Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
Our units commenced public
trading on December 16, 2025, and our Class A ordinary shares and rights commenced separate trading on January 12, 2026. Our Class A ordinary
shares, rights and units are each listed on the NASDAQ Global Market under the symbols CRAN, CRANR and CRANU, respectively.
Holders
On February 24, 2026, the
numbers of record holders of the Company’s Class A ordinary shares, units and rights were 1, 4 and 1, respectively, not including
beneficial holders whose securities are held in street name.
Dividends
We have not paid any cash
dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our
initial business combination will be within the discretion of our Board of Directors at such time. In addition, our Board of Directors
is not currently contemplating and does not anticipate declaring any share capitalizations in the foreseeable future. Further, if we incur
any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.
Securities Authorized for Issuance Under Equity
Compensation Plans
None.
Recent Sales of Unregistered Securities and
Use of Proceeds
Unregistered Sales of Equity Securities
On December 17, 2025, we sold
900,000 placement units in a private placement for an aggregate purchase price of $9,000,000, or $10.00 per unit, to the sponsor, CCM
and Jones pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act. Each placement unit consists
of one Class A ordinary share and one placement right. The placement units are identical to the units issued in the initial public offering,
except that (1) they (including their component securities) may not, subject to certain limited exceptions, be transferred, assigned or
sold until 30 days after the completion of our initial business combination; and (2) they (including their component securities) are entitled
to registration rights.
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Use of Proceeds
On December 17, 2025, we consummated
the initial public offering of 34,500,000 units, including 4,500,000 units purchased to cover over-allotments, generating gross proceeds
of $345,000,000. Each unit consists of one Class A ordinary share and one public right.
CCM acted as the lead book-running
manager for the initial public offering and Jones acted as joint book-runner. The securities sold in the initial public offering
were registered under the Securities Act on a registration statement on Form S-1 (File No. 333-291289). The SEC declared the registration
statement effective on December 15, 2025.
We incurred a total of $21,286,543
in transaction costs related to the initial public offering. We paid a total of $6,000,000 in cash underwriting discounts and commissions
and $586,543 in other costs and expenses related to the initial public offering. In addition, the underwriters agreed to defer $14,700,000
in underwriting discounts and commissions, which would be payable only upon consummation of an initial business combination.
Following the closing of the
initial public offering and the private placement, an amount of $345,000,000 ($10.00 per unit) from the net proceeds from the sale of
the units in the initial public offering and the placement units in the private placement was placed in the trust account.
Purchases of Equity Securities by the Issuer
and Affiliated Purchasers
None.
Item 6. [RESERVED]
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