Xanadu Quantum SPAC Deal Approved, Targets $302 Million Raise
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Insider Brief Crane Harbor shareholders approved the proposed business combination with Xanadu Quantum Technologies, clearing a key step toward the company going public. The combined company is expected to begin trading on Nasdaq and the Toronto Stock Exchange under the ticker “XNDU” following a planned March 26, 2026 closing. The transaction is expected to provide approximately $302 million in gross proceeds, with additional potential funding under a separate Canadian government investment still under negotiation. PRESS RELEASE — Crane Harbor Acquisition Corp. (“Crane Harbor”) (Nasdaq: CHAC) today announced that its shareholders approved all proposals necessary to complete the previously announced business combination with Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, at Crane Harbor’s extraordinary general meeting of shareholders. The approval represents an important milestone toward completing the transaction and advancing Xanadu’s scalable photonic quantum technology platform. The closing of the business combination is expected to occur on March 26, 2026. Following the closing, the combined company will operate under the name Xanadu Quantum Technologies Limited (the “Company”), with its shares anticipated to begin trading on the Nasdaq Stock Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the ticker symbol “XNDU” on March 27, 2026, subject to the satisfaction of customary closing conditions and stock exchange approval. The transaction is expected to deliver gross proceeds of approximately US$302 million to the Company, consisting of funds held in Crane Harbor’s trust account and proceeds from a fully committed PIPE financing. These proceeds are separate from and incremental to the previously announced negotiations with the Government of Canada and the Government of Ontario for an up to CAD$390 million investment under Project OPTIMISM. The proposed support remains subject to the completion of due diligence and the execution of final agreements. Xanadu is a leader in photonic quantum computing, pioneering a light-based approach to develop scalable, modular, and networked quantum computers that compute at room temperature. The company attracts world-class talent, led by Founder and Chief Executive Officer, Christian Weedbrook, a member of Canada’s Quantum Advisory Council who has advanced quantum technologies through groundbreaking research and leadership for over 15 years. Xanadu is committed to building quantum computers that are useful and available to people and institutions everywhere. “We’re excited to help Xanadu continue pursuing its mission of widely accessible, fault tolerant quantum computing,” said Bill Fradin, Chief Executive Officer of Crane Harbor. “We look forward to completing the transaction and providing Xanadu with a strong capital base and public-market platform to support its commercial roadmap and further strengthen its leadership in photonic quantum computing.” “The anticipated close of the transaction marks a major milestone for our team and partners,” said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “As the first publicly traded photonic quantum computing company, we believe Xanadu is entering this next chapter from a position of technological leadership and with a clear focus on providing practical quantum solutions to customers worldwide.” Matt Swayne LinkedIn With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. matt@thequantuminsider.com Share this article: