Crane Harbor Acquisition Corp. Announces Pricing of $200,000,000 Initial Public Offering

Rhea-AI Summary

Crane Harbor Acquisition Corp. (NASDAQ:CHACU) has announced the pricing of its initial public offering of 20,000,000 units at $10.00 per unit, totaling $200,000,000. Trading will commence on April 25, 2025, on the Nasdaq Global Market under 'CHACU'.

Each unit comprises one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon completing an initial business combination. Upon separate trading, shares and rights will list as 'CHAC' and 'CHACR' respectively.

The blank check company aims to pursue merger, acquisition, or business combination opportunities, focusing on the technology, real assets, and energy sectors. The management team includes Jonathan Z. Cohen as Board Chairman and William Fradin as CEO. Cohen & Company Capital Markets is serving as the sole book-running manager, with an option to purchase up to 3,000,000 additional units for over-allotments.

Positive

• Substantial IPO raising $200 million in capital
• Strong management team with experienced leadership
• Focused strategy targeting high-growth sectors (technology, real assets, energy)
• Additional capital potential through 3,000,000 unit over-allotment option

Negative

• No specific acquisition target identified yet
• Blank check company structure carries inherent investment risks
• Success entirely dependent on future business combination execution

Insights

Financial Markets Analyst

Crane Harbor Acquisition Corp. has priced its $200M SPAC IPO with a somewhat uncommon structure using rights instead of warrants, targeting tech, real assets, and energy sectors.

Crane Harbor Acquisition Corp. has successfully priced its $200 million SPAC IPO, offering 20 million units at $10.00 each. This represents a significant new blank check company entering the market with the explicit purpose of acquiring businesses in the technology, real assets, and energy sectors.

The structure of this offering includes some notable features. Each unit contains one Class A ordinary share plus one right to receive one-tenth of a Class A share upon completing a business combination. This rights-based approach differs from the more common warrant structure seen in many SPACs, potentially resulting in less dilution for investors post-combination.

The company has assembled an experienced leadership team with connections to Cohen & Company, which is also serving as the sole book-running manager. This institutional backing lends credibility to the offering in today's more disciplined SPAC market.

Beyond the standard $200 million raise, the underwriters have been granted a 45-day option to purchase up to 3 million additional units, potentially increasing the offering size by 15% to $230 million if fully exercised.

While SPAC enthusiasm has cooled considerably since the 2020-2021 boom period, this sizable new entry suggests institutional confidence in the continuing viability of the SPAC model for bringing private companies to market, particularly in the targeted sectors where valuation adjustments have created more reasonable acquisition opportunities.

PHILADELPHIA, PA, April 24, 2025 (GLOBE NEWSWIRE) -- Crane Harbor Acquisition Corp. (NASDAQ:CHACU) (the “Company”) today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The Company's units will be listed on the Nasdaq Global Market under the symbol "CHACU" and will begin trading on April 25, 2025. Each unit issued in the offering 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 comprising 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 closing of the offering is anticipated to take place on or about April 28, 2025, subject to customary closing conditions.

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.

“We are thrilled to partner with Cohen & Company Capital Markets and our world-class board of directors to bring another high-quality business to the public markets,” said Bill Fradin, Chief Executive Officer of Crane Harbor Acquisition Corp. “We look forward to identifying a compelling opportunity that can create long-term value for our shareholders.”

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the sole 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. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any. 

A registration statement relating to the units and the underlying securities was declared effective by the 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.

The offering is being made only by means of a prospectus, copies of which may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24^th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that such offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Crane Harbor Acquisition Corp.
craneharbor@hepcollc.com

FAQ

What is the total value of Crane Harbor Acquisition Corp's (CHACU) IPO?

Crane Harbor Acquisition Corp's IPO is valued at $200,000,000, consisting of 20,000,000 units priced at $10.00 per unit.

When will CHACU stock begin trading on Nasdaq?

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

What sectors is Crane Harbor Acquisition Corp (CHACU) targeting for business combination?

The company is primarily focusing on identifying companies in the technology, real assets, and energy sectors.

What do CHACU units consist of in the IPO offering?

Each unit consists of one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon business combination completion.

What is the over-allotment option granted to underwriters for CHACU's IPO?

Underwriters have a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price.