Here are the 10-Q quarterly reports from Crown Reserve Acquisition Corp. I (CRAC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow CRAC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CRAC filings page.
Crown Reserve Acquisition Corp. I, a Cayman Islands SPAC, reported net income of $1,353,765 for the quarter and $1,090,272 for the six months ended June 30, 2026. Results were driven mainly by $1,548,367 and $3,073,108 of dividends on the IPO trust investments, partly offset by a $116,477 and $1,720,874 loss from remeasuring warrant liabilities and ongoing G&A and professional fees.
The IPO placed $172,500,000 into a U.S. Treasury-focused trust, which grew to $176,476,946 as of June 30, 2026, backing 17,250,000 redeemable Class A shares. The company has no cash outside the trust and a working capital deficit funded by its sponsor.
Crown Reserve signed a Business Combination Agreement with Carvix, Inc., under which Carvix stockholders will receive 50,000,001 shares at closing plus up to 50,000,100 earnout shares tied to EBITDA and revenue targets over four years; the sponsor may earn up to 3,000,000 additional shares. The SPAC must close a transaction by February 10, 2027 or liquidate. Management cites this deadline, lack of operating cash, and reliance on sponsor support as raising substantial doubt about its ability to continue as a going concern, and a previously identified material weakness in accounting for complex instruments remains unremediated.
Crown Reserve Acquisition Corp. I reported a Q1 2026 net loss of $263,493, driven by $68,837 of general and administrative costs, $115,000 of professional fees and a $1,604,397 loss from the higher fair value of warrant liabilities, partially offset by $1,524,741 of dividends on Trust investments.
The SPAC held $174,928,579 in its U.S. Treasury-focused Trust Account as of March 31, 2026 and no operating cash, relying on its sponsor for working capital. Management highlights substantial doubt about its ability to continue as a going concern if a business combination is not completed by the extended deadline of February 10, 2027.
On March 30, 2026, the company signed a Business Combination Agreement with Carvix. Carvix stockholders are slated to receive 50,000,001 shares at closing plus potential earnouts of up to 50,000,100 additional shares over four fiscal years from 2027, tied to EBITDA and revenue targets, while the sponsor may earn up to 3,000,000 additional shares. The merger remains subject to shareholder approvals, SEC effectiveness of an S-4, Nasdaq listing approval and minimum cash and timing conditions, with an Outside Date of September 30, 2026.