Crane Harbor Acquisition Corp Unit(CHACU) - 2025 Q4 - Annual Report

Financial Performance - The company had a net income of $3,584,813 for the period from January 2, 2025, to December 31, 2025, primarily from interest earned on cash and investments held in the Trust Account of $6,096,758, offset by formation and administrative costs of $2,511,945 [368]. - Cash used in operating activities from January 2, 2025, to December 31, 2025, was $1,987,621, with net income affected by various costs and interest earnings [374]. 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, along with an additional $6,400,000 from the sale of 640,000 Private Placement Units [372]. - The company incurred $13,786,773 in costs related to the Initial Public Offering, which included $4,400,000 in cash underwriting fees and $8,800,000 in deferred underwriting fees [373]. Trust Account and Investments - As of December 31, 2025, the company had cash and investments held in the Trust Account totaling $226,096,758, which includes approximately $6,096,758 of interest earnings [375]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business [375]. Business Combination - The company entered into a business combination agreement with Xanadu Quantum Technologies Inc. on November 3, 2025, which will result in the company becoming a wholly-owned subsidiary of PubCo [369]. Financial Obligations and Concerns - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $20,000 to an affiliate of its sponsor for office space and administrative support [382]. - The company may need to raise additional capital through loans or investments to meet working capital needs, raising concerns about its ability to continue as a going concern [380]. - The company has no off-balance sheet arrangements or obligations as of December 31, 2025 [381].