Crane Harbor Completes $220 Million IPO, Eyes Acquisitions
Deal News | Apr 28, 2025 | EIN
Crane Harbor Acquisition Corp., a blank check company aiming to facilitate mergers or similar business combinations, successfully completed its initial public offering, raising $220 million by issuing 22,000,000 units at $10.00 per unit. The IPO included the exercise of the underwriters' over-allotment option. The funds have been placed in a trust for the benefit of its shareholders. The units, consisting of one Class A ordinary share and a right to an additional share tenth post-business combination, began trading on Nasdaq under the ticker CHACU. Renowned firms served as managers and legal advisors, ensuring successful registration and compliance with the U.S. Securities and Exchange Commission. Crane Harbor seeks acquisitions with a focus on technology, real assets, and energy sectors, led by a highly experienced management team.
Sectors
- Finance
- Technology
- Energy
Geography
- United States – The IPO took place in the U.S., and the company's units began trading on the Nasdaq, a major American stock exchange. Additionally, the legal and financial advisory firms involved are based in the U.S.
Industry
- Finance – The article is primarily about an initial public offering, a key financial market activity involving securities trading and investments.
- Technology – Crane Harbor Acquisition Corp. aims to target acquisition opportunities in the technology sector, indicating its strategic focus within this industry.
- Energy – The company has plans to pursue acquisition targets within the energy industry, mentioning it as one of the primary sectors of interest.
Financials
- $220,000,000 – The total gross proceeds from the IPO and the over-allotment option.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Crane Harbor Acquisition Corp. | Issuer | Company | A blank check company formed for mergers, share exchanges, or asset acquisitions with a focus on technology, real assets, and energy. |
| Cohen & Company Capital Markets | Lead book-running manager | Company | A division of J.V.B. Financial Group, LLC, managing the IPO process as the sole lead book-running manager. |
| JonesTrading Institutional Services LLC | Joint book-running manager | Company | Acted as joint book-running manager for the IPO. |
| Stevens & Lee, P.C. | Legal advisor to the Company | Company | Provided legal counsel to Crane Harbor Acquisition Corp. for this IPO. |
| Kirkland & Ellis LLP | Legal advisor to the underwriters | Company | Provided legal counsel to the underwriters during the IPO process. |
| Jonathan Z. Cohen | Chairman of the Board of Directors | Person | Part of the management team leading Crane Harbor Acquisition Corp. |
| Edward E. Cohen | Vice Chairman | Person | Part of the management team leading Crane Harbor Acquisition Corp. |
| William Fradin | Chief Executive Officer | Person | CEO of Crane Harbor Acquisition Corp. |
| Tom Elliott | Chief Financial Officer | Person | CFO of Crane Harbor Acquisition Corp. |
| Jeffrey Brotman | Chief Legal Officer and Chief Operating Officer | Person | CLO and COO of Crane Harbor Acquisition Corp. |