Crown PropTech Acquisitions is a SPAC — a blank check company with no operations of its own. Crown PropTech raised $276M in its February 2021 IPO, placing proceeds in a trust account invested in U.S. government securities and money market funds, which represents its only source of income. Crown PropTech's sole purpose is to identify and merge with a private company to take it public. In July 2025, Crown PropTech announced a business combination with Mkango Resources, a rare earth mining and processing company, with the deal targeting a Nasdaq listing under the name "Mkango Rare Earths Limited." The proposed transaction centers on Mkango's Songwe Hill rare earth project in Malawi and a planned separation plant in Pulawy, Poland. The deal deadline has been extended multiple times and currently stands at September 30, 2026. The trust account has been severely depleted by repeated shareholder redemptions at each extension vote — from $276M at IPO to roughly $2M by early 2024, with only ~484K Class A shares currently outstanding. If no deal closes by March 11, 2027, Crown PropTech must liquidate and return remaining trust funds to shareholders, at which point the sponsors' Founder Shares — received at nominal cost as their economic incentive to close a deal — become worthless.