On March 19, 2026, Crane Harbor Acquisition Corp. (Nasdaq: CHAC) announced that its shareholders approved all necessary proposals to complete the business combination with Xanadu Quantum Technologies Inc., a leading photonic quantum computing company. This approval marks a significant milestone for both companies as they prepare to finalize the transaction, which is expected to close on March 26, 2026. Following the closing, the combined entity will operate under the name Xanadu Quantum Technologies Limited, with shares anticipated to begin trading on the Nasdaq and the Toronto Stock Exchange under the ticker symbol 'XNDU' on March 27, 2026.

The business combination is projected to deliver gross proceeds of approximately USD $302 million, which includes funds held in Crane Harbor's trust account and proceeds from a fully committed PIPE financing. This financial backing is in addition to ongoing negotiations with the Government of Canada and the Government of Ontario for an investment of up to CAD $390 million under Project OPTIMISM. The successful completion of this transaction will provide Xanadu with a robust capital base and a public-market platform to support its commercial roadmap and enhance its leadership in the field of photonic quantum computing.

Xanadu is recognized for its innovative approach to quantum computing, utilizing a light-based methodology to develop scalable, modular, and networked quantum computers that operate at room temperature. The company is led by Christian Weedbrook, who has been instrumental in advancing quantum technologies through his extensive research and leadership experience. The anticipated close of this transaction is seen as a major step forward for Xanadu as it aims to provide practical quantum solutions to customers worldwide.

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