Crane Harbor Acquisition Corp. Reports $60K Net Loss, Completes $220M IPO

Crane Harbor Acquisition Corp. has released its Form 10-Q for the quarter ending March 31, 2025, reporting a net loss of $60,434, attributed primarily to formation and general administrative costs. The company, which was incorporated on January 2, 2025, has not yet commenced operations and has not generated any revenue. As of the end of the reporting period, Crane Harbor had total assets of $14,599 in cash and a working capital deficit of $307,373. The company anticipates that it will not generate operating revenues until after completing its initial business combination.

In a significant development, Crane Harbor successfully completed its Initial Public Offering (IPO) on April 28, 2025, raising gross proceeds of $220 million from the sale of 22 million units at $10 each. This IPO included a partial exercise of the underwriters' over-allotment option, which accounted for an additional 2 million units. Alongside the IPO, the company also sold 640,000 private placement units, generating an additional $6.4 million. The total proceeds from these offerings have been placed in a trust account, which will be utilized for the company's future business combination.

The company’s capital structure includes 22,640,000 Class A ordinary shares and 7,666,667 Class B ordinary shares outstanding as of June 3, 2025. The Class B shares were issued to the company’s sponsor, Crane Harbor Sponsor LLC, as part of a capital contribution of $25,000. The company has also agreed to reimburse the sponsor for administrative support services at a rate of $20,000 per month, effective from the date of its IPO.

Crane Harbor is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain exemptions from various reporting requirements. The company has indicated that it does not expect to need additional funds to meet its operational expenditures prior to its initial business combination. However, it acknowledges the potential need for further financing if the costs associated with identifying and negotiating a target business exceed current estimates.

Looking ahead, Crane Harbor's management remains focused on identifying suitable acquisition opportunities across various industries. The company has emphasized that it will not generate any operating revenues until after the completion of its initial business combination, and it is actively preparing for this strategic move. The management team has expressed confidence in their ability to navigate the current market conditions, despite the ongoing geopolitical tensions that could impact their search for a target business.