Alti Global, Inc. current report, 30 December 2022

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Alti Global, Inc. — Form 8-K Summary

Filing date: December 30, 2022. The provided filing identifies the registrant as Cartesian Growth Corporation, not Alti Global, Inc.; investors should verify the issuer identity. The report was filed under Item 8.01, “Other Events,” and also constituted written communications under Rule 425 concerning a proposed business combination.

Business Context and Reporting Period

The filing relates to the previously announced business combination involving Cartesian Growth Corporation, Tiedemann Wealth Management Holdings, the TIG entities, Alvarium Investments Limited, and related parties. It reports a divestiture completed on December 30, 2022, rather than quarterly or annual operating results.

Transaction and Key Financial Metrics

  • Alvarium RE Limited, an indirect wholly owned subsidiary of Alvarium Investments Limited, sold Alvarium Home REIT Advisors Limited, the investment adviser to Home REIT plc, to AHRA Holdco, an entity owned by AHRA management.
  • Aggregate consideration was approximately £24 million, stated to represent AHRA’s fair market value as of December 30, 2022.
  • The consideration was provided through a promissory note with a fixed term maturing on December 31, 2023, subject to extension by mutual agreement.
  • The filing does not provide revenue, profit, cash-flow, margin, debt, liquidity, or other operating metrics for the registrant.

Material Changes, Outlook, and Risks

  • The sale was completed concurrently with execution and delivery of the purchase agreement.
  • Alvarium RE Limited retained a right of first refusal to match a third-party offer to acquire AHRA before the note matures.
  • Alvarium RE Limited also received a call option to repurchase AHRA before repayment of the note for a price equal to the outstanding loan balance.
  • The filing provides no management earnings guidance or broader business outlook.
  • Key contingencies include collection and maturity of the promissory note, any agreed extension, exercise of the call option, and potential exercise of the right of first refusal.

Facts Investors Should Verify

  1. Whether this filing corresponds to Alti Global, Inc., because the filing text names Cartesian Growth Corporation as the registrant.
  2. The final legal and financial treatment of the approximately £24 million promissory note.
  3. Whether the note was repaid, extended, or otherwise amended by December 31, 2023.
  4. Any subsequent exercise of the call option or right of first refusal.
  5. The status and final terms of the referenced business combination.