Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $96, consisting solely of interest income [132]. - The company has no revenues to date and expects to incur increased expenses as a result of being a public company, including legal and compliance costs [131]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on November 10, 2025, raising gross proceeds of $172,000,000 from the sale of 17,250,000 Units at $10.00 per Unit [134]. - Following the IPO, a total of $172,500,000 was placed in the Trust Account, with transaction costs amounting to $2,079,000 [135]. Liquidity and Financial Needs - As of September 30, 2025, the company had liquidity needs satisfied through $25,000 from founder shares and $243,748 borrowed under an unsecured promissory note [133]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and may make permitted withdrawals of interest as needed [136]. - The company has estimated primary liquidity requirements of approximately $180,000 for legal and accounting expenses, $150,000 for directors and officers insurance, and $205,000 for miscellaneous expenses [139]. - Prior to the initial business combination, the company will have $695,000 of proceeds held outside the trust account for operational and due diligence expenses [137]. - The company does not expect to need additional funds following the IPO to meet operating expenditures, but may require additional financing for the business combination [142]. Accounting Standards and Reporting - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring enhanced segment reporting disclosures [154]. - The ASU mandates annual and interim disclosures of significant segment expenses provided to the chief operating decision maker (CODM) [154]. - Public entities must disclose the title and position of the CODM and how they use reported measures of segment profit or loss [154]. - Companies with a single reportable segment must provide all disclosures required by the ASU and existing segment disclosures [154]. - Management believes that recently issued accounting standards will not materially affect condensed financial statements [155]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [157]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements or long-term liabilities as of September 30, 2025 [145].
Crown Reserve Acquisition(CRACU) - 2025 Q3 - Quarterly Report