Company: CRAC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111020
Chunk: 1

Company: Crown Reserve Acquisition Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 1
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Public Right”).   Simultaneously with the closing of the Initial Public Offering and exercise of over-allotment option, the Company consummated the private sale of an aggregate of 375,000 private placement units (the “Private Placement Units”) to the Sponsor at a price of $8.00 per Private Placement Unit, generating total proceeds of $3,000,000. Each Private Placement Unit consists of one Class B-2 Unit and two Class C Units, with each Class B-2 Unit and Class C Unit consisting of one class A ordinary share and one right to receive one-fifth of one Class A ordinary share.   Transaction costs amounted to $2,079,000, consisting of $1,725,000 cash underwriting fee, and $354,000 of other offering costs.   In conjunction with the Initial Public Offering, the Company issued to the underwriter 431,250 Units for no consideration (the “Representative Units”). The fair value of the Representative Units accounted for as compensation under Accounting Standards Codification (“ASC”) 718, “Compensation - Stock Compensation” (“ASC 718”).   Following the closing of the Initial Public Offering, an amount of $172,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units and the Private Placement Units was placed in the trust account (the “Trust Account”), located in the United States, and will be invested or held only in either (i) U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 which invest only in direct U.S. government treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank. Funds will remain in the Trust Account until the earlier of (i) the completion of the Business Combination or (ii) the distribution of the Trust Account as described below. The Company is permitted to withdraw amounts from the Trust Account (i) to fund its working capital requirements, and/or (ii) to pay its taxes, provided that all permitted withdrawals can only be made (x) from interest and not from the principal held in the Trust Account and (y) only to the extent such interest is in amount sufficient to cover the permitted withdrawal amount (“Permitted Withdrawals”).  The Company’s management has broad discretion with respect to the specific application of the net