CRAN 10-K & 10-Q changes, risk factors and insider trading

We are a blank check company incorporated in the Cayman Islands on June 19, 2025, and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, recapitalization, reorganization or other similar business combination with one or more businesses. We intend to effectuate our business combination using cash derived from the proceeds of the initialInitial publicPublic offeringOffering and the sale of the privatePrivate placementPlacement units,Units, our shares, debt or a combination of cash, shares and debt.

We have neither engaged in any operations nor generated any revenues to date. Our only activities from June 19, 2025 (inception) through MarchJune 31,30, 2026 were organizational activities and those necessary to prepare for the initialInitial publicPublic offering,Offering, described below, and, after our initialInitial publicPublic offering,Offering, identifying a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business combination, at the earliest. Subsequent to the initialInitial publicPublic offering,Offering, we generate non-operating income in the form of interest income on marketable securities held in the trustTrust account.Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended MarchJune 31,30, 2026, we had had net income of $2,805,157,$2,902,204, which consists of interest earned on marketablecash securitiesand investments held in Trust Account of $3,051,470,$3,087,178, offset by general general and administrative costs of $246,313.$184,974.

For the threesix months ended MarchJune 31,30, 2026, cash used used in operating activities was $224,965.$399,153. Net income of $2,805,157$5,707,361 was affected by interest earned on marketablecash securitiesand investments held in Trust Account Account of $3,051,470.$6,138,648. Changes in operating assets and liabilities provided $21,348$32,134 of cash from operating activities.

As of MarchJune 31,30, 2026, we had cash and investments held in the trust accountTrust Account of $348,539,449,$351,626,627, consisting of U.S. Treasury Billssecurities with a maturity of 185 days or less. We may withdraw interest from the trust account to pay our taxes. We intend to use substantially all of the funds held in the trustTrust account,Account, including any amounts representing interest earned on the trustTrust accountAccount (which interest shall be net of any taxes payable and excluding deferred underwriting commissions), to complete our business combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our business combination, the remaining proceeds held in the trustTrust accountAccount will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of MarchJune 31,30, 2026, we had cash of $1,952,555.$1,778,367. We intend to use the funds held outside the trustTrust accountAccount primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a business combination.

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of MarchJune 31,30, 2026.

The preparation of the unaudited condensed financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates. As of the date of the Initial Public Offering, management used valuation to determine the fair value of the Public Rights issued in the Initial Public Offering. As of MarchJune 31,30, 2026, we did not have any additional critical accounting estimates to disclose.

Net Income (Loss) per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Income and losses are shared pro rata among the outstanding shares. Net income (loss) per Ordinaryordinary Shareshare is computed by dividing net income (loss) by the weighted average number of Ordinaryordinary Sharesshares outstanding for the period. Accretion associated with the redeemable Ordinaryordinary Sharesshares is excluded from net income (loss) per Ordinaryordinary Shareshare as the redemption redemption value approximates fair value.