Business Description

NOTE 1 — ORGANIZATION AND BUSINESS OPERATIONS Crown Reserve Acquisition Corp. I (the “Company”) was incorporated as a Cayman Islands exempted company on April 29, 2025. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination. All activity for the period from April 29, 2025 (inception) through December 31, 2025 relates to the Company’s formation and the Initial Public Offering described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents and dividends earned on marketable securities held in the Trust Account. The Company’s sponsor is Crown Acquisition Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on September 26, 2025. On November 10, 2025, the Company consummated its Initial Public Offering (“IPO”) of 17,250,000 units (the “Units”), including the purchase by the underwriters of 2,250,000 additional Units at the offering price, reflecting the full exercise of the over-allotment option. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $172,500,000. Each Unit consisted of one Class A ordinary share, one-half of one redeemable warrant, and one right (a “Public Right”) to receive one-fifth (1/5) of one Class A ordinary share upon the consummation of an initial Business Combination. Simultaneously with the closing of the IPO, the Company consummated the private sale of an aggregate of 375,000 private placement units (the “Private Placement Units”), of which 175,000 were purchased by the Sponsor and 200,000 were purchased by Polaris Advisory Partners (“Polaris”), each at a price of $8.00 per Private Placement Unit, generating total proceeds of $3,000,000. Transaction costs deducted from IPO proceeds at closing amounted to $2,079,000, consisting of $1,725,000 in upfront underwriting commissions paid to Polaris and $354,000 of other offering costs ($150,000 underwriter expense reimbursement, $144,500 issuer counsel, $30,000 Cayman counsel, $21,000 Edgar Agent, and $8,500 trustee). An additional $473,133 of offering costs were paid by the Sponsor on the Company’s behalf after closing and allocated to Class A temporary equity, for total offering costs charged to equity of $2,552,133. In conjunction with the IPO, the Company issued to Polaris, as representative of the underwriters, 431,250 Units (the “Representative Units”) for no cash consideration. The fair value of the Representative Units was accounted for as underwriting compensation under ASC 718. Following the closing of the IPO, an amount of $172,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units and the Private Placement Units was placed in a trust account (the “Trust Account”) located in the United States, maintained by Equiniti Trust Company, LLC as trustee, and invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations. As of December 31, 2025, the Trust Account held $173,403,838, including $903,838 of dividends earned since the IPO closing date. The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the Trust Account (excluding any deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination.…