Two SPACs – Crane Harbor Acquisition Corp. (CHACU) and Inflection Point Acquisition Corp. III (IPCXU)– raised a total of $420 million with the pricing of their IPOs on Thursday night, April 24, 2025. Crane Harbor Acquisition’s stock broke issue price to open at $9.98 – down 2 cents from its $10.00 IPO price – at 11:02 a.m. EDT today – Friday, April 25, 2025 – on the NASDAQ on volume of about 1.48 million shares. In contrast, Inflection Point Acquisition III’s stock rose 8 cents from its $10.00 IPO price to open at $10.08 at 11:33 a.m. EDT today – Friday, April 25, 2025 – on NASDAQ volume of about 1.46 million shares. Both SPACs are incorporated in the Cayman Islands.
Cohen & Company Capital Markets served as the lead book-running manager, while Jones served as the joint book-runner for Crane Harbor Acquisition’s $200 million IPO.
Crane Harbor Acquisition Corp., based in Philadelphia, priced 20 million units at $10.00 apiece – in sync with the terms in the prospectus – and raised $200 million on Thursday night, April 24, 2025. Each unit consists of one Class A ordinary share and one right to receive one-tenth (1/10th) of a share upon the consummation of an initial business combination.
The technology, real assets and energy sectors will be in focus as Crane Harbor Acquisition searches for target companies – either for an acquisition or an initial business combination, according to the prospectus.
Inflection Point Acquisition Corp. III, based in New York, priced 22.0 million units at $10.00 apiece – the terms in the prospectus – and raised $220 million on Thursday night, April 24, 2025. Each unit consists of one share of Class A common stock and one right to receive one-tenth (1/10th) of one Class A ordinary share upon the consummation of an initial business combination.
Cantor was the sole book-runner of Inflection Point Acquisition III’s SPAC IPO.
Inflection Point Acquisition Corp. III intends “to focus our search initially on North American and European businesses in disruptive growth sectors, which complements the expertise of our management team,” according to the prospectus.
Michael Blitzer has been the chairman and the CEO of Inflection Point Acquisition III since October 2024. He is the founder and co-CEO of Kingstown Capital Management, which he founded in 2006 and led its growth into a multi-billion asset manager with some of the world’s largest endowments and foundations as clients, the prospectus said. Over 18 years, Kingstown has invested in public and private equities, SPACs, PIPEs and derivatives. He began his Wall Street career at J.P. Morgan Securities in 1999, advising companies globally in private debt and equity capital raises. He subsequently worked at the investment fund Gotham Asset Management, which was founded by the author and investor Joel Greenblatt.
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