Crane Harbor Acquisition Corp. II Right is a financial instrument issued as part of the units in the company's initial public offering. Each right entitles the holder to receive one-fifteenth (1/15) of a Class A ordinary share upon the successful completion of the company's initial business combination. This blank check company, incorporated in the Cayman Islands, operates as a special purpose acquisition vehicle designed to pursue mergers, share exchanges, asset acquisitions, or similar transactions with target businesses. Its primary focus targets opportunities in the technology, real assets, and energy sectors, leveraging the expertise of its management team, including Executive Chairman Jonathan Z. Cohen, CEO William Fradin, and others with experience in high-growth investments. Following the $345 million upsized IPO in December 2025, separate trading of rights commenced on January 12, 2026, enhancing liquidity for investors seeking targeted exposure to the potential de-SPAC event. These rights play a key role in SPAC structures, providing leveraged participation in the post-merger equity while intact units continue trading separately.