Crane Harbor Acquisition Corp. Completes $220 Million Initial Public Offering

Rhea-AI Summary

Crane Harbor Acquisition has successfully completed its $220 million Initial Public Offering (IPO) on the Nasdaq Global Market. The company sold 22 million units at $10.00 per unit, including 2 million units from the underwriters' over-allotment option.

Each unit comprises:

• One Class A ordinary share
• One right to receive 1/10 of a Class A ordinary share upon business combination

The units trade under symbol CHACU, with separate trading planned for:

• Class A shares (CHAC)
• Rights (CHACR)

As a blank check company, Crane Harbor aims to pursue mergers or acquisitions, focusing on technology, real assets, and energy sectors. The management team includes Jonathan Z. Cohen as Board Chairman, Edward E. Cohen as Vice Chairman, and William Fradin as CEO. Cohen & Company Capital Markets led the offering as the sole book-running manager.

Positive

• Successfully raised $220 million in IPO proceeds at $10.00 per unit
• Full exercise of over-allotment option by underwriters for additional 2 million units
• 100% of IPO proceeds ($220M) placed in trust account for shareholders' benefit
• Trading commenced on Nasdaq Global Market
• Experienced management team with industry veterans including Jonathan Z. Cohen and Edward E. Cohen
• Broad acquisition strategy focusing on technology, real assets, and energy sectors

Negative

• No specific target company identified yet for business combination
• SPAC structure inherently carries execution risk for finding suitable merger target
• Shareholders face potential dilution from rights conversion (1/10 share per right)

PHILADELPHIA, PA, April 28, 2025 (GLOBE NEWSWIRE) -- Crane Harbor Acquisition Corp. (NASDAQ:CHACU) (the “Company”) today announced the closing of its initial public offering of 22,000,000 units, which includes 2,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $220,000,000. Of the proceeds received from the consummation of the initial public offering (including the exercise of the over-allotment option) and a simultaneous private placement of units, $220,000,000 was placed in the Company’s trust account for the benefit of the Company’s public shareholders.

The Company’s units began trading on the Nasdaq Global Market (“Nasdaq”) on April 25, 2025 under the ticker symbol “CHACU.” Each unit consists of one Class A ordinary share of the Company and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of the Company’s initial business combination. Once the securities constituting the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “CHAC” and “CHACR,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The Company’s primary focus, however, will be to identify companies in the technology, real assets, and energy sectors. The Company’s management team is led by Jonathan Z. Cohen, its Chairman of the Board of Directors, Edward E. Cohen, Vice Chairman, William Fradin, Chief Executive Officer, Tom Elliott, Chief Financial Officer, and Jeffrey Brotman, Chief Legal Officer and Chief Operating Officer.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the sole lead book-running manager for the offering. JonesTrading Institutional Services LLC acted as joint book-running manager. Stevens & Lee, P.C. served as legal counsel to the Company, and Kirkland & Ellis LLP served as legal counsel to the underwriters.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission on April 24, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact Information:

Crane Harbor Acquisition Corp.
craneharbor@hepcollc.com

FAQ

How much did Crane Harbor Acquisition (CHACU) raise in its IPO on April 28, 2025?

Crane Harbor Acquisition raised $220 million in its IPO, selling 22 million units at $10.00 per unit, including 2 million units from the underwriters' over-allotment option.

What do CHACU units include on Nasdaq?

Each CHACU unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of a Class A ordinary share upon completing the initial business combination.

What sectors will Crane Harbor Acquisition (CHACU) target for business combination?

Crane Harbor Acquisition will primarily focus on identifying companies in the technology, real assets, and energy sectors for potential business combination.

When did CHACU start trading on Nasdaq Global Market?

CHACU units began trading on the Nasdaq Global Market on April 25, 2025.

What will be the separate trading symbols for Crane Harbor Acquisition components?

Once the units begin separate trading, the Class A ordinary shares will trade under 'CHAC' and the rights under 'CHACR' on Nasdaq.