Business Context and Reporting Period
Company: Crane Harbor Acquisition Corp. II (CRANU/CRAN/CRANR)
Reporting Period: Quarter ended March 31, 2026
Status: Cayman Islands exempted company; "blank check" SPAC incorporated June 19, 2025.
Operations: No operating revenues. Activities limited to identifying a target for a Business Combination. IPO consummated December 17, 2025.
Key Financial Metrics
| Metric | Value (Q1 2026) |
|---|---|
| Net Income | $2,805,157 |
| Trust Account Balance | $348,539,449 |
| Cash (Outside Trust) | $1,952,555 |
| Working Capital Surplus | $1,967,420 |
| Deferred Underwriting Fee | $14,700,000 |
| General & Administrative Costs | $246,313 |
| Interest Income (Trust) | $3,051,470 |
| EPS (Class A & B) | $0.06 |
Material Changes vs. Prior Period
- Trust Account Growth: Increased from $345,487,979 (Dec 31, 2025) to $348,539,449 (Mar 31, 2026), driven by $3,051,470 in interest income.
- Redemption Value: Per-share redemption value for Class A ordinary shares rose from $10.01 to $10.10.
- Cash Position: Operating cash decreased by $242,009 to $1,952,555 due to operating expenses and prepaid expense adjustments.
- Accumulated Deficit: Increased to $(12,665,151) due to accretion of Class A shares to redemption value, partially offset by net income.
Outlook, Risks, and Contingencies
- Business Combination Deadline: Must complete a transaction within 24 months of IPO (December 17, 2027) or face liquidation.
- Liquidity: Management believes existing cash outside the Trust ($1.95M) is sufficient for operations for the next 12 months. Sponsor may provide "Working Capital Loans" up to $2.5M convertible to units if needed.
- Deferred Fees: $14.7M deferred underwriting fee is payable only upon successful Business Combination; waived if liquidation occurs.
- Risks: Standard SPAC risks including failure to find a target, market volatility, and potential inability to raise additional financing if redemptions are significant.
- Related Party: Monthly administrative fee of $30,000 paid to Sponsor; $90,000 incurred in Q1 2026.
Investor Verification Checklist
- Verify the 24-month deadline for Business Combination completion (Dec 17, 2027).
- Confirm the current Trust Account balance per share ($10.10) vs. the initial $10.00 IPO price.
- Review the Sponsor's commitment to cover Trust Account deficiencies if third-party claims reduce funds below $10.00/share.
- Check for any amendments to the charter regarding the redemption window or extension options.
- Monitor the status of the $14.7M deferred underwriting fee liability.