Crown Reserve Acquisition Corp. I (CRACW) Warrant
Each CRACW warrant gives the holder the right to buy 1 share of Crown Reserve Acquisition Corp. I at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.25, below the strike, so the warrant is out of the money. Crown Reserve Acquisition Corp. I has a market value of about $414.36M. Crown Reserve Acquisition Corp. I is a SPAC (deal signed with Carvix, Inc.). It must complete a deal by February 10, 2027 or the warrants expire worthless. There are 3.14M listed warrants; exercising all of them would add 7.8% to the 40.42M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- no
- Break-even stock price
- $11.54
From the issuer's S-1/A (2025-09-04).
Company and stock
- Company
- Crown Reserve Acquisition Corp. I
- Underlying stock
- CRAC
- Share price
- $10.25
- Market cap
- $414.36M
- Shares outstanding
- 40.42M
- Range since Dec 2025
- $9.89 – $10.25
- Change since Dec 2025
- +4%
- Value of all listed warrants
- $109.90K (0.0% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Grand Cayman
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.0350
- Price / model
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Dilution
- Shares outstanding
- 40.42M
- Listed warrants
- 3.14M
- Dilution if all exercised
- 7.8%
Warrant count from filing iXBRL: WarrantMember (single series tagged).
SPAC deal
- Status
- deal signed
- Target
- Carvix, Inc.
- Deal announced
- 2026-03-30
- Deadline
- 2027-02-10
- Latest possible deadline
- 2027-02-10
- Trust per share
- $10.23
- Sponsor
- Crown Acquisition Sponsor LLC
- Sponsor's earlier SPACs
- 0 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about CRACW
When does the CRACW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of CRACW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many CRACW warrants are outstanding?
3.14M listed warrants, equal to 7.8% dilution if all are exercised.
Related warrants
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