Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $1,219,449, primarily from interest earned on cash and investments held in the Trust Account of $1,417,961, offset by formation and administrative costs of $198,512 [106]. - Cash used in operating activities from January 2, 2025, through June 30, 2025, was $468,864, with net income of $1,159,136 affected by interest earned and various costs [109]. Initial Public Offering - The company completed its Initial Public Offering on April 28, 2025, raising gross proceeds of $220,000,000 from the sale of 22,000,000 Units at $10.00 per Unit [107]. - The company incurred $13,786,773 in costs related to the Initial Public Offering, which included a cash underwriting fee of $4,400,000 and a deferred underwriting fee of $8,800,000 [108]. Trust Account and Investments - As of June 30, 2025, the company had cash and investments in the Trust Account totaling $221,417,961, which includes approximately $1,417,961 of interest earnings [110]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [110]. Debt and Financing - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2025, and has a monthly obligation of $20,000 for office space and administrative support [114][115]. - Up to $2,500,000 of loans from the Sponsor or affiliates may be convertible into units at $10.00 per unit, should the need arise [112]. - The company does not anticipate needing to raise additional funds for operating expenditures but may require financing for a Business Combination or to redeem public shares [113]. Accounting Standards - The company adopted ASU 2023-07 on January 2, 2025, which requires enhanced disclosures for reportable segment expenses and performance measures [121].
Crane Harbor Acquisition Corp Unit(CHACU) - 2025 Q2 - Quarterly Report