Crown Reserve Acquisition I, a blank check company led by healthcare entrepreneur Prashant Patel, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock, one-half of one warrant, exercisable at $11.50, and one right to receive one-fifth of a share upon the completion of an initial business combination.
Crown Reserve Acquisition I is led by Chairman and CEO Prashant Patel, a registered pharmacist, and a board member of Wellgistics Health (Nasdaq: WGRX). Previously Danam Health, Wellgistics raised $4 million in a February 2025 IPO at an offer price of $4.50. Patel also held a leadership position at Scienture Holdings (Nasdaq: SCNX). He is joined by CFO Eric Sherb, an accountant who owns and manages his own firm, EMS Consulting Services, and who recently joined Scienture as CFO.
The SPAC plans to focus its search on the pharma, medical technology and medical equipment, and healthcare IT industries.
Crown Reserve Acquisition I plans to list on the Nasdaq under the symbol CRACU. Polaris Advisory Partners acted as sole bookrunner on the deal.
