Crown Reserve Acquisition I, a blank check company led by healthcare entrepreneur Prashant Patel, filed for a US IPO on Friday.
The company plans to raise $150 million by offering 15 million units at $10 per unit. Each unit consists of one share of common stock and one right to receive one-seventh (1/7) of a share upon the completion of a merger.
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.
Incorporated in the Cayman Islands in 2025, Crown Reserve Acquisition I plans to list on the Nasdaq under the symbol CRACU. SPAC Advisory Partners (Kingswood) is the sole bookrunner on the deal.
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