Rivernorth Capital Management LLC Invests $2.62 Million in Crown Reserve Acquisition Corp. I $CRAC

Key Points

• Rivernorth Capital Management acquired 261,602 shares of Crown Reserve Acquisition Corp. I worth approximately $2.62 million, representing a 1.21% stake.
• Several other institutional investors also initiated positions, including Sona Asset Management, Heights Capital Management, Boothbay Fund Management, Wolverine Asset Management and Geode Capital Management.
• CRAC remains rated “Sell” by the sole covering analyst, despite Weiss Ratings upgrading it from “sell (e)” to “sell (e+).” The stock opened at $10.14, near its 52-week high, and reported a quarterly loss of $0.01 per share.

Rivernorth Capital Management LLC acquired a new stake in Crown Reserve Acquisition Corp. I (NASDAQ:CRAC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 261,602 shares of the company's stock, valued at approximately $2,619,000. Rivernorth Capital Management LLC owned 1.21% of Crown Reserve Acquisition Corp. I at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC acquired a new position in Crown Reserve Acquisition Corp. I in the 4th quarter valued at about $534,000. Wolverine Asset Management LLC acquired a new stake in shares of Crown Reserve Acquisition Corp. I during the 4th quarter worth approximately $928,000. Boothbay Fund Management LLC acquired a new stake in shares of Crown Reserve Acquisition Corp. I during the 4th quarter worth approximately $1,118,000. Sona Asset Management US LLC purchased a new stake in shares of Crown Reserve Acquisition Corp. I during the 1st quarter valued at approximately $2,002,000. Finally, Heights Capital Management Inc. purchased a new stake in shares of Crown Reserve Acquisition Corp. I during the 4th quarter valued at approximately $1,988,000.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Crown Reserve Acquisition Corp. I from a "sell (e)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Crown Reserve Acquisition Corp. I currently has an average rating of "Sell".

Crown Reserve Acquisition Corp. I Stock Performance

NASDAQ:CRAC opened at $10.14 on Thursday. Crown Reserve Acquisition Corp. I has a 52 week low of $9.89 and a 52 week high of $10.15. The stock's fifty day moving average price is $10.12.

Crown Reserve Acquisition Corp. I (NASDAQ:CRAC - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.01) earnings per share (EPS) for the quarter.

About Crown Reserve Acquisition Corp. I

Crown Reserve Acquisition Corp. I NASDAQ: CRAC is a special purpose acquisition company (SPAC) listed on the Nasdaq exchange. As a blank‑check vehicle, the company was formed to raise capital through a public offering with the primary aim of identifying, negotiating and completing a business combination with one or more operating businesses. Prior to consummation of a qualifying transaction, Crown Reserve Acquisition Corp. I does not engage in substantive commercial operations beyond the activities necessary to carry out its formation and capital‑raising objectives.

The company's principal activities include managing proceeds raised in its initial public offering, maintaining those funds in trust accounts, conducting due diligence on prospective targets and pursuing mergers, acquisitions or other strategic combinations that would enable the combined entity to become an operating public company.

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