Crane Harbor Acquisition Corp-A(CHAC) - 2025 Q1 - Quarterly Report

Financial Position - As of March 31, 2025, Crane Harbor Acquisition Corp. reported total assets of $290,282, with total liabilities amounting to $325,716, resulting in a shareholder's deficit of $35,434[12][13]. - As of March 31, 2025, the Company had $14,599 in cash and a working capital deficit of $307,373[46]. - The Company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[117]. - Cash balance as of March 31, 2025, was $14,599, indicating limited liquidity prior to the IPO[98]. IPO and Fundraising - The company raised gross proceeds of $220,000,000 from its Initial Public Offering (IPO) of 22,000,000 units at $10.00 per unit, which includes a partial exercise of the underwriters' over-allotment option[27]. - The Company completed its Initial Public Offering on April 28, 2025, selling 22,000,000 Units at a price of $10.00 per Unit, generating gross proceeds of $220,000,000[130]. - In addition to the IPO, Crane Harbor Acquisition Corp. completed a private placement of 640,000 units, generating gross proceeds of $6,400,000, also at $10.00 per unit[28]. - An additional 640,000 Private Placement Units were sold at $10.00 per Unit, generating gross proceeds of $6,400,000[111]. - Total transaction costs incurred during the IPO amounted to $13,786,773, which included a cash underwriting fee of $4,400,000 and a deferred underwriting fee of $8,800,000[132]. Business Operations - The company has not yet commenced operations and will not generate operating revenues until after completing its initial business combination[26]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination[108]. - The Company plans to pursue a business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account[30]. - The Company intends to use substantially all funds held in the Trust Account to complete its Business Combination[113]. - The Company may need additional financing to complete its Business Combination or to address potential redemptions of Public Shares[116]. Shareholder Information - Public shareholders will have the opportunity to redeem their shares upon the completion of a business combination, regardless of their voting stance[33]. - The Company will redeem Public Shares at a per-share price equal to the aggregate amount in the Trust Account, including interest, if it fails to complete a Business Combination within the completion window[40]. - The Initial Shareholders will waive their liquidation rights regarding Founder Shares and private placement shares if the Company does not complete a Business Combination[42]. Financial Performance - The company incurred a net loss of $60,434 for the period from January 2, 2025, through March 31, 2025, with a basic and diluted net loss per share of Class B ordinary shares at $(0.01)[16]. - The Company had a net loss of $60,434 for the period from January 2, 2025 (inception) through March 31, 2025, primarily due to formation and general administrative costs[109]. - Net loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, with no dilutive securities as of March 31, 2025[66]. Regulatory and Compliance - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[48]. - The Company has registration rights for holders of Founder Shares and Private Placement Units, allowing them to demand registration of their securities[81]. - The company did not have any critical accounting estimates to disclose as of March 31, 2025[121]. - There have been no material changes to the risk factors disclosed in the final prospectus for the IPO[128]. - The company has not faced any legal proceedings as of the date of the report[128]. - The company’s disclosure controls and procedures were deemed effective as of the end of the quarterly period ended March 31, 2025[124]. - There were no changes in internal control over financial reporting during the fiscal quarter that materially affected the company's financial reporting[125]. Trust Account Management - The company has a trust account holding $220,000,000 from the IPO proceeds, which will be invested in U.S. government securities until the completion of a business combination[31]. - The Company will seek to protect the Trust Account by having vendors and service providers waive any claims to the funds held therein[42]. - An aggregate of $220,000,000 from the IPO proceeds was placed in the Trust Account[132]. Other Financial Information - The Company has sufficient funds for working capital needs for at least one year from the date of the financial statements[46]. - The Company does not anticipate needing to raise additional funds for operating expenditures prior to the initial Business Combination[47]. - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[55]. - The Company has authorized 500,000,000 Class A ordinary shares, with none issued or outstanding as of March 31, 2025[89]. - The Company has authorized 5,000,000 preference shares, with none issued or outstanding as of March 31, 2025[89]. - The Company has a commitment to reimburse the Sponsor $20,000 per month for administrative support services starting April 25, 2025[80]. - The Chief Operating Decision Maker (CODM) has identified only one reportable segment for performance assessment[97]. - The Company had no unrecognized tax benefits or amounts accrued for interest and penalties as of March 31, 2025[59]. Geopolitical Risks - The geopolitical instability from the Russia-Ukraine conflict and the Israel-Hamas conflict may adversely affect the Company's search for an initial Business Combination[86].