Crane Harbor Acquisition Corp., a blank check company, filed its 10-K report for the period ending December 31, 2025, revealing a net income of $3.58 million. This income primarily resulted from $6.10 million in interest earned on investments held in a trust account, offset by $2.51 million in formation, general, and administrative costs. The company, formed on January 2, 2025, has been focused on identifying a target for a business combination, with no operating revenues generated to date.
As of December 31, 2025, Crane Harbor Acquisition Corp. held $226.10 million in cash and investments within its trust account, consisting of cash and treasury bills. The company's total assets amounted to $226.54 million, while total liabilities reached $10.31 million, including $8.80 million in deferred underwriting fees. The company's financial statements also reflect a working capital deficit of $1.11 million.
A significant development during the year was the November 3, 2025, business combination agreement with Xanadu Quantum Technologies Inc. and Xanadu Quantum Technologies Limited. If consummated, this agreement will result in Crane Harbor's continuation into Ontario, the transfer of shares to PubCo, and the listing of PubCo's securities on the Nasdaq Stock Market LLC. The company's management expressed substantial doubt about its ability to continue as a going concern within one year after the date that the financial statements are issued, but intends to address this uncertainty through a Business Combination.
The filing also detailed related party transactions, including a $20,000 monthly fee paid to an affiliate of the sponsor for administrative support and a $700,000 advance from the sponsor for working capital. The company's sponsor, officers, and directors have agreed to certain lock-up restrictions on their founder shares and placement units, and have also agreed to vote in favor of the initial business combination. The company's board has determined that Eldron Blackwell, A. Kayode Ogunro, Robert W. Karlovich III, and Eric T. Litvin are independent directors under applicable SEC and Nasdaq rules.
About Crane Harbor Acquisition Corp.
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