Crown Reserve Acquisition Corp. I
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
CRAC$10.29+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001213900-26-056978
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001213900-26-088416
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 33 previous paragraphs and 35 current paragraphs.
26 unchanged; 6 reworded; 3 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
For the six months ended June 30, 2026, we had net income of $1,090,272, consisting of dividends earned on marketable securities held in the Trust Account of $3,073,108, partially offset by general and administrative costs of $121,962, professional fees of $140,000, and a loss on the change in fair value of warrant liability of $1,720,874.
Current report
For the three months ended June 30, 2025 and for the period from April 29, 2025 (inception) through June 30, 2025, we had net income of $53, consisting of interest income. Activity in the comparative periods was limited to our formation and preparation for the IPO.
Current report
We do not currently hold any cash outside the Trust Account. Our operating costs prior to the consummation of the Business Combination are limited and are paid by the Sponsor on our behalf and recorded against the Due from related party balance, which was $72,476 as of June 30, 2026. Transaction costs associated with the Business Combination, including legal, accounting and advisory fees incurred in connection with the Registration Statement on Form S-4 and the Closing, are expected to be paid at or following the Closing from the funds released from the Trust Account. The Sponsor is not obligated to advance funds to us, and no amounts are outstanding under any Working Capital Loans. If the Sponsor were to discontinue funding our operating costs, or if our actual costs exceed our estimates, we would need to obtain additional financing, which may take the form of Working Capital Loans of up to $5,000,000 convertible into Private Placement Units at $8.00 per unit at the option of the lender, or the issuance of additional securities or the incurrence of debt in connection with the Business Combination. There can be no assurance that such financing would be available on acceptable terms, or at all. These conditions are among the factors considered in our going concern assessment described below.
Removed paragraphs (1)
Previous report
We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business prior to consummation of the Business Combination. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination is less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our public shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our Business Combination.
Reworded paragraphs (6)
Previous wording
For the three months ended March 31, 2026, we had a net loss of $263,493, consisting of general and administrative costs of $68,837, professional fees of $115,000, and a loss on the change in fair value of warrant liability of $1,604,397, partially offset by dividends earned on marketable securities held in the Trust Account of $1,524,741.
Current wording
For the three months ended June 30, 2026, we had net income of $1,353,765, consisting of dividends earned on marketable securities held in the Trust Account of $1,548,367, partially offset by general and administrative costs of $53,125, professional fees of $25,000, and a loss on the change in fair value of warrant liability of $116,477.
Previous wording
As of March 31, 2026, we held no cash outside the Trust Account, had a working capital deficit, and is dependent on Sponsor funding and/or additional financing to fund operations and transaction costs. The Sponsor pays all formation and operating costs on the Company’s behalf. Amounts paid by the Sponsor on the Company’s behalf are recorded as a reduction of the Due from related party balance, which represents Private Placement proceeds received by the Sponsor on the Company’s behalf that were designated for use outside the Trust Account, net of formation and operating costs paid by the Sponsor and other amounts owed to the Sponsor. As of March 31, 2026, the due from related party balance was $210,670, compared to $448,082 as of December 31, 2025.
Current wording
As of June 30, 2026, we held no cash outside the Trust Account, had a working capital deficit, and are dependent on Sponsor funding and/or additional financing to fund operations and transaction costs. The Sponsor pays all formation and operating costs on the Company’s behalf. Amounts paid by the Sponsor on the Company’s behalf are recorded as a reduction of the Due from related party balance, which represents Private Placement proceeds received by the Sponsor on the Company’s behalf that were designated for use outside the Trust Account, net of formation and operating costs paid by the Sponsor and other amounts owed to the Sponsor. As of June 30, 2026, the due from related party balance was $72,476, compared to $210,670 as of March 31, 2026 and $448,082 as of December 31, 2025.
Previous wording
As of March 31, 2026, we had investments held in the Trust Account of $174,928,579. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing dividends or interest earned on the Trust Account (less any income taxes payable), to complete our Business Combination.
Current wording
As of June 30, 2026, we had investments held in the Trust Account of $176,476,946. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing dividends or interest earned on the Trust Account (less any income taxes payable), to complete our Business Combination.
Previous wording
For the three months ended March 31, 2026, net cash used in operating activities was $237,412. Our net loss of $263,493 was adjusted to reconcile to operating cash flows by a non-cash add-back of $1,604,397 representing the loss on the change in fair value of the warrant liability and reduced by $1,524,741 of dividends earned on investments held in the Trust Account that were reinvested in the Trust Account and did not represent cash inflows; the remaining operating cash usage primarily reflected a $62,900 increase in prepaid expenses and $9,325 increase in accounts payable and accrued expenses. Net cash provided by financing activities of $237,412 represented advances from the Sponsor, net, used to fund operating costs paid by the Sponsor on the Company’s behalf.
Current wording
For the six months ended June 30, 2026, net cash used in operating activities was $375,606. Our net income of $1,090,272 was adjusted to reconcile to operating cash flows by a non-cash add-back of $1,720,874 representing the loss on the change in fair value of the warrant liability and reduced by $3,073,108 of dividends earned on investments held in the Trust Account that were reinvested in the Trust Account and did not represent cash inflows; the remaining operating cash usage primarily reflected a $41,933 increase in prepaid expenses and a $71,711 decrease in accounts payable and accrued expenses. Net cash provided by financing activities of $375,606 represented advances from the Sponsor, net, used to fund operating costs paid by the Sponsor on the Company’s behalf.
Previous wording
In connection with our assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements — Going Concern,” management has determined that the mandatory liquidation date and subsequent dissolution, should a Business Combination not occur, raise substantial doubt about our ability to continue as a going concern through November 10, 2026 (or February 10, 2027 in the event the Combination Period is automatically extended). The Company entered into the Business Combination Agreement 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 Combination Period.
Current wording
In connection with our assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements — Going Concern,” management has determined that the mandatory liquidation date and subsequent dissolution, should a Business Combination not occur, raise substantial doubt about our ability to continue as a going concern. Because we entered into the Business Combination Agreement on March 30, 2026, the Combination Period was automatically 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 liquidate after the Combination Period.
Previous wording
We account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The Public Warrants are accounted for as liabilities in accordance with ASC 815-40, with changes in fair value presented within change in fair value of warrant liability in our statement of operations. The fair value of the Public Warrants is estimated using a 500-step Cox-Ross-Rubinstein binomial lattice model. See Note 5 to the condensed financial statements for additional information.
Current wording
We account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The Public Warrants are accounted for as liabilities in accordance with ASC 815-40, with changes in fair value presented within change in fair value of warrant liability in our statements of operations. The fair value of the Public Warrants is estimated using a 500-step Cox-Ross-Rubinstein binomial lattice model. See Note 5 to the condensed financial statements for additional information.