Company: CRAC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111020
Chunk: 32

Company: Crown Reserve Acquisition Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 32
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,500,000 was placed in the Trust Account. Transaction
costs amounted to $2,079,000, consisting of $1,725,000 cash underwriting fee, and $354,000 of other offering costs.
 
We intend to use substantially
all of the funds held in the trust account, including any amounts representing interest earned on the trust account (which interest shall
be net of Permitted Withdrawals and excluding deferred underwriting commissions), to complete our initial business combination. We may
make Permitted Withdrawals of interest as needed. Our annual income tax obligations will depend on the amount of interest and other income
earned on the amounts held in the trust account. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration
to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance
the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
 
Prior to the completion
of our initial business combination, we will have available to us $695,000 of proceeds held outside the trust account. We will use these
funds primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to
and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate
documents and material agreements of prospective target businesses, structure, negotiate and complete a business combination, and to
pay Permitted Withdrawals to the extent the interest earned on the trust account is not sufficient to pay our Permitted Withdrawals.
 
In order to fund working
capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate
of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete
our initial business combination, we would repay such loaned amounts. In the event that our initial business combination does not close,
we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust
account would be used for such repayment. Up to $5,000,000 of such loans may be convertible into private placement units at a price of
$8.00 per unit, at the option of the lender. Such units would be identical to the private placement units. The terms of such loans by
our officers and directors, if any, have