalents

The Company considers all short-term investments

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

The Company had $ 425 and $ 652 of cash and no

cash equivalents as of December 31, 2024 and 2023.

Investments Held in Trust Account

As of December 31, 2024 and 2023, the Trust Account

had $ 5,804,083 and $ 45,065,840 , respectively, held in marketable securities.

Such securities are presented on the balance sheets at fair

value at the end of the reporting period.

Dividends earned on these securities are included in trust dividend income in the accompanying

statements of operations.

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

During the years ended December 31, 2024 and 2023, the Company withdrew $ 40,209,102 and $ 238,305,063 , respectively, of principal and dividend

income from the Trust Account in connection with redemptions.

Concentration of Credit Risk

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 December 31, 2024 and 2023, the Company has not experienced losses on this account.

Class A Ordinary Shares Subject to Possible

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

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 December 31, 2024 and 2023, 513,613 and 4,196,485 , 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 balance sheets.

As of December 31, 2024 and 2023, the ordinary

shares subject to possible redemption reflected on the balance sheets are reconciled in the following table:

Ordinary shares subject to possible redemption, December 31, 2022

$ 279,998,549

Remeasurement

of carrying value to redemption value

shares subject to possible redemption, December 31, 2022

( 23,403,515 )

( 238,305,063 )

Remeasurement of carrying value to redemption value

Ordinary shares subject to possible redemption, December 31, 2023

( 3,682,872 )

Remeasurement

of carrying value to redemption value

shares subject to possible redemption, December 31, 2023

Income per Ordinary Shares

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

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 year ended

December 31, 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 Years

Ended December 31,

Non-Redeemable

Basic and diluted net income per share

of net income including remeasurement of temporary equity

Weighted-average shares

and diluted net income per share

Based Compensation

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.

Value of Financial Instruments

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.

Warrant Liabilities

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

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.

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 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.

May 31, 2023, Richard Chera agreed to waive the right to convert the amounts due under the Working Capital Loan into warrants.

At December 31, 2023, the Working Capital Loan Option no longer existed and at December 31, 2022 the value of the Working Capital

Loan Option was $ 0 .

In accordance with ASC Topic 470, “Liabilities” the Company has determined the waiver of the right

to convert is a debt modification.

As such, there is no effect on the Company’s financial statements.

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 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.

Topic 740 prescribes a recognition threshold and a measurement attribute for the 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 December 31, 2023 and 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.

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.

Accounting Standards

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.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods

within fiscal years beginning after December 15, 2024.

( 40,209,102 )

Remeasurement of carrying value to redemption value

Ordinary shares subject to possible redemption, December 31, 2024

Net (Loss) Income per Ordinary Shares

The Company has two classes of shares, which are

referred to as redeemable Class A ordinary shares and non-redeemable 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 years ended December 31, 2024 and 2023.

The calculation

of diluted (loss) 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 (loss) income per ordinary share is the same as basic net (loss) income per ordinary share for

For the Years Ended December 31,

Redeemable Class A

Non-Redeemable Class B

Redeemable Class A

Non-Redeemable Class B

Basic and diluted net income (loss) per share

Allocation of net (loss) income

$ ( 164,775 )

Weighted-average shares outstanding

Basic and diluted net (loss) income per share

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.

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.

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.

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 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

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, Richard Chera agreed to waive the right to convert

the amounts due under the Working Capital Loan into warrants.

At December 31, 2024 and 2023, the Working Capital Loan Option no longer

In accordance with ASC Topic 470, “Liabilities” the Company has determined the waiver of the right to convert is

a debt modification.

Given the warrants had no significant value at the time of the debt modification, there is no effect on the Company’s

financial statements for the debt modification.

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

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

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

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

As of December 31, 2024 and 2023,

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.

Recent Accounting Standards

On July 4, 2025, President Trump signed into law

the One Big Beautiful Bill Act (“OBBBA”).

ASC 740, “Income Taxes”, requires the

effects of changes in tax laws to be recognized in the period in which the legislation is enacted.

The Company is currently evaluating

the impact of the new law.

However, none of the tax provisions are expected to have a significant impact on the Company’s

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.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning

after December 15, 2024.

Early adoption is permitted.

The Company’s management believes the adoption

of ASU 2023-07 does not have a material impact on its financial statements and disclosures.

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.

The Company’s management has determined the adoption of ASU 2023-07 does not

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

does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect

on the Company’s financial statements.

Assignment Agreement

January 17, 2023, pursuant to the Securities 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.

the transaction is between the previous Sponsor and the current Sponsor, the transaction does not involve the Company issuing, repurchasing,

or modifying its own equity or warrants.

As such, there was no impact the the Company’s financial statements.

association with the Securities Assignment Agreement, the prior Sponsor agreed to pay certain operating expenses of the Company.

In accordance

with Staff Accounting Bulletin (“SAB”) Topic 5T, the Company recognized an equity contribution on the statement of changes

in shareholders’ deficit of $ 263,040 for the value of the operating expenses paid by the previous Sponsor.

Non-Redemption

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 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.

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.

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.

The excess of the fair value of the Founder Shares was determined

to be non-redemption agreement expense in accordance with SAB Topic 5T.

3 — Initial Public Offering

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

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

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

5 — Related Party Transactions

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 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.

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

The Company’s

management has determined the adoption of ASU 2023-09 will not 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 financial statements.

Securities Assignment Agreement

On January 17, 2023, pursuant to the Securities

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.

As the transaction is between the Crown PropTech

Sponsor and CIIG, the transaction does not involve the Company issuing, repurchasing, or modifying its own equity or warrants.

there was no impact on the Company’s financial statements.

In association with the Securities Assignment

Agreement, the prior Sponsor agreed to pay certain operating expenses of the Company.

In accordance with Staff Accounting Bulletin (“SAB”)

Topic 5T, the Company recognized an equity contribution on the statement of changes in shareholders’ deficit of $ 263,040 for the

value of the operating expenses paid by the Crown PropTech Sponsor.

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 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.

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.

In February 2024, the Company and CIIG entered

into the Non-Redemption Agreements with 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 February 2024 Extraordinary General

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

The aggregate fair value of the 464,414 Class B ordinary shares attributable to the Non-Redeeming Investors amounted

to $ 375,981 or $ 0.81 per share.

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

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.

Pursuant 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 Combination.

The Company estimated the aggregate fair value of the 115,287

Class B ordinary shares attributable to the Non-Redeeming Investors to be $ 75,341 or $ 0.65 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.

The excess of the fair value of the Founder Shares was determined to be non-redemption agreement expense

in accordance with SAB Topic 5T.

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.

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

Founder Shares

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 .

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 any 30 -trading day period commencing

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

Note—Related Party

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

The loaned funds advanced to the Company are non-interest

bearing and are due upon demand.

December 2023, $ 135,000 borrowed under the A&R Note (discussed below) were reclassified as due to related party on the balance sheet.

December 31, 2023, the Company reported $ 915,419 as due to related party on the balance sheet.

At December 31, 2022, the Company reported

$ 666,000 as convertible note – related party and $ 339,107 as due to related party.

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 December 31, 2023 and 2022, $0 and $ 339,107 , respectively, was reported on the

balance sheets as due to related party.

With the waiver of the Administrative support services fees, at December 31, 2023, $ 339,107 is

included in the statements of changes in shareholders’ deficit.

Capital Loans

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

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.

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 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.

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 by CIIG for the class B ordinary shares and private placement warrants was $ 21,717 .

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 any 30 -trading day period commencing at least 150 days after a Business

Combination, the Founder Shares will be released from the lockup.

Promissory Note — Related Parties

On July 20, 2023, CIIG advanced the Company $ 114,419

in to be used for working capital.

The loaned funds advanced to the Company are non-interest bearing and are due upon demand.

Additionally,

in 2024, CIIG advanced additional funds to the Company and paid certain expenses on behalf of the Company.

In December 2023, $ 135,000 borrowed under the

A&R Note (discussed below) were reclassified as due to related party on the balance sheet.

At December 31, 2024 and 2023, the Company reported

$ 1,189,077 and $ 915,419 as due to related party on the balance sheets, respectively.

Administrative Support Agreement

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.

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 December 31, 2024 and 2023, there were no fees reported on the balance sheets as due to related party.

For the year ended December

31, 2024 and 2023, no amounts were incurred for these services.

Working Capital Loans

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 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.

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

The warrants would be identical to the Private Placement Warrants.

November 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

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 November 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

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.

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, 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

(i) February 11, 2024;

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

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

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.

6 — Commitments & Contingencies

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

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.

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

Service Agreements

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

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

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.

As of December 31, 2022, the Company fully paid a settled amount in legal fees associated

with the Brivo Business Combination.

the years ended December 31, 2023 and 2022, the Company settled payables of $ 759,643 and $ 6,472,941 , respectively, due to vendors and

related parties in accordance with ASC Topic 405 “Liabilities”.

2023 settlement of payables of $ 759,643 included $ 339,107 with a related party in relation to the Administrative Services Agreement.

As this is with a related party, the Company recognized $ 339,107 in the statement of changes in shareholders’ deficit for the settlement

of these payables.

The remaining $ 420,536 was recognized as a gain in the statement of operations.

Company recognized a gain of $ 6,472,941 in the statement of operations for the year ended December 31, 2022, for the settlement of payables.

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.

For the year ended December 31, 2022 in relation to the waiver of the deferred

underwriting discount, the Company recognized other income of $ 479,780 for offering costs related to warrant issuance and an increase

in additional paid-in capital of $ 9,180,220 .

7 — 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.

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

On March 28, 2025, 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, 2026;

(ii) the date on which the Company

consummates a Business Combination;

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

Note 6 — Commitments &

Contingencies

Registration Rights

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 Combination.

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

Settlement of Payables

For the years ended December 31, 2024 and 2023,

the Company settled payables for an aggregate of $ 0 and $ 759,643 , respectively, due to vendors and related parties and reported these

amounts in accordance with ASC Topic 405 “Liabilities”.

The 2023 settlement of payables of $ 759,643 included $ 339,107 with

a related party in relation to the Administrative Services Agreement.

As this is with a related party, the Company recognized $339,107

in the statement of changes in shareholders’ deficit for the settlement of these payables.

The remaining $ 420,536 was recognized

as a gain in the statement of operations.

There were no settled payables for the year ended December 31, 2024.

Note 7 — 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.

As of December 31, 2024 and 2023,

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 December 31, 2024

2023 and 2022, there were no preference shares issued or outstanding.

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

subject to possible redemption, respectively).

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

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 Loans;

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

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.

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

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:

whole and not in part;

and 2023, there were no shares issued and outstanding (excluding 513,613 and 4,196,485 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 December 31, 2024 and

2023, 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

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.

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

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:

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;

each warrant holder;

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.

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.

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.

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.

9 — Fair Value Measurements

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).

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.

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 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

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).

These tiers include:

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.

Fair Value Measurements

Company’s permitted investments consist of U.S.

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.

Recurring Fair Value Measurements

The Company’s permitted investments consist

Money Market funds.

Fair values of these investments are determined by Level 1

inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

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.

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.

December 31, 2023, there was insufficient trading activity for the Public Warrants to be classified as Level 1 and was reclassified as

December 31, 2022, the Company utilized an internal model to value the Working Capital Loan option 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, Richard

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

At December 31, 2023, the Working

Capital Loan Option no longer existed.

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

held in Trust Account

Value of warrants

held in Trust Account

$ 279,998,549

Capital Loan Option

Value of warrants and Working Capital Loan Option

10 — Subsequent Events

evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the 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 financial statements.

in Management

February 15, 2024, Gavin Cuneo notified the Company of his decision to resign as the co-chief executive officer of the Company, effective

Cuneo also served as the Company’s principal financial and accounting officer and resigned from such positions

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.

Minnick, the Company’s Chief Executive Officer, assumed the role of principal financial and accounting officer of the Company effective

Cuneo’s resignation.

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

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.

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 procedures.

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

securities were delisted from the NYSE.

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”).

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.

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.

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.

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”).

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.

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.

August 2024 Non-Redemption Agreements provide for the assignment of economic interest of an aggregate of 115,287 Class B ordinary

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

At December 31, 2024 and 2023, there was insufficient trading activity for the Public Warrants to be classified as Level 1

and was classified as Level 2.

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.

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.

December 31, 2024 Level 1 Level 2 Level 3

Investments held in Trust Account $ 5,804,083 $ —

Public Warrants $ —

Private Warrants —

Fair Value of warrants $ —

December 31, 2023

Investments held in Trust Account

Public Warrants

Private Warrants

Fair Value of warrants

Note 10 — Subsequent Events

The Company evaluated subsequent events and

transactions that occurred after the balance sheet date through the date that the financial statements were issued.

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 financial statements.

Proposed Business Combination

As discussed in Note 1, on July 2, 2025, (i) the

Company (“SPAC”), (ii) Mkango (Cayman) Limited, (iii) Lancaster Exploration Limited, (iv) Mkango Polska s.p.

Z.o.o., (v) Mkango

ServiceCo UK Limited, and (vi) MKA Exploration Ltd., entered into a business combination agreement.

Shareholder Meeting

On May 9, 2025, the Company’s shareholders

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

the date by which the Company must consummate an initial Business Combination from May 11, 2025 to March 11, 2026 (the “May 2025

Extension Proposal”).

In connection with the vote to approve the May

2025 Extension Proposal, shareholders holding an aggregate of 21,807 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 approximately, $ 0.25

million (approximately $ 11.47 per share) was withdrawn from the Trust Account (described below) to redeem such shares.

Following the redemptions,

there were 491,806 Class A ordinary shares issued and outstanding.

Associated with the May 9, 2025 Extraordinary

General Meeting, the Company and CIIG entered into non-redemption agreements (the “May 2025 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 “May 2025 Non-Redeemed Shares”) in connection with the May 9, 2025 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 May 2025 Non-Redeemed Shares through the May 9, 2025 Extraordinary General Meeting.

The May 2025 Non-Redemption Agreements provided

for the assignment of up 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 May 9, 2025 Extraordinary General Meeting.

Revised A&R Note

On March 28, 2025, 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, 2026;

(ii) the date on which the Company

consummates a Business Combination;

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

Non-Redemption Agreements

Beginning on May 6, 2025, and continuing until

the May 9, 2025 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 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.

May 9, 2025, the Company’s shareholders approved an amendment to amend and restate the Company’s Fourth Amended and Restated

Memorandum and Articles of Association to extend the date by which the Company must consummate an initial Business Combination from May

11, 2025 to March 11, 2026 (the “May 2025 Extension Proposal”).

connection with the vote to approve the May 2025 Extension Proposal, shareholders holding an aggregate of 21,807 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 approximately, $ 0.25 million (approximately $ 11.47 per share) was withdrawn from the Trust Account (described

below) to redeem such shares.

Following the redemptions, there were 491,806 Class A ordinary shares issued and outstanding.

with the May 9, 2025 Extraordinary General Meeting, the Company and CIIG entered into non-redemption agreements (the “May 2025

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 “May 2025 Non-Redeemed Shares”) in connection with the May

9, 2025 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 May 2025 Non-Redeemed Shares through the

May 9, 2025 Extraordinary General Meeting.

May 2025 Non-Redemption Agreements provided for the assignment of up 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 May 9, 2025 Extraordinary

General Meeting.

March 28, 2025, 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

Non-Redemption

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.

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.

Pursuant 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 Combination.

on May 6, 2025, and continuing until the May 9, 2025 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.

Pursuant 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 Combination.

Advisor Service Agreement

June 1, 2025, the Company engaged Jett Capital Advisors, LLC (“Jett Capital”) as financial advisor to advise the Company

on their proposed Business Combination with Lancaster Exploration Limited, Mkango Polska S.P.Z.O.O., MKA BVI, and Mkango ServiceCo UK

Company has agreed to pay Jett Capital as follows:

work fee of $ 100,000 upon the execution of the agreement.

of 461,146 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 115,287 Class A ordinary shares upon conversion of the Class B ordinary

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

Financial Advisor Service Agreement

On June 1, 2025, the Company engaged Jett Capital

as financial advisor to advise the Company on their proposed Business Combination with Lancaster Exploration Limited, Mkango Polska S.P.Z.O.O.,

MKA BVI, and Mkango ServiceCo UK Limited.

The Company has agreed to pay Jett Capital as

A work fee of $ 100,000 upon the execution of the

As of the filing of this Form 10-K, this work fee has not been paid.

Business Combination

the Company closing a Business Combination, Jett Capital shall receive a cash transaction fee payable as follows:

the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised

in connection with the Business Combination are $15.0 million, or less, Jett Capital shall

receive a cash transaction fee equal to $2.5 million with $500,000 of the cash transaction

fee paid at close of the Business Combination, and $2.0 million of the cash transaction fee

deferred and payable upon close of the first offering completed by Mkango following the Business

the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised

in connection with the Business Combination are greater than $15.0 million, but less than

$25.0 million, Jett Capital shall receive a cash transaction fee equal to $2.5 million with

the cash transaction fee paid at close of the Business Combination equal to 50% of every

dollar in proceeds (net of offering fees) above $15.0 million paid in cash up to a total

of $2.5 million and any remaining balance owed on the $2.5 million cash transaction fee deferred

and payable upon close of the first offering completed by Mkango following the Business Combination.

the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised

in connection with the Business Combination are equal to or greater than $25.0 million, but

less than $35.0 million, Jett Capital shall receive a cash transaction fee equal to $4.5

million with $2.5 million of the cash transaction fee paid at close of the Business Combination.

and $2.0 million of the cash transaction fee deferred and payable upon close of the first

offering completed by Mkango following the Business Combination.

the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised

in connection with the Business Combination are equal to greater than $35.0 million, Jett

Capital shall receive a cash transaction fee equal to $4.5 million at close of the Business

In the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised in connection with the Business Combination are $15.0 million, or less, Jett Capital shall receive a cash transaction fee equal to $2.5 million with $500,000 of the cash transaction fee paid at close of the Business Combination, and $2.0 million of the cash transaction fee deferred and payable upon close of the first offering completed by Mkango following the Business Combination.

In the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised in connection with the Business Combination are greater than $15.0 million, but less than $25.0 million, Jett Capital shall receive a cash transaction fee equal to $2.5 million with the cash transaction fee paid at close of the Business Combination equal to 50% of every dollar in proceeds (net of offering fees) above $15.0 million paid in cash up to a total of $2.5 million and any remaining balance owed on the $2.5 million cash transaction fee deferred and payable upon close of the first offering completed by Mkango following the Business Combination.

In the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised in connection with the Business Combination are equal to or greater than $25.0 million, but less than $35.0 million, Jett Capital shall receive a cash transaction fee equal to $4.5 million with $2.5 million of the cash transaction fee paid at close of the Business Combination.

and $2.0 million of the cash transaction fee deferred and payable upon close of the first offering completed by Mkango following the Business Combination.

In the event that the proceeds (net of offering fees paid to advisors in the offering(s)) raised in connection with the Business Combination are equal to greater than $35.0 million, Jett Capital shall receive a cash transaction fee equal to $4.5 million at close of the Business Combination.

Offering Fee;

Business Combination PIPE

any offering, or combination of offerings that provide incremental gross proceeds beyond the Trust Account of the Company to Mkango at

close of the Business Combination (the “Business Combination PIPE” or the “PIPE”), Jett Capital shall be a Joint-Placement

Agent in this PIPE with Cohen & Company Capital Markets (“CCM”), each collecting fifty percent ( 50.0 %) of a cash fee

equal to four and a half percent ( 4.5 %) of the gross proceeds raised in the PIPE.

For any offering, or combination of offerings

that provide incremental gross proceeds beyond the Trust Account of the Company to Mkango at close of the Business Combination (the “Business

Combination PIPE” or the “PIPE”), Jett Capital shall be a Joint-Placement Agent in this PIPE with Cohen & Company

Capital Markets (“CCM”), each collecting fifty percent ( 50.0 %) of a cash fee equal to four and a half percent ( 4.5 %) of the

gross proceeds raised in the PIPE.

Offering Fee;

Equity Offering

the Company closing an equity or equity-linked offering following the close of the Business Combination, Jett Capital shall be a Joint

Placement Agent in the equity or equity-linked Offering and receive 50 % of a cash fee equal to six percent ( 6.0 %) of the total offering

size payable at offering close from immediately available funds.

Upon the Company closing an equity or equity-linked

offering following the close of the Business Combination, Jett Capital shall be a Joint Placement Agent in the equity or equity-linked

Offering and receive 50 % of a cash fee equal to six percent ( 6.0 %) of the total offering size payable at offering close from immediately

available funds.

Offering Fee;

Debt Offering

the Company closing a debt offering following the close of the proposed Business Combination, Jett Capital shall be a Joint Placement

Agent in the debt offering and receive 50 % of a cash fee equal to three percent ( 3.0 %) of the total Offering size payable at offering

close from immediately available funds.

Business Combination

discussed in Note 1, on July 2, 2025, (i) the Company (“SPAC”), (ii) Mkango (Cayman) Limited, (iii) Lancaster Exploration

Limited, (iv) Mkango Polska s.p.

Z.o.o., (v) Mkango ServiceCo UK Limited, and (vi) MKA Exploration Ltd., entered into a business combination

Upon the Company closing a debt offering following

the close of the proposed Business Combination, Jett Capital shall be a Joint Placement Agent in the debt offering and receive 50 % of

a cash fee equal to three percent ( 3.0 %) of the total Offering size payable at offering close from immediately available funds.

BCA Note Put Option Buyout

On June 2, 2025, Lancaster agreed to issue and

sell a convertible promissory note to an affiliate of the Company’s Chairman (the “Investor”) in connection with the

Proposed Business Combination with a principal amount of $ 500,000 (the "BCA Note”), as described in the Note Purchase Agreement

in the Company's Form 8-K filed with the SEC on June 3, 2025.

The Company’s CEO and an affiliated entity

of the CEO, entered into a letter agreement (the "Letter Agreement") with the Investor.

The Letter Agreement includes a put

option buyout by the Company’s CEO and/or an affiliated entity of the CEO in the event if for any reason whatsoever Investor is

entitled to the repayment of the BCA Note (including, without limitation unpaid and accrued interest and other charges owing pursuant

to the terms of the BCA Note), and such payment was not timely made by Lancaster.

Associated with the Letter Agreement, CIIG agreed

to transfer to the Investor 250,000 Founder Shares if the Company consummates the Transactions with Lancaster.

(b) Exhibits.

Combination Agreement, dated as of July 2, 2025, by and among CPTK, Lancaster Exploration Limited, Mkango Polska S.P.Z.O.O., MKA

Exploration Limited, Mkango ServiceCo UK Limited and Mkango (Cayman) Limited (incorporated by reference to Exhibit 2.1 to the Current

Report on Form 8-K filed on July 3, 2025 (file no.

Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form

8-K filed on February 9, 2023 (file no.

Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form

8-K filed on February 12, 2024 (file no.

Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form

8-K filed on August 13, 2024 (file no.

Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form

8-K filed on May 9, 2025 (file no.

Unit Certificate (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1 filed January 21, 2021

333-252307)).

Ordinary Share Certificate (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-1 filed January 21,

2021 (file no.

Description of Document

Business Combination Agreement, dated as of July 2, 2025, by and among CPTK, Lancaster Exploration Limited, Mkango Polska S.P.Z.O.O., MKA Exploration Limited, Mkango ServiceCo UK Limited and Mkango (Cayman) Limited (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on July 3, 2025 (file no.

Second Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on February 9, 2023 (file no.

Third Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on February 12, 2024 (file no.

Fourth Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on August 13, 2024 (file no.

Fifth Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on May 9, 2025 (file no.

Specimen Unit Certificate (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1 filed January 21, 2021 (file no.

333-252307)).

Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-1 filed January 21, 2021

Specimen Ordinary Share Certificate (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-1 filed January 21, 2021 (file no.

333-252307)).

Agreement, dated February 8, 2021, between Continental Stock Transfer & Trust Company and the Company (incorporated

by reference to Exhibit 4.1 to the Current Report on Form 8-K filed February 11, 2021, (file no.

of Securities

of Warrant Assignment and Assumption ( (incorporated by reference to Exhibit B to Exhibit 2.1

to the Current Report on Form 8-K filed on July 3, 2025 (file no.

& Restated Promissory Note, dated March 28, 2025, issued by the registrant to Richard Chera (incorporated by reference to Exhibit

10.3 to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed March 31, 2025 (file no.

Purchase Agreement between CPTK and CPTK’s sponsor (incorporated by reference to Exhibit 10.7 to the Registration Statement

on Form S-1 filed January 21, 2021 (file no.

Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-1 filed January 21, 2021 (file no.

333-252307)).

Placement Warrants Purchase Agreement, dated as February 8, 2021, between CPTK and CPTK’s sponsor (incorporated by reference

to Exhibit 10.4 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Management Trust Agreement between CPTK and Continental Stock Transfer & Trust Company, as trustee (incorporated by reference

to Exhibit 10.2 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Rights Agreement, dated February 8, 2021, among CPTK, CPTK’s sponsor and certain equity holders of CPTK (incorporated

by reference to Exhibit 10.3 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Agreement, dated February 8, 2021, between CPTK and CPTK’s sponsor, officers and directors (incorporated by reference

to Exhibit 10.1 to the Current Report on Form 8-K filed February 11, 2021, (file no.

of Administrative Services Agreement (incorporated by reference to Exhibit 10.8 to the Registrant’s Registration Statement

on Form S-1 filed on January 21, 2021 (file No.

Warrant Agreement, dated February 8, 2021, between Continental Stock Transfer & Trust Company and the Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Description of Securities

Form of Warrant Assignment and Assumption ((incorporated by reference to Exhibit B to Exhibit 2.1 to the Current Report on Form 8-K filed on July 3, 2025 (file no.

Amended & Restated Promissory Note, dated March 28, 2025, issued by the registrant to Richard Chera (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed March 31, 2025 (file no.

Securities Purchase Agreement between CPTK and CPTK’s sponsor (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form S-1 filed January 21, 2021 (file no.

333-252307)).

Letter Agreement, dated January 17, 2023, by and between Crown PropTech Acquisitions and Crown PropTech Sponsor.

Support Agreement, dated July 2, 2025, by and among CPTK, Mkango Resources Ltd., Lancaster Exploration Limited, Mkango ServiceCo

UK Limited and MKA Exploration Limited (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on July

3, 2025 (file no.

Support Agreement, dated as of July 2, 2025, by and among CPTK, CIIG Management III LLC, the investor parties thereto, Lancaster

Exploration Limited, Mkango Polska s.p.

Z.o.o., Mkango ServiceCo UK Limited and MKA Exploration Limited (incorporated by reference

to Exhibit 10.2 to the Current Report on Form 8-K filed on July 3, 2025 (file no.

and Restated Promissory Note, dated January 17, 2023, issued by Crown PropTech Acquisitions to Richard Chera (incorporated by reference

to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed June 2, 2023 (file

Agreement, dated January 17, 2023, by and among Crown PropTech Sponsor, LLC, Richard Chera and CIIG Management III LLC (incorporated

by reference to Exhibit 99.1 to the Current Report on Form 8-K filed January 17, 2023 (file no.

Private Placement Warrants Purchase Agreement, dated as February 8, 2021, between CPTK and CPTK’s sponsor (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Investment Management Trust Agreement between CPTK and Continental Stock Transfer & Trust Company, as trustee (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Registration Rights Agreement, dated February 8, 2021, among CPTK, CPTK’s sponsor and certain equity holders of CPTK (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Letter Agreement, dated February 8, 2021, between CPTK and CPTK’s sponsor, officers and directors (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed February 11, 2021, (file no.

Form of Administrative Services Agreement (incorporated by reference to Exhibit 10.8 to the Registrant’s Registration Statement on Form S-1 filed on January 21, 2021 (file No.

333-252307)).

of Non-Redemption Agreement and Assignment of Economic Interest (incorporated by reference to Exhibit 10.1 to the Current Report

on Form 8-K filed on February 1, 2023 (file no.

of Non-Redemption Agreement and Assignment of Economic Interest in connection with the February 2024 EGM (incorporated by reference

to Exhibit 10.1 to the Current Report on Form 8-K filed on February 6, 2024 (SEC file no.

of Non-Redemption Agreement and Assignment of Economic Interest in connection with the August 2024 EGM (incorporated by reference

to Exhibit 10.1 to the Current Report on Form 8-K filed on August 6, 2024 (SEC file no.

of Non-Redemption Agreement and Assignment of Economic Interest in connection with the May 2025 EGM (incorporated by reference to

Exhibit 10.1 to the Current Report on Form 8-K filed on May 8, 2025 (SEC file no.

Certification

of Chief Executive Officer (Principal Executive Officer and Principal Financial Officer) Pursuant to Rules 13a-14(a) and 15d-14(a)

under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certification

of Chief Executive Officer (Principal Executive Officer and Principal Financial Officer) Pursuant to 18 U.S.C.

Section 1350,

as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Instance Document