- Crane Harbor Acquisition Corp. (CHACU, Financial) has announced the pricing of its $200 million IPO, set to begin trading on April 25, 2025.
- Each unit consists of one Class A share and the right to receive one-tenth of a Class A share post-business combination.
- Cohen & Company Capital Markets serves as the sole book-running manager, with an option to increase the offering by 15% through additional units.
Crane Harbor Acquisition Corp. (NASDAQ: CHACU) has successfully priced its initial public offering of 20,000,000 units at $10.00 per unit, amounting to a total of $200 million. The company's units will list on the Nasdaq Global Market under the ticker symbol 'CHACU' and are set to commence trading on April 25, 2025. Each unit comprises one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon the completion of the company's initial business combination.
Once trading of the securities comprising the units begins separately, the Class A ordinary shares and rights are expected to be listed on the Nasdaq under the symbols 'CHAC' and 'CHACR,' respectively. The completion of the offering is anticipated around April 28, 2025, subject to customary closing conditions.
As a blank check company, Crane Harbor Acquisition Corp. is focused on executing mergers, acquisitions, or similar business combinations, particularly targeting the technology, real assets, and energy sectors. The company's management team is led by Chairman Jonathan Z. Cohen and CEO William Fradin. The offering is underpinned by institutional support, with Cohen & Company Capital Markets acting as the sole book-running manager.
Underwriters have a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to account for over-allotments, potentially increasing the total offering size by 15% to $230 million if fully exercised.
This sizable IPO showcases the continuing institutional confidence in the SPAC model, particularly within sectors where valuations have become more favorable for acquisition opportunities.
