Crown Reserve Acquisition Corp. I filed its FY2025 10-K as a pre-deal blank-check shell. IPO closed Nov 10, 2025 (17.25M units); as of Dec 31, 2025 the trust held $173,403,838. Combination window runs 12 months to Nov 10, 2026, auto-extending to Feb 10, 2027 only on entry into a business combination agreement; no DA is disclosed. Public rights convert 0.20 of one Class A share on consummation (1/5); if no deal by the deadline, shares redeem from trust and rights expire worthless. Filing is routine reporting—no close-path catalyst; cash/trust path unchanged pending a target.

Conversion 1/5