Company: CRAC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111020
Chunk: 13

Company: Crown Reserve Acquisition Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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 Transactions Founder Shares  On May 12, 2025, the Sponsor purchased 4,312,500 shares of the Company’s Class B Ordinary Shares, par value $0.0001 (“Class B Ordinary Shares”) for an aggregate price of $25,000. Up to 562,500 the shares of which are subject to forfeiture (the “Founder Shares”). The Founder Shares will automatically convert into Class A Ordinary Shares at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions, as described in Note 6. Holders of Founder Shares may also elect to convert their Class B Ordinary Shares into an equal number of Class A Ordinary Shares, subject to adjustment, at any time. The initial shareholders  agreed to forfeit up to 562,500 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The forfeiture would have been adjusted to the extent that the over-allotment option was not exercised in full by the underwriters so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. Upon the closing of the IPO, the full over-allotment option was exercised and the shares are no longer subject to forfeiture (i).   As of November 6, 2025, there were 4,312,500 Founder Shares issued and outstanding. The underwriter fully exercised the over-allotment option and none of the Founder Shares were subject to forfeiture.   The initial shareholders  agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their shares of Ordinary Shares for cash, securities or other property.  Promissory Note — Related Party  Our sponsor or an