Crane Harbor Acquisition Corp. Announces $200M IPO Pricing
Deal News | Apr 24, 2025 | Globenewswire
Crane Harbor Acquisition Corp. has announced the pricing of its initial public offering (IPO) at $200 million, translating to the issuance of 20,000,000 units at $10.00 per unit. These units will begin trading on the Nasdaq Global Market under the symbol 'CHACU' as of April 25, 2025. The IPO is expected to close around April 28, 2025, contingent on typical closing conditions. Crane Harbor, a blank check company, aims to facilitate mergers, share exchanges, acquisitions, and similar business combinations, with a primary focus on sectors such as technology, real assets, and energy. The management team is helmed by key industry figures, including Jonathan Z. Cohen and William Fradin. The IPO is managed by Cohen & Company Capital Markets and JonesTrading Institutional Services LLC, with legal guidance from Stevens & Lee, P.C., and Kirkland & Ellis LLP. Furthermore, the underwriters have a 45-day option to buy an additional 3,000,000 units at the initial IPO price for over-allotments. The IPO's prospectus is available via Cohen & Company Capital Markets and the SEC's website. The offering remains subject to numerous conditions, with no guarantee of completion as projected.
Sectors
- Finance
- Technology
- Energy
- Real Assets
Geography
- United States – Crane Harbor Acquisition Corp. is based in Philadelphia, Pennsylvania, and the IPO will be listed on the Nasdaq Global Market, based in the United States.
Industry
- Finance – The article discusses an initial public offering, a significant financial event indicating Crane Harbor Acquisition Corp.'s entrance into the public markets.
- Technology – While Crane Harbor Acquisition Corp. is a finance entity, its acquisition focus includes companies in the technology sector.
- Energy – Crane Harbor's potential targets for business combinations include companies within the energy sector, highlighting its industry relevance.
- Real Assets – The company is interested in pursuing acquisitions within the real assets industry, such as real estate or infrastructure, indicating a diverse industry focus.
Financials
- $200,000,000 – The total value of Crane Harbor Acquisition Corp.'s initial public offering.
- $10.00 – The unit price for each of the 20,000,000 units issued in the IPO.
- 20,000,000 units – Total number of units being offered in the IPO at $10 per unit.
- April 25, 2025 – The date when the units will start trading on Nasdaq under the symbol 'CHACU'.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Crane Harbor Acquisition Corp. | Target Company | Company | A blank check company formed to effect a merger or acquisition, now launching its IPO. |
| Cohen & Company Capital Markets | Book-running Manager | Company | Financial division acting as the sole book-running manager for Crane Harbor’s IPO. |
| JonesTrading Institutional Services LLC | Joint Book-running Manager | Company | Serves alongside Cohen & Company as a book-running manager for the IPO. |
| Stevens & Lee, P.C. | Legal Counsel to the Company | Company | Provided legal services to Crane Harbor Acquisition Corp. for the IPO. |
| Kirkland & Ellis LLP | Legal Counsel to the Underwriters | Company | Provided legal advisory to the underwriters managing Crane Harbor’s IPO. |
| Jonathan Z. Cohen | Chairman of the Board | Person | Leads the management team at Crane Harbor Acquisition Corp. |
| Edward E. Cohen | Vice Chairman | Person | Holds the vice-chairman position at Crane Harbor Acquisition Corp. |
| William Fradin | Chief Executive Officer | Person | CEO of Crane Harbor Acquisition Corp., actively involved in the IPO process. |
| Tom Elliott | Chief Financial Officer | Person | Oversees the financial operations of Crane Harbor Acquisition Corp. |
| Jeffrey Brotman | Chief Legal Officer and Chief Operating Officer | Person | Handles legal and operational oversight for Crane Harbor Acquisition Corp. |