Crown Reserve Acquisition Corp. I

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosures.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2026, the end of the fiscal quarter covered by this Quarterly Report. Based upon their evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of March 31, 2026 due to the material weakness in internal control over financial reporting described in our Annual Report on Form 10-K for the period ended December 31, 2025, which has not been fully remediated as of March 31, 2026.

Material Weakness

As previously disclosed in our Annual Report on Form 10-K for the period from April 29, 2025 (inception) through December 31, 2025, management identified a material weakness in our internal control over financial reporting in connection with the accounting for complex financial instruments — specifically, the initial classification and valuation of warrant liabilities and the valuation of Public Rights. Notwithstanding the material weakness in our internal control over financial reporting, our management has concluded that the unaudited condensed financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.

Remediation Plan

In response to the material weakness, we are continuing to enhance our internal control over financial reporting through (i) the engagement of external accounting and SEC reporting professionals with expertise in evaluating and accounting for complex financial instruments under U.S. GAAP, (ii) additional supervisory review of complex transactions and related accounting analyses, and (iii) ongoing training of our personnel involved in financial reporting. We will continue to monitor the effectiveness of these remediation activities and will make any further changes that management determines to be appropriate.

Changes in Internal Control Over Financial Reporting

Other than the remediation activities described above, there were no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.