Crown Reserve Acquisition Corp. I (Nasdaq: CRAC, CRACU, CRACW, CRACR) has entered into a definitive Business Combination Agreement with Carvix, Inc., a technology-driven automotive platform. The transaction values Carvix at an implied enterprise value of $1.0 billion, with existing Carvix stockholders set to receive Crown Reserve common stock in an all-stock transaction based on a $10.00 per share reference value. The merger will see Crown Reserve domesticate from the Cayman Islands to Delaware, continuing as the publicly traded parent company. The combined company's shares are expected to trade on the Nasdaq Stock Market. The deal includes a commitment to raise a minimum of $80 million in PIPE financing and a committed equity line of credit of no less than $20 million. The transaction is subject to customary closing conditions, including shareholder approvals and Nasdaq listing approval. The Business Combination is anticipated to provide Carvix with the capital and profile necessary to accelerate its growth strategy in the automotive services industry.

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