10-Q: Crane Harbor Acquisition Corp. II Q1 2026 Update

Crane Harbor Acquisition Corp. II reports Q1 2026 results, with net income driven by trust account interest and ongoing efforts to identify a business combination.

Summary

• Crane Harbor Acquisition Corp. II (the Company) is a blank check company that has not yet commenced operations as of March 31, 2026.
• The Company's primary activities during the period were formation and preparation for its Initial Public Offering (IPO).
• The IPO, which closed on December 17, 2025, raised $345 million by selling 34.5 million units.
• An additional $9 million was raised through a private placement of units to the Sponsor and underwriters.
• As of March 31, 2026, the Company held $348.5 million in its Trust Account, primarily invested in U.S. Treasury securities.
• The Company reported a net income of $2,805,157 for the three months ended March 31, 2026, primarily from interest earned on the Trust Account.
• General and administrative costs for the quarter were $246,313.
• The Company has sufficient funds to cover its working capital needs for the next year and does not anticipate needing additional funds to operate before its business combination.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, reflecting the expected financial status of a SPAC in its pre-business combination phase, with no significant operational developments or changes in financial performance.

Positives

• The company successfully completed its Initial Public Offering on December 17, 2025, raising $345 million.
• An additional $9 million was raised through a private placement.
• The Trust Account holds $348.5 million in U.S. Treasury securities as of March 31, 2026.
• The company generated a net income of $2.8 million for the quarter, primarily from interest income on its Trust Account.
• Management believes the company has sufficient funds to finance its working capital needs for the next year.

Negatives

• The company has not yet commenced operations and has no operating revenues.
• The company incurred general and administrative costs of $246,313 for the quarter.
• The company's ability to complete a business combination is subject to market and economic conditions, and there is no assurance of success.
• If a business combination is not completed within the specified timeframe, the company will redeem its public shares, and the rights will expire worthless.

Risks

• The Company's ability to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company's control, including changes in laws or regulations, economic downturns, inflation, fluctuations in interest rates, supply chain disruptions, declines in consumer confidence, public health considerations, and geopolitical instability.
• If the Company is unable to complete a Business Combination within the completion window (24 months from IPO, or extended period), it will redeem the Public Shares, and the associated rights will expire worthless.
• The Sponsor is liable to the Company if third-party claims reduce the Trust Account below a certain threshold, unless a waiver is obtained.
• There is a risk that the per-share value of residual assets remaining for distribution could be only $10.00 per share initially held in the Trust Account if the Company liquidates.

Future Outlook

The Company's primary objective is to complete a business combination. It expects to continue incurring significant costs in pursuit of this goal. Management believes it has sufficient funds for operations until the business combination is completed.

Management Comments

• Management has determined that the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the unaudited condensed financial statements.
• We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business.
• Our management evaluated, with the participation of our chief executive officer and chief financial officer (our Certifying Officers), the effectiveness of our disclosure controls and procedures as of March 31, 2026, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that as of March 31, 2026, our disclosure controls and procedures were effective.

Industry Context

StockSavvy.ai notes that Crane Harbor Acquisition Corp. II, as a Special Purpose Acquisition Company (SPAC), is in a phase focused on identifying and executing a business combination. Its financial performance is currently driven by investment income from its trust account rather than operational revenue, which is typical for SPACs prior to a merger.

Comparison to Industry Standards

• As a SPAC, Crane Harbor Acquisition Corp. II's financial reporting is standard for its stage of development. Its primary assets are cash and investments held in trust, which is typical for companies awaiting a business combination.
• The net income reported is solely derived from interest income on its trust account investments, a common characteristic of SPACs before a merger. This contrasts with operating companies that generate revenue from sales of goods or services.
• The structure of Class A shares subject to redemption is a standard feature of SPACs, designed to protect public shareholders if a business combination is not consummated within the specified timeframe.

Legal Proceedings

• None

Related Party Transactions

• The Sponsor, Crane Harbor Sponsor II, LLC, made an initial capital contribution and was issued founder shares.
• The Sponsor and underwriters purchased Private Placement Units simultaneously with the IPO.
• The Sponsor or an affiliate may provide Working Capital Loans to the Company.
• The Company reimburses the Sponsor or an affiliate $30,000 per month for office space, utilities, secretarial support, and administrative services.

Stakeholder Impact

• Shareholders: Public shareholders have the right to redeem their shares if a business combination is not completed. Founder and private placement shareholders have agreed to waive certain redemption and liquidation rights.
• Sponsor: The Sponsor has agreed to waive certain redemption and liquidation rights and may provide working capital loans.
• Underwriters: Entitled to deferred underwriting commissions upon the closing of a business combination, subject to conditions related to the Trust Account balance.
• Creditors: The Sponsor has agreed to indemnify the Trust Account against certain third-party claims.

Next Steps

• Identify and evaluate target businesses for a business combination.
• Perform business due diligence on prospective target businesses.
• Structure, negotiate, and complete a business combination.

Key Dates

Keywords

Crane Harbor Acquisition Corp. II, SPAC, 10-Q, Quarterly Report, Business Combination, Trust Account, IPO, Financial Statements, Cayman Islands