CRAC SEC filings, in plain English
Everything Crown Reserve Acquisition Corp. I has filed with the SEC that we hold — 40 filings, newest first, 37 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Crown Reserve Acquisition Corp. I filed a Form 8-K under Rule 425 on August 26, 2026, disclosing the execution of a First Amendment to the Business Combination Agreement with Carvix, Inc. The amendment modifies Section 5.04 of the original agreement to align voting requirements with the Company’s Cayman Islands constitutional documents. Specifically, it establishes that business combination, Nasdaq, incentive plan, advisory organizational documents, and adjournment proposals require an ordinary resolution (simple majority) of Class A and Class B shares voting together. It further specifies that domestication and organizational document proposals require a special resolution (two-thirds vote) of only Class B shares, excluding Class A shareholders from voting on those items. Additionally, director elections require an ordinary resolution of Class B shares only. The amendment also clarifies that advisory organizational document proposals are non-binding and not conditions to closing. Regarding compensation, the amendment mandates that annualized base salaries for identified Carvix executives will be no less than the amounts set forth in Annex A of the Amendment, satisfying the condition in Section 8.02(e) of the Business Combination Agreement. Why it matters: This filing updates investors on the specific governance mechanics and shareholder approval thresholds required to consummate the merger with Carvix, particularly highlighting the exclusion of public shareholders (Class A) from voting on structural changes like domestication. It also locks in minimum salary floors for key management personnel, which impacts the financial obligations of the combined entity. As this is a Rule 425 filing, it precedes the registration statement and proxy statement, serving as a critical disclosure for shareholders evaluating the terms of the proposed business combination before the formal solicitation of proxies.
What changed: Crown Reserve Acquisition Corp. I filed an 8-K on August 26, 2026, announcing the execution of a First Amendment to the Business Combination Agreement with Carvix, Inc. The amendment modifies Section 5.04 to align voting requirements with the Company’s Cayman Constitutional Documents: business combination, Nasdaq, incentive plan, advisory organizational documents, and adjournment proposals require an ordinary resolution (simple majority of Class A and Class B shares voting together); domestication and organizational documents proposals require a special resolution (two-thirds of Class B shares), with Class A shareholders having no vote on these; and director elections require an ordinary resolution of Class B shareholders only. Additionally, the amendment sets minimum annualized base salaries for Carvix executives identified in Annex A, ensuring employment agreements meeting this threshold satisfy the condition in Section 8.02(e) of the original agreement regarding compensation consistency. Why it matters: The filing clarifies the specific shareholder vote thresholds required to approve the proposed merger with Carvix, particularly distinguishing between matters requiring combined Class A/Class B approval versus those restricted to Class B holders. It also establishes binding salary floors for key executive hires, which impacts the cost structure and governance terms of the post-combination entity. No new redemption deadline or trust value changes are reported.
What changed: A Schedule 13G beneficial ownership report. Highbridge Capital Management, LLC filed the submission. The provided text bears on SPAC mechanics by disclosing no amendments to share counts, redemption elections, trust account movements, extension voting timelines, deal closure status, or sponsor conduct. It contains no statements attributable to the sponsor, management, or advisers regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Why it matters: Schedule 13G filings track significant equity interests for regulatory transparency. Because the excerpt provides only the cover line and holder identity, it does not signal a shift in capital commitment or voting influence that would impact the $10.23 per-share trust amount, the February 10, 2027 conversion cutoff, or the fundamental mechanics of the announced combination. It reflects standard periodic disclosure rather than a transactional catalyst.
What changed: This document is a Limited Power of Attorney exhibit attached to a Schedule 13G filing, executed on 8-13-2026 by Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Americas LLC, and Mizuho Securities USA LLC. Regarding redemption deadlines, trust value, extensions, deal progress, and sponsor conduct, the filing reports zero mechanical changes or operational updates. What altered is exclusively the internal delegation of statutory reporting authority: per signatures from Shuji Matsuura (Senior Managing Corporate Executive, Head of Global Corporate & Investment Banking for Mizuho Financial Group, Inc.; Managing Executive Officer, Head of Global Corporate & Investment Banking Division for Mizuho Bank, Ltd.) and Adam Hopkins (Chief Legal Officer and Managing Director, General Counsel for Mizuho Americas LLC and Mizuho Securities USA LLC), Takahiro Katsura (Managing Director, Head of Global Branches & Subsidiaries Coordination Office, Global Corporate Function Coordination Department) is expressly authorized to execute Form 13G, complete and execute any amendments, restatements, supplements, or exhibits, and timely file such forms with the SEC on behalf of the covered Mizuho entities. Concerning other substance, the document lists principal business office locations at 1-5-5, Otemachi, Chiyoda-ku, Tokyo 100-8176, Japan and 1271 Avenue of the Americas, NY, NY 10020, USA, classifies the subsidiaries as a non-U.S. institution equivalent to Bank, a parent holding company, and a registered Broker-Dealer, and states the authorization remains effective until filing obligations cease or is revoked via signed written notice, with no disclosures regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or material business commitments. Why it matters: For investors tracking SPAC mechanics, this confirms Mizuho-affiliated entities are centralizing Exchange Act compliance through a designated attorney-in-fact arrangement, but it carries no influence on trust accounting, liquidation timelines, business combination execution, redemption eligibility, or sponsor fiduciary conduct. It is a standard procedural attachment unrelated to capital deployment or target selection. Material: false. Confidence: 0.96
What changed: Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed by Crown Reserve Acquisition Corp. I (CRAC), a blank-check company. Per the filing, the trust/share value is stated as $10.23 in your prompt but the document states the redemption value is $10.00 per share. The trust value increased to $176,476,946 from $173,403,838, reflecting dividend earnings. The warrant liability increased to $3,139,940 from $1,419,066. The Business Combination with Carvix is still pending and the outside date is September 30, 2026. There is a going concern disclosure due to the February 10, 2027, deadline. The material weakness in internal controls related to complex financial instruments persists without full remediation. Why it matters: This filing is material because it confirms the pending business combination with Carvix has not yet closed, the trust value is growing, and the deadline for completion is approaching (Feb 10, 2027). The increase in the warrant liability and the persistent material weakness in internal controls are notable governance concerns. The disclosure of substantial doubt about the company's ability to continue as a going concern is the most critical takeaway for investors.
What changed vs 2026-05-15trust $174.9M → $176.5M +1%trust account, combination deadline, going-concern doubt +11 moved · 3 with no prior record of ours
- Trust account
- $174.9M$176.5M
- Combination deadline
- 2027-02-10 · unchanged
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 17.3M · unchanged
SpacBrain reads this as $1,548,367 was added to the trust between the two filings.
The clause …“41,933 - Total current assets 114,409 448,082 Cash and marketable securities held in Trust Account 176,476,946 173,403,838 Total assets 176,591,355 173,851,920 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts payable”…
The clause …“extended by three months from November 10, 2026, and we must complete a Business Combination by February 10, 2027. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to”…
The clause …“Class A ordinary shares. In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, management has determined that the mandatory liquidation, should a Business Combination not occur,”…
The clause …“were 806,250 Class A ordinary shares issued and outstanding, excluding the 17,250,000 Class A ordinary shares subject to possible redemption classified as temporary equity. The 806,250 Class A ordinary shares represent representative”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Quarterly report (Form 10-Q) for the period ended March 31, 2026. Trust value rose to $174,928,579 ($10.00 per share); net loss $263,493; warrant liability at $3,023,463; Business Combination Agreement with Carvix signed March 30, 2026, extending the Combination Period to February 10, 2027; Outside Date for closing is September 30, 2026; sponsor's due from related party decreased to $210,670; working capital deficit persists; material weakness in internal controls not fully remediated. Why it matters: Updates trust redemption mechanics, deadline extension, and deal progress—critical for redemption decisions. Carvix earnout targets disclosed. The filing confirms the SPAC is on track to complete the business combination but carries going concern risk if the deal fails.
What changed vs 2025-11-14deadline 2026-11-10 → 2027-02-10going concern APPEAREDcombination deadline, going-concern doubt, trust account +22 moved · 3 with no prior record of ours
- Combination deadline
- 2026-11-102027-02-10
- Going-concern doubt
- not statedstated
- Trust account
- not previously extracted$174.9M
- Redeemable shares
- not previously extracted17.3M
- Sponsor loans outstanding
- $244Knot matched in this filing
SpacBrain reads this as 92 days later than the previous record.
The clause …“on March 30, 2026, which automatically extended the Combination Period to February 10, 2027. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“Class A ordinary shares. In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, management has determined that the mandatory liquidation, should a Business Combination not occur,”…
The clause …“62,900 - Total current assets 273,570 448,082 Cash and marketable securities held in Trust Account 174,928,579 173,403,838 Total assets $ 175,202,149 $ 173,851,920 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts”…
The clause …“were 806,250 Class A ordinary shares issued and outstanding, excluding the 17,250,000 Class A ordinary shares subject to possible redemption classified as temporary equity. The 806,250 Class A ordinary shares represent representative”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A Joint Filing Agreement (Exhibit A) accompanying a Schedule 13G beneficial ownership report for the Class A Ordinary Shares of Crown Reserve Acquisition Corp. I. The filing creates a consolidated reporting arrangement for Westchester Capital Management, LLC and Westchester Capital Partners, LLC under Rule 13d-1(k). It contains no modifications to acquisition timelines, redemption windows, trust account distributions, extension vote triggers, or sponsor conduct disclosures. Why it matters: Investors tracking redemption deadlines, trust mechanics, deal progress, or sponsorship activity will find no new operational parameters, as this is a procedural regulatory exhibit. The document makes zero claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or executive compensation. The only attributed information originates from CaSaundra Wu, Chief Compliance Officer for both Westchester entities, who executed the agreement on May 15, 2026. Shareholder consolidation is documented strictly for SEC filing logistics; no positional percentages, acquisition targets, voting blocs, or capital structure adjustments are disclosed.
What changed: Form 425 filed as a current report on Form 8-K announcing the execution of a Business Combination Agreement between Crown Reserve Acquisition Corp. I (CRAC) and Carvix, Inc., including the full merger agreement and ancillary agreements. CRAC has entered into a definitive Business Combination Agreement with Carvix, Inc., valuing Carvix at $1 billion. Stockholders of Carvix will receive 50,000,001 shares of SPAC common stock at closing plus up to 50,000,100 earnout shares tied to EBITDA and revenue targets through 2030. Sponsor will receive up to 3,000,000 earnout shares. SPAC will seek at least $80 million in PIPE financing and a $20 million ELOC. Closing requires SPAC shareholder approval, SEC effectiveness of S-4, Nasdaq listing, and minimum $10 million cash after redemptions. Outside date is September 30, 2026. The post-closing board will have five members: four nominated by Carvix and one by the SPAC sponsor. Carvix management will continue to lead the combined company. Why it matters: This filing provides the full terms of the proposed business combination, including consideration, earnout targets, closing conditions, and governance structure. Shareholders can now evaluate the deal ahead of the shareholder vote and redemption deadline. The trust value per share is approximately $10.23 and redemptions will be permitted. The earnout structure and minimum cash condition are key for assessing post-deal value.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2026-09-30 · unchanged
The clause “PAC or the Company if the Effective Time shall not have occurred on or prior to September 30, 2026 (the “ Outside Date ”); provided , however , that this Agreement may not be terminated under this Section 9.01(b) by or on behalf of any”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: An SEC Form 8-K filed by Crown Reserve Acquisition Corp. I announcing entry into a Business Combination Agreement dated March 30, 2026 with Carvix, Inc. and CRAC Merger Sub Inc., together with related ancillary agreements and exhibits. CRAC has signed a definitive business combination agreement with Carvix. Under the terms, CRAC will domesticate to Delaware, Merger Sub will merge into Carvix, and Carvix stockholders will receive 50,000,001 shares of CRAC common stock at closing plus up to 50,000,100 Company Earnout Shares based on EBITDA and revenue targets, with up to 3,000,000 Sponsor Earnout Shares also available. The 8-K also reports that the trust fund holds no less than $174,894,694, that closing requires at least a $10,000,000 minimum cash amount and a $5,000,001 net tangible asset or penny-stock condition, and that the Outside Date is September 30, 2026. SPAC also disclosed an intended minimum PIPE of $80,000,000 and an ELOC commitment of $20,000,000, plus support agreements from Carvix stockholders holding a sufficient number of shares for the required company approval. Why it matters: This is the initial definitive filing establishing CRAC's deal terms and timeline. Investors tracking redemption mechanics should note the required redemption opportunity before closing, the minimum cash and net tangible asset conditions, the S-4/proxy and Nasdaq listing prerequisites, and the September 30, 2026 Outside Date. The filing also shows Carvix's existing management will lead the combined company and that the post-closing board will be five members, with four nominated by Carvix and one by the sponsor.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- not previously extracted2026-09-30
SpacBrain reads this as the agreement may be terminated from 2026-09-30.
The clause “PAC or the Company if the Effective Time shall not have occurred on or prior to September 30, 2026 (the “ Outside Date ”); provided , however , that this Agreement may not be terminated under this Section 9.01(b) by or on behalf of any”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: SEC Form 8-K furnishing a press release dated March 31, 2026 that announces a definitive Business Combination Agreement between Crown Reserve Acquisition Corp. I and Carvix, Inc. The press release, filed in this 8-K, formalizes a merger structure where a Crown Reserve subsidiary merges into Carvix, with Carvix surviving as a wholly owned operating subsidiary. Crown Reserve will domesticate from the Cayman Islands to Delaware and list the combined company on the Nasdaq Stock Market. The transaction values Carvix at an implied enterprise value of $1.0 billion, including earnout consideration, using an all-stock exchange based on a $10.00 per share reference value. Crown Reserve committed to reasonable best efforts to raise a minimum of $80.0 million in PIPE financing and a committed equity line of credit of no less than $20.0 million. Closing requires a minimum of $10.0 million in cash after redemptions, deferred underwriting fees, repayment of indebtedness, and transaction expenses. Earnout mechanics allow certain Carvix stockholders to receive up to 50,000,100 additional shares over four years beginning January 1, 2027, split equally into a revenue component (up to 25,000,050 shares) and an EBITDA component (up to 25,000,050 shares) with annual catch-up and true-up mechanics. The Sponsor qualifies for up to 3,000,000 additional shares (1,000,000 shares per year for the first three years) under identical milestones. Governance shifts to a five-member board (four Carvix nominees, one Sponsor nominee) with mutually agreed independent directors. Director/officer lock-ups run for eighteen months; the Sponsor faces a lock-up expiring the earlier of six months post-PIPE or eighteen months post-close. The agreement may be terminated if closing has not occurred by September 30, 2026, contingent on customary conditions including shareholder approval, S-4 effectiveness, Nasdaq listing, and the minimum cash condition. Why it matters: This filing materially accelerates the deal execution timeline and establishes clear mechanics for SPAC shareholders evaluating redemption decisions against the reported $10.23 trust per share baseline. The $10.00 per share reference value creates a structural valuation anchor that investors will compare to net trust assets when weighing redemption versus holding ahead of the required Form S-4 proxy statement/prospectus. The $10.0 million post-redemption cash requirement establishes a hard liquidity threshold that directly influences whether PIPE proceeds or credit lines must be drawn to consummate the merger. The September 30, 2026 termination window forces a decisive voting and closing schedule well before the SPAC's longer February 10, 2027 liquidation deadline, concentrating near-term catalyst risk. Sponsor alignment is structurally protected through the 3,000,000-share earnout tied to the same corporate milestones, mitigating typical pre-close incentive drift. On strategic substance, Ramin Farahmand, Co-Founder and Chief Executive Officer of Carvix, characterized the platform as a technology-led consolidator leveraging data-driven operational execution across a fragmented automotive services market. Eric Sherb, Managing Member of Crown Acquisition Sponsor LLC, cited demonstrated unit economics and a large, underserved market as reasons for selecting Carvix following an extensive search. The parties also intend the reorganization to qualify as tax-free under Internal Revenue Code Sections 368(a)(1)(F) and 368(a), with legal counsel identified as Whiteford, Taylor & Preston LLP and Zarif Law Group P.C. for Crown Reserve, Mitchell Silberberg & Knupp LLP for Carvix, and Thunder Rock Capital, LLC serving as financial advisor to Crown Reserve.
What changed: Form 10-K annual report for fiscal year ended December 31, 2025, the first such report since Crown Reserve Acquisition Corp. I's IPO on November 10, 2025. This is the initial 10-K filing since inception. Key changes: (1) IPO closed with 17,250,000 units at $10.00, raising $172.5 million; trust account held $173,403,838 at year-end, or approximately $10.05 per public share. (2) No business combination has been announced or is under substantive discussion; the company has 12 months (to Nov 10, 2026, automatically extended to Feb 10, 2027 upon signing a deal agreement) to complete a combination. (3) Management disclosed a material weakness in internal control over financial reporting related to accounting for complex financial instruments (warrant liabilities and public rights). (4) The independent auditor included a going concern explanatory paragraph. (5) Net income of $1,129,754 was reported, consisting entirely of trust investment income and a gain on warrant liability revaluation; no operating revenues. (6) The company held zero cash outside the trust and relies on the sponsor for working capital (receivable from sponsor of $448,082). (7) No executive compensation was paid. Why it matters: For investors monitoring redemption mechanics and deal progress: the trust value per share is ~$10.05, slightly above the $10.00 redemption floor due to earned dividends. The redemption deadline is November 10, 2026 (extendable to February 10, 2027). There is no target identified yet, increasing the risk of liquidation if no deal is done in time. The material weakness and going concern opinion highlight governance and liquidity risks. Sponsor conduct appears standard (paid formation costs, holds founder shares with typical lock-ups, no insider trading arrangements adopted). The filing provides the first baseline financials for tracking future performance.
What changed: A Schedule 13G beneficial ownership report accompanied by an attached EXHIBIT 99.1 Joint Filing Agreement. The filing establishes a unified regulatory reporting arrangement among MAGNETAR FINANCIAL LLC, MAGNETAR CAPITAL PARTNERS LP, SUPERNOVA MANAGEMENT LLC, and DAVID J. SNYDERMAN to submit a single Schedule 13G on behalf of all four parties regarding Crown Reserve Acquisition Corp. I shares as of December 31, 2025. Executed on February 17, 2026 by Hayley Stein as Attorney-in-fact for David J. Snyderman, the Joint Filing Agreement invokes Rule 13d-1(k) to permit consolidated disclosure. The exhibit discloses no share counts, acquisition costs, voting allocations, or pricing. Accordingly, it reports zero alterations to the SPAC's redemption mechanics, trust per-share accounting, business combination deadline, extension voting provisions, target due diligence status, or sponsor governance actions. Why it matters: This is a routine Securities Exchange Act compliance exhibit that clarifies how multiple Magnetar-affiliated vehicles and a named individual manager aggregate their positions for Section 13(d) transparency. For investors tracking the SPAC's path to a closing, the filing confirms coordinated holding behavior among the listed signatories but introduces no new commercial terms, conditional warrants, lock-up adjustments, or shareholder directives that would shift redemption economics or influence the announced deal trajectory. Because the text attributes no statements to management, the sponsor, or third-party analysts regarding customers, revenue projections, total addressable market, proprietary technology, strategic partnerships, active litigation, or executive succession plans, it carries no operational or valuation weight. Shareholders monitoring the pre-disclosed redemption window and trust balance should treat this document as a structural housekeeping update that confirms filing alignment rather than a catalyst for redemption timing or deal termination risk.
What changed: Routine compliance exhibit: Schedule 13G/A Joint Filing Agreement. The filing establishes a consolidated reporting arrangement under Rule 13d-1(k) among eight Harraden Circle affiliated entities and Frederick V. Fortmiller, Jr., permitting them to file amended Schedule 13G statements on a unified basis. It carries forward the SPAC’s existing operational framework: the $10.23 trust per share valuation, the 2027-02-10 business combination deadline, and the currently announced deal status remain entirely unmodified. No extension motions, redemption mechanic alterations, or sponsor conduct changes are documented. Why it matters: This agreement aggregates the Harraden Circle investment vehicles for SEC disclosure purposes, meaning future ownership updates will reflect collective block movements rather than fragmented entity filings. For investors tracking voting concentration and potential redemption pressure ahead of the stated deadline, it confirms that these related parties function as a single reporting group. The document contains no commercial substance: there are no customer claims, revenue figures, market size estimates, strategic pivots, technology validations, partnership announcements, litigation exposures, or executive interviews. Signed exclusively by Mr. Fortmiller as Managing Member across the relevant GPs and LPs, it serves purely as an administrative compliance instrument that leaves all transaction economics, target search progress, and investor protection mechanisms intact.
What changed: A Schedule 13G beneficial ownership report filed on February 11, 2026 (SEC file number 0000312069-26-000037) submitted by Barclays PLC to disclose its equity holdings in Crown Reserve Acquisition Corp. I. Barclays PLC reports its current beneficial ownership position in the issuer. The provided excerpt does not list exact share quantities, percentage thresholds, acquisition dates, or investment purpose declarations beyond the standard 13G classification. Accordingly, the filing contains no updates affecting the $10.23 trust value per share, the February 10, 2027 redemption deadline, extension mechanisms, merger execution status, or sponsor conduct. Why it matters: Beneficial ownership filings reveal institutional concentration and potential voting weight ahead of de-SPAC closures and shareholder approval windows. Barclays PLC’s submission confirms continued portfolio tracking of the security, but without the schedule’s underlying share counts, cost basis, or voting arrangements, the report cannot directly inform redemption expectations, capital commitment signals, or governance leverage relative to the stated deadline.
What changed: A Joint Filing Agreement executed by Feis Equities LLC and Lawrence M. Feis to authorize the collective submission of a Schedule 13G dated January 20,2026 regarding Class A ordinary shares of Crown Reserve Acquisition Corp. I, filed under Rule 13d-1(k) of the Securities Exchange Act of 1934. Per Feis Equities LLC and Lawrence M. Feis, the filing introduces no adjustments to the SPAC's redemption schedule, trust account balance, extension vote, merger execution, or sponsor oversight. The instrument merely consolidates reporting obligations so that any subsequent amendments to their Schedule 13G—including potential Schedule 13D filings—will be lodged on behalf of each undersigned party. The document contains no substantive claims regarding customers, revenue streams, addressable market size, commercial strategy, proprietary technology, strategic partnerships, pending litigation, or executive personnel changes. Why it matters: The agreement functions exclusively as an administrative compliance tool to prevent redundant SEC submissions for beneficial ownership tracking. Because it discloses no operational, financial, or transactional developments, it does not influence shareholder redemption pricing, liquidation mechanics, proxy voting, or deal closure trajectories.
What changed: A Form 8-K current report containing Exhibit 99.1, a press release issued by Crown Reserve Acquisition Corp. I announcing the mechanical separation and distinct public listing of its previously bundled offering units. The press release announces that holders of the Company’s units may elect to separately trade the Class A ordinary shares, warrants, and rights included in the units commencing on or about December 9, 2025. Separated securities will trade on Nasdaq under the symbols “CRAC,” “CRACW,” and “CRACR.” The company defined each original unit as consisting of one Class A ordinary share, one-half of one redeemable warrant, and one right to receive one-fifth of one Class A ordinary share. Upon separation, the company confirmed that no fractional warrants will be issued and only whole warrants will trade. Execution requires unit holders to have their brokers contact VStock Transfer, LLC, the registered transfer agent. A registration statement relating to these newly separable securities was filed and became effective September 26, 2025. Why it matters: This procedural update alters secondary market liquidity and optionality without changing your tracked redemption timeline, trust account disclosures, or business combination deadline. Investors holding combined units must act through their brokers before the December 9, 2025 split date to preserve full economic packaging, while those seeking isolated equity ownership or warrant leverage can now trade components independently. The filing discloses a warrant exercise price of $11.50 per share and reiterates that the rights entitle holders to one-fifth of one ordinary share strictly upon consummation of an initial business combination. Corporate management’s press release includes forward-looking statements regarding the pursuit of a target acquisition, which the company attributes to standard pre-combination uncertainty and references risk factors in its final IPO prospectus. Chief Executive Officer Prashant Patel executed the filing, and Chief Financial Officer Eric Sherb is designated as the corporate contact. The document contains no new figures or claims regarding sponsor compensation, partner agreements, customer pipelines, revenue projections, proprietary technology, litigation developments, or amendments to existing contractual defenses.
What changed: A routine compliance exhibit constituting a Joint Filing Agreement for a Schedule 13G statement regarding Class A ordinary shares. Nothing changed regarding the SPAC’s operational mechanics. Feis Equities LLC and Managing Member Lawrence M. Feis executed the agreement solely to satisfy Rule 13d-1(k) procedural requirements for jointly filing the Schedule 13G dated November 25, 2025. The document contains no statements, modifications, or acknowledgments affecting redemption mechanics, trust account value, business combination deadlines, extension provisions, deal progress, or sponsor conduct. Why it matters: It functions exclusively as a procedural confirmation for regulatory disclosure compliance by the named signatories. It carries no substantive implications for shareholder redemption timing, trust account distributions, target transaction evaluation, or corporate control shifts.
What changed: Quarterly report on Form 10-Q filed by Crown Reserve Acquisition Corp. I, a blank-check SPAC incorporated in April 2025 that completed its IPO on November 10, 2025. This is the first quarterly report ever filed by this SPAC, covering a period from inception (April 29, 2025) through September 30, 2025, which is entirely pre-IPO. The IPO and private placement closed on November 10, 2025, after the balance sheet date. As a result, the financial statements show only formation activities: $25,000 from the sale of founder shares to the sponsor (Crown Acquisition Sponsor LLC) and $243,748 borrowed under a promissory note from the sponsor. The trust account had not yet been funded. The underwriters' over-allotment option was exercised in full at closing. Why it matters: This filing establishes the baseline financial mechanics for the SPAC. Key elements for investors: (1) Trust: $10.00 per unit deposited, for a total of $172,500,000. (2) Deadline: November 10, 2026 (12 months from IPO closing), with no extension provisions mentioned. (3) Redemption rights: Standard SPAC redemption rights at trust value ($10.00 per share) upon any business combination. (4) Founder shares: 4,312,500 Class B shares purchased for $25,000 (approximately $0.006 per share). The initial lock-up is one year after the business combination or earlier if share price reaches $12.00 for 20 out of 30 trading days starting 150 days post-combination. (5) Sponsor conduct: The sponsor covered IPO expenses via a $243,748 promissory note that was repaid at closing. The sponsor also agreed to a monthly $10,000 support services fee. The sponsor is liable for protecting the trust from vendor claims. (6) No target has been identified, and no substantive discussions have occurred.
What changed vs 2025-11-14sponsor loan $172K → $244Ksponsor loans outstanding, combination deadline1 moved · 1 with no prior record of ours
- Sponsor loans outstanding
- $172K$244K
- Combination deadline
- 2026-11-10 · unchanged
SpacBrain reads this as the sponsor has advanced $72,000 more.
The clause …“sponsor under an unsecured promissory note. As of September 30, 2025 we had borrowed $243,748 under the unsecured promissory note. Subsequent to the quarterly period covered by this Quarterly Report on Form 10-Q, on November 10, 2025,”…
The clause …“conjunction with any such amendment. If the Company is unable to complete a Business Combination by November 10, 2026 ( 12 months from the closing of the Public Offering) or during any Extension Period, (the “Combination Period”), the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Quarterly Report (Form 10-Q) for the period ended June 30, 2025, filed by Crown Reserve Acquisition Corp. I, a blank-check company that had not yet completed its initial public offering as of the balance sheet date. The Company consummated its IPO and private placement on November 10, 2025, after the quarter end. Gross proceeds of $172,500,000 from 17,250,000 units at $10.00 per unit were placed in the trust account, establishing a per-share trust value of $10.00. The business combination deadline is set at November 10, 2026 (12 months from closing). The share structure, warrant terms, and redemption mechanics are now defined. No target business has been selected. Why it matters: This filing provides the definitive trust account funding, redemption mechanics, and deadline for shareholders. Investors can now track the trust value per share ($10.00 initially plus any interest) and the redemption deadline. The lack of any identified target means no imminent deal risk, but the one-year deadline starts the clock.
What changed: Joint Filing Agreement (Exhibit A) accompanying a Schedule 13G beneficial ownership report. This excerpt contains only the execution page of the agreement; it discloses no share quantities, ownership percentages, redemption elections, trust distribution mechanics, extension votes, or merger timeline updates. It formally binds Harraden Circle Investments, LLC; Harraden Circle Investors GP, LP; Harraden Circle Investors GP, LLC; Harraden Circle Investors, LP; Harraden Circle Special Opportunities, LP; Harraden Circle Strategic Investments, LP; Harraden Circle Concentrated, LP; and Frederick V. Fortmiller, Jr. to file and amend the statement jointly under Rule 13d-1(k). Why it matters: The signatories confirm administrative consolidation for regulatory reporting among the Harraden Circle family of vehicles. The listed parties identify Frederick V. Fortmiller, Jr. as the Managing Member executing all signatures on behalf of the entities, dated November 14, 2025. The fragment provides no numerical holdings, purpose-of-acquisition statements, or any claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Without the principal Schedule 13G body, this filing serves only as a procedural cover sheet establishing joint liability for future amendments and contains no actionable data for the redemption calendar, trust settlement calculations, or deal completion tracking.
What changed: Current report on Form 8-K filed by Crown Reserve Acquisition Corp. I to report the consummation of its initial public offering (IPO) on November 10, 2025, including the full exercise of the underwriters' over-allotment option, and the entry into related agreements (underwriting, rights, warrant, trust, private placement, registration rights, indemnity, and administrative services agreements). The company closed its IPO of 17,250,000 units at $10.00 per unit, generating gross proceeds of $172,500,000. The full amount of $10.00 per unit ($172,500,000) was deposited into the trust account. The trust is initially $10.00 per share (not $10.23 as per user metadata). The deadline for a business combination is 12 months from closing (November 10, 2026). No extension was announced. The sponsor purchased 375,000 private placement units at $8.00 per unit. Director appointments were made; the board was established. No business combination has been announced—this is a fresh SPAC IPO. Why it matters: This 8-K establishes the baseline trust value ($10.00 per share) and the 12-month deadline for the company to complete a business combination. It sets the terms for warrants, rights, and sponsor lock-ups. Investors tracking redemption mechanics now have the trust size and deadline. The filing is the first substantive report after the SPAC's formation and IPO.
What changed: A Form 12b-25 Notification of Late Filing (labeled NT 10-Q) submitted to the SEC to officially request a five-day extension for submitting the quarterly report for the period ended June 30, 2025. The registrant postponed the due date for its Form 10-Q from November 10, 2025, to no later than November 17, 2025, under Rule 12b-25. The filing discloses that Crown Reserve Acquisition Corp. I completed its initial public offering of 17,250,000 units at a price of $10.00 per unit on November 10, 2025, which included the full exercise of the underwriter’s over-allotment option. The document does not modify the stated February 10, 2027 redemption deadline, does not adjust the trust value per share, and provides no information regarding business combination extensions, target progress, or sponsor conduct. Why it matters: The registrant attributes the delay to requiring additional time to finalize subsequent events disclosures related to the newly closed offering without unreasonable effort or expense. The company expects to file the quarterly reports for the periods ending June 30, 2025, and September 30, 2025 simultaneously by November 17, 2025, citing efficiency purposes. Chief Executive Officer Prashant Patel executed the notification, and Eric Sherb at (516) 713-9590 is designated as the contact for filing-related inquiries. The filing contains no claims regarding customer concentration, revenue, market size, technology, partnerships, litigation, or personnel changes beyond standard executive authorization. Because it solely addresses regulatory timing and confirms the IPO close date without triggering new redemption windows, trust accounting shifts, or extension triggers, the filing does not materially alter the tracked SPAC parameters.
What changed: Final prospectus (424B4) for the initial public offering of Crown Reserve Acquisition Corp. I, a blank-check SPAC, filed pursuant to Rule 424(b)(4). This is the IPO-stage prospectus for a new SPAC that has not yet selected a target. It establishes the trust at $150,000,000 ($10.00 per unit), the 12-month deadline from closing (extendable to 36 months by shareholder vote, with an automatic 3-month extension upon signing a definitive agreement), and the redemption mechanics (public shareholders may redeem at the trust per-share price at completion of a business combination). Sponsor paid $25,000 for 4,312,500 founder shares ($0.006/share) and will purchase 346,875 private placement units at $8.00/unit. The prospectus also details the lock-up terms, anti-dilution provisions, and the conditions under which the warrants ($11.50 strike) become exercisable. Why it matters: This filing establishes the baseline trust value ($10.23 per share as of filing, based on $150M trust / 15M public shares) and the redemption timeline investors need to track. The deadline is 12 months from the November 6, 2025 closing (approximately November 6, 2026), with potential extensions. The sponsor's nominal cost creates a strong incentive to complete any deal, and the 15% redemption cap (if a shareholder vote is held) is a key governance feature. The document also shows the full management team and their significant involvement in other SPACs, some of which liquidated or faced redemptions.
What changed: A Form 3 insider ownership report. The filing confirms no non-derivative transactions or holdings were reported for director Donald G. Fell. This disclosure bears directly on sponsor conduct and alignment metrics used to evaluate the $10.23 trust per share and the 2027-02-10 redemption deadline, showing no recent insider adjustments that would signal altered conviction ahead of the deal announcement. Why it matters: As a routine compliance exhibit that explicitly states 'No non-derivative transactions or holdings reported', it provides no substantive updates on customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Because the filing contains no attributable claims from executives, board members, or sponsors, and records zero positional changes, it does not shift the mechanics of redemptions, trust calculations, or extension negotiations. Investors tracking the CRAC lifecycle receive no new directional input, rendering the filing immaterial to immediate decision-making despite its confirmatory nature.
What changed: SEC Form 3, defined internally as an initial statement of beneficial ownership of securities filed to record an insider’s equity position upon triggering reporting requirements. The filing submitted by director Michael L Peterson states that he has no non-derivative transactions or holdings reported. Accordingly, there are no adjustments to sponsor conduct, insider trading patterns, trust account mechanics, redemption calendar implications, or the announced business combination timeline. No transaction volumes, strike prices, or dollar amounts are listed. Why it matters: Beyond confirming the absence of insider equity movement, the document contains no substantive claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. The explicit negative certification under accession number 0001213900-25-101463 provides a transparent baseline for subsequent Form 4 tracking, allowing investors to monitor whether future share acquisitions or dispositions align with management expectations before the corporate combination window closes. The filing does not alter pricing mechanics or redemption thresholds.
What changed: FORM 3 — insider ownership report. This filing discloses no non-derivative transactions or holdings reported by reporting person Sherb Eric Michael (director, CFO, 10% owner). Consequently, there are no changes to insider equity positions, trust composition mechanics, or the 2027-02-10 redemption deadline. Sponsor conduct remains static regarding documented share accumulation or divestment by this executive. Why it matters: For investors tracking deal progress and capital alignment, the submission anchors the baseline ownership percentage for a named director and 10% owner ahead of future reporting windows. The absence of recorded transactions indicates the sponsoring executive has not adjusted its financial stake or voting power, preserving the existing distribution of economic interest relative to the announced business combination pathway.
What changed: SEC Form 3 — Initial Statement of Beneficial Ownership of Securities. Director Mayur Mansukhlal Doshi filed a routine compliance statement disclosing zero non-derivative transactions and zero existing equity or derivative holdings as of the 2025-10-23 filing date. Why it matters: For investors tracking redemption deadlines, trust value, extensions, deal progress, and sponsor conduct, a zero-transaction Form 3 confirms baseline regulatory compliance without updating insider conviction or liquidity posture. Because no shares or options were acquired, sold, converted, or granted, the filing offers no directional signal regarding management’s alignment with the announced transaction or their anticipated stance on shareholder redemptions ahead of the corporate timeline. Beyond verifying the director’s reporting obligation, the filing contains no substantive claims, projections, or operational updates regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel changes.
What changed: SEC Form 3 — insider ownership report identifying Prashant Patel as a reporting person holding the titles of director and chief executive officer. The filing states 'No non-derivative transactions or holdings reported,' meaning there are no updates to redemption timelines, trust account disbursement mechanics, extension vote procedures, target integration milestones, or sponsor conduct metrics tied to executive security movement. Why it matters: Per the reporting person’s own statement in the document, insider positions remained static. With zero traded shares or derivative settlements recorded by the CEO/director, investors monitoring the 2027-02-10 business combination deadline do not need to adjust for sudden liquidity events, collateral pledges, or lock-up releases. The filing contains no claims regarding customer agreements, revenue forecasts, market sizing, operational strategy, technical infrastructure, commercial partnerships, active litigation, or executive compensation adjustments. Relying strictly on the disclosed $10.23 per-share trust balance and the stated deadline, investors retain a clean baseline confirming unchanged promoter alignment until the next mandatory disclosure cycle.
What changed: Form 3 — insider ownership report. According to the filing submitted by Crown Acquisition Sponsor LLC, there were 'No non-derivative transactions or holdings reported.' The sponsor did not acquire, dispose of, or exercise any rights to common stock or derivatives, and no changes were made to share count, trust composition, or voting mechanics. Consequently, there are no shifts in redemption pressure, capital deployment, or sponsor alignment ahead of the 2027-02-10 deadline. Why it matters: This is a routine regulatory acknowledgment triggered when a beneficial owner crosses or holds the 10% threshold following the company's deal-announced status. Because it discloses zero activity, it carries no mechanical implication for the $10.23 trust per share, extension negotiations, target acquisition progress, or sponsor conduct. The text contains no references to customers, revenue, market size, business strategy, technology developments, commercial partnerships, litigation, or personnel moves. Investors tracking redemption calendars, valuations, or deal execution find no new signals in this filing.
What changed: A routine compliance exhibit—an SEC Form 3 initial statement of beneficial ownership filed under Section 16(a) of the Securities Exchange Act, submitted by Crown Reserve Acquisition Corp. I on behalf of director Wadhwani Avinash R. The filing reports zero non-derivative transactions or holdings changes. The reporting person and issuer attest that no equity positions were established, acquired, disposed of, or pledged at the time of this initial disclosure, leaving all previously held or expected shares unaltered. Why it matters: For investors monitoring redemption calendars, trust preservation, extension procedures, deal progression, or sponsor behavior, this baseline filing confirms the absence of insider trading activity that might otherwise signal conviction or hesitation ahead of the business combination deadline. It transparently locks in the director's starting ownership figure, eliminates speculation about off-record equity movements, and provides no independent data that would shift the redemption window, modify trust accounting expectations, or indicate new strategic direction. No claims regarding customers, revenue, market size, technology, partnerships, litigation, or corporate strategy are contained herein.
What changed: A post-effective amendment (POS462C) to an S-1 registration statement filed by Crown Reserve Acquisition Corp. I (CRAC) pursuant to Rule 462(c) under the Securities Act, solely to restart the 15-business-day pricing and final-prospectus-filing window under Rule 430A(a)(3). The prospectus contained within the filing is identical to the one declared effective on September 26, 2025; no substantive changes were made. The filing does not change any business terms, trust value, redemption mechanics, or deal structure. Its sole purpose is procedural: it restarts the 15-business-day clock under Rule 430A(a)(3) so that the underwriter can set the public offering price and file the final prospectus. The effective date of the registration statement is triggered upon filing with the SEC on October 20, 2025. Why it matters: This filing is material because after months of amendments (at least seven prior amendments, given the reference to Amendment No. 7) and a declaration of effectiveness on Sept. 26, 2025, the SPAC was not yet priced. By filing this POS462C on Oct. 20, 2025, the SPAC is effectively re-starting the pricing process. This is the strongest signal yet that the company is ready to price and close its $150 million IPO imminently. For investors tracking the redemption calendar, the trust date is 12 months from closing; this filing suggests that the deal will close very soon, setting the 12-month deadline approximately 12 months from late October 2025. The shelf of redemptions is now activated for the incoming public shareholders. No target has been announced (status remains DEAL_ANNOUNCED).
What changed: SEC Form 8-A for registration of certain classes of securities pursuant to Section 12(b) of the Securities Exchange Act of 1934, filed to list Crown Reserve Acquisition Corp. I’s units, Class A ordinary shares, warrants, and rights on The Nasdaq Stock Market LLC. The registrant formally registered four security classes for Nasdaq listing. Chief Executive Officer Prashant Patel signed the filing on October 3, 2025, attesting that each Unit consists of one Class A ordinary share, one-half of one redeemable public warrant, and one right to receive one-fifth (1/5) of one Class A ordinary share. The Company specifies that each whole warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50, subject to adjustment. The par value is stated as $0.0001 per Class A ordinary share. The document incorporates by reference the security description in the Company’s Registration Statement (File No. 333-287674), initially filed on May 30, 2025. The filing contains no language modifying the trust account, shareholder redemption procedures, extension mechanics, or the business combination schedule. Why it matters: Because it fixes the public trading vehicle’s exact composition, the filing locks in the $11.50 warrant strike and 1/5 rights conversion framework that will drive secondary-market pricing and eventual merger conversion ratios. The registrant attributes all structural definitions to the incorporated S-1 prospectus, indicating that no new economic terms were added between the May 30, 2025 initial filing and this Nasdaq listing step. The document does not address the trust balance or redemption deadlines, so it leaves the cash-out mechanics and termination schedule unchanged, but it does confirm the precise derivative mathematics that will remain active until any announced transaction closes.
What changed: Amended registration statement (Form S-1/A, Amendment No. 7) for a new SPAC initial public offering, containing a preliminary prospectus for 15,000,000 units at $10.00 per unit, filed by Crown Reserve Acquisition Corp. I. This Amendment No. 7 to the S-1 updates the offering terms from the May 2025 filing. The public unit composition changed from one Class A share + one right to receive 1/7 of a share, to one Class A share, one-half warrant, and one right to receive 1/5 of a share. The private placement was restructured: 346,875 private placement units at $8.00 each (up from 261,000 units), each consisting of one Class B-2 Unit (one share + one right) and two Class C Units (one share + one right each). Lock-up periods were revised: Class B-2 Units locked until business combination, Class C Units locked for three months post-combination. This is the seventh amendment; the document notes it is still a preliminary prospectus subject to completion. No business combination target has been selected. The trust value is $10.00 per unit ($150 million base, $172.5 million if over-allotment exercised). The deadline is 12 months from closing, with a 3-month automatic extension upon signing a definitive agreement, and shareholders can vote for unlimited further extensions (Nasdaq will delist at 36 months). Per-share dilution scenarios are provided assuming 25%, 50%, 75%, and maximum redemptions. Sponsor purchased 4,312,500 founder shares for $25,000 ($0.006/share). Why it matters: This filing is the registration statement for a blank-check company's IPO, providing investors their first detailed look at the sponsor, management team, compensation, risk factors, and proposed offering structure. Key for redemption-calendar tracking: the trust is $10.00/share (standard), deadline is 12 months post-IPO (standard), with extension provisions noted. The high number of amendments (7) and the late September 2025 effective date suggest potential issues or delays in SEC review. The management team (Patel, Sherb) and directors (Peterson, Fell, Wadhwani, Doshi) have significant experience with other SPACs, some of which (Oceantech, Kernel, Integrated Wellness) failed to complete combinations and liquidated, which is a negative signal on track record. Low sponsor cost ($0.006/share) creates misaligned incentives. Unusual structure: private placement units at $8.00 (vs. $10.00 public) with non-managing sponsor investors, creating potential conflicts.
What changed: A Securities Act correspondence request submitting a Rule 461 acceleration application for Crown Reserve Acquisition Corp. I’s IPO registration statement. Through partner Gus Garcia, Polaris Advisory Partners LLC formally requests that the Form S-1 (File No. 333-287674) become effective at 4:30 p.m. Eastern Time on September 26, 2025. Participating underwriters have committed to satisfying Rule 15c2-8 prospectus delivery obligations prior to the requested effective time. On SPAC mechanics: the filing introduces no amendments to the February 10, 2027 business combination deadline, proposes no changes to redemption procedures, leaves the trust mechanism anchored to the stated $10.23 per share, and discloses no sponsor conduct modifications or governance shifts. Why it matters: Acceleration filings represent the final administrative checkpoint before SPAC pricing and settlement. For investors tracking liquidity flows and liquidation sequencing, this confirms Crown Reserve is advancing toward its late-September 2025 public listing window without adjusting shareholder exit rights, extension voting triggers, or the established $10.23 trust baseline. The document contains zero claims regarding prospective target operations, revenue trajectories, technology capabilities, market positioning, partnership architectures, or litigation exposure. All procedural assurances regarding prospectus distribution and dealer conduct are attributed exclusively to Polaris Advisory Partners LLC and the underwriting syndicate. While commercially sparse, the timing signals active deal execution well ahead of the 2027 deadline, providing investors with clear operational velocity markers rather than altered economic terms.
What changed: SEC correspondence (CORRESP) requesting acceleration of the effective date of a Form S-1 registration statement. Chief Executive Officer Prashant Patel formally requests that the Securities and Exchange Commission accelerate the effective date of File No. 333-287674 to 4:30 p.m. ET on September 26, 2025, or as soon as practicable thereafter. The filing confirms no modification to the SPAC’s existing $10.23 per share trust balance, the February 10, 2027 liquidation deadline, redemption mechanics, voting procedures, or any proposed business combination terms. Why it matters: Procedural acceleration allows management to bring the registration statement effective ahead of the Division of Corporation Finance’s standard review calendar, typically to synchronize capital markets activity with target due diligence, financing closings, or lock-up expirations. For investors tracking redemption floors, trust distribution math, and extension triggers, this advances deal execution timing without altering payout calculations, sponsor governance provisions, or shareholder action deadlines. Beyond the acceleration request and counsel contact details, the filing discloses no target company financials, customer concentration claims, revenue projections, market size estimates, technology specifications, strategic partnerships, litigation posture, or sponsor conduct adjustments.
What changed: Registration statement on Form S-1/A (Amendment No. 6) – a preliminary prospectus for the initial public offering of Crown Reserve Acquisition Corp. I, a blank check company. The document is not a merger agreement, resignation, transcript, compliance exhibit, investor presentation, or lawsuit. This Amendment No. 6 updates the IPO terms from the prior filing. The unit composition changed: each unit now consists of one Class A ordinary share, one-half of one redeemable warrant, and one right to receive one-fifth of a Class A ordinary share (previously one-seventh). The private placement units were restructured: 346,875 units (375,000 if over-allotment) at $8.00 per unit, each consisting of one Class B-2 Unit and two Class C Units (previously 261,000 units at $10.00 per unit). The lock-up periods for private placement units were revised: Class B-2 Units locked until business combination, Class C Units locked until three months after. The underwriter is Polaris (a division of Kingswood Capital Partners). The trust amount remains $150,000,000 ($10.00 per share) with up to $172,500,000 if over-allotment exercised. The deadline to complete a business combination is 12 months from closing, extendable to 36 months maximum. The document also adds non-managing sponsor investors who will indirectly purchase private placement units and receive founder share interests. No business combination target has been selected; no substantive discussions initiated. Why it matters: The amendment materially changes the economic terms of the offering for public investors and the sponsor. The addition of warrants and Share Rights alters the unit's value proposition. The private placement pricing at $8.00 per unit (vs. $10.00 previously) and the restructuring of lock-up periods affect sponsor incentives and potential dilution. The introduction of non-managing sponsor investors with founder share interests creates potential conflicts of interest. The trust value per share is $10.00, but the user's data shows $10.23, possibly reflecting accrued interest. The December 2027 deadline allows ample time for deal search. The filing is critical for investors evaluating the IPO because it defines the rights, trust mechanics, redemption procedures, and sponsor conduct.
What changed: An SEC comment letter response (CORRESP) filed via EDGAR on September 23, 2025, by Norton Rose Fulbright US LLP on behalf of Crown Reserve Acquisition Corp. I, responding to an SEC Division of Corporation Finance comment letter dated September 18, 2025, and submitting Amendment No. 6 to the Company’s Registration Statement on Form S-1. At the SEC Staff's direction, the Registrant revised its S-1 disclosures: it added terms for an automatic initial extension of three months per Item 1602(a)(1) of Regulation S-K; it clarified that private placement units are not subject to adjustment provisions; it updated the percentage of public shares required to approve an initial business combination; it confirmed the liquidating distribution waiver applies to private placement shares; it detailed that Class B-2 and Class C Units comprise the private placement and each consists of three Class A ordinary shares; it added a warrant accounting policy and stated no warrants were outstanding as of May 15, 2025; it extended the subsequent events evaluation date from May 30, 2025 to align with the independent auditor's report dated September 3, 2025; it reconciled the filing fee exhibit to represent exactly 17,681,250 units (15,000,000 offering units, up to 2,250,000 over-allotment option units, and up to 431,250 underwriting compensation units), each containing one Class A ordinary share, one-half of one redeemable warrant, and one right to one-fifth of one Class A ordinary share; and it filed a revised Cayman Islands legal opinion per Section II.B.3.a of Staff Legal Bulletin No. 19. Why it matters: The Registrant's confirmation of an automatic initial extension of three months directly adjusts the trust maintenance window and redemption horizon relative to the stated 2027-02-10 deadline. By contractually accepting that the liquidating distribution waiver covers private placement shares, the sponsor assumes reduced recovery priority upon dissolution, which materially shifts the effective trust value equation for public shareholders holding the $10.23-per-share deposits. Locking in that private placement units carry no adjustment provisions protects sponsor economics from public offering pricing volatility ahead of any business combination vote. Updating the subsequent events period through September 3, 2025 closes the financial reporting gap identified by the SEC. Because the filing specifies the exact allocation of the 17,681,250 total units across base offerings, over-allotments, and underwriter compensation—and breaks down their share/warrant/right components—investors now possess definitive mechanics for tracking dilution and warrant exercise rights. The document contains no references to target operations, customer contracts, revenue projections, technology, partnerships, or litigation; its substance is confined to SEC-mandated prospectus alignment, capital structure definitions, and corporate governance disclosures.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.