Xanadu Strengthens Governance Ahead of Expected Nasdaq & TSX Debut

Xanadu Quantum Technologies Inc. is bolstering its leadership team with a slate of new board nominees as it prepares to become a publicly traded company. Glenda Dorchak, Eliot Pence, Michelle Reynolds, and The Hon. Heidi Shyu will join Founder and Chief Executive Officer Christian Weedbrook and Bill Fradin on the board of “NewCo,” the entity expected to trade on both the Nasdaq and Toronto Stock Exchange under the symbol “XNDU.” The nominations come as Xanadu advances a business combination with Crane Harbor Acquisition Corp., anticipated to close in the first quarter of 2026. “The addition of these new independent directors will further strengthen our Board as we enter the next phase of our evolution into a public company,” said Christian Weedbrook, emphasizing the critical need for expertise in global governance, public markets, and technology as Xanadu scales its quantum computing innovations.

Xanadu Quantum Technologies & Crane Harbor Business Combination The move, announced on February 23, 2026, isn’t merely a financial transaction; it signals a significant step toward realizing scalable and accessible quantum computing, a field long considered a theoretical promise. This dual listing reflects Xanadu’s Canadian origins and its ambition to serve a global market. A key component of this transition involves bolstering NewCo’s leadership with a newly proposed board of directors. Michelle Reynolds joins existing members Christian Weedbrook and Bill Fradin, bringing a wealth of experience spanning corporate governance, public markets, and advanced technology. The selection of these individuals isn’t coincidental; their backgrounds are strategically aligned with the challenges and opportunities facing a rapidly growing quantum computing firm. Dorchak’s experience at GlobalFoundries and Cerebras, Pence’s work in defense technology with Anduril Industries and Dominion Dynamics, Reynolds’ financial leadership at Reddit, and Shyu’s recent role as U.S. Under Secretary of Defense for Research & Engineering, collectively address critical areas for Xanadu’s future success. The financial implications of the business combination are substantial. NewCo is expected to be capitalized through the business combination with Crane Harbor and a committed private placement investment from strategic and institutional investors. This influx of capital will be instrumental in scaling Xanadu’s operations, accelerating research and development, and expanding the reach of its PennyLane open-source software library. NewCo Board Nominees: Dorchak, Reynolds, and Shyu Expertise The rapidly evolving landscape of quantum technology demands not only scientific breakthroughs, but also astute leadership capable of navigating the complexities of scaling a nascent industry. While numerous companies vie for dominance in areas like superconducting and trapped-ion quantum computing, photonic approaches – championed by Xanadu Quantum Technologies – are gaining traction. As Xanadu prepares to become a publicly listed entity through its merger with Crane Harbor Acquisition Corp., the composition of its board of directors is receiving considerable attention, with nominations designed to bolster expertise in crucial areas. These nominees represent a deliberate effort to bring seasoned perspectives to NewCo’s governance. Glenda Dorchak, with a background spanning leadership roles at IBM, Intel, and Spansion, offers deep experience in strategic growth and corporate governance. Her current board positions at GlobalFoundries and Cerebras demonstrate a commitment to cutting-edge technology sectors. Eliot Pence, founder of Dominion Dynamics, brings a focus on defense and industrial applications, having previously driven global growth at Anduril Industries. He’s positioned to guide NewCo’s engagement with government and enterprise sectors, translating research into deployable platforms. “Glenda, Eliot, Michelle, and Heidi each bring deep experience and expertise across global governance, public markets, finance, operations, and technology, areas that will be mission-critical to Xanadu’s success as we continue to scale our category-defining company,” stated Christian Weedbrook. Michelle Reynolds, as Chief Accounting Officer & Treasurer at Reddit, Inc., provides critical financial acumen, including experience leading two Initial Public Offerings. The appointment of The Honorable Heidi Shyu positions her to navigate the complex intersection of quantum technology, national security, and large-scale government procurement. She oversaw research, development, and prototyping activities across the DoD enterprise, including the Defense Advanced Research Projects Agency. This infusion of expertise isn’t merely about filling seats; it’s about equipping NewCo with the leadership needed to commercialize quantum computing. The anticipated closure of the business combination in the first quarter of 2026, subject to shareholder approval and SEC declarations, will solidify this new board structure and set the stage for Xanadu’s next phase of growth. “Bringing on independent directors of this caliber is a resounding endorsement for our company,” Weedbrook added, emphasizing the significance of this strategic move. the stock exchanges on which the shares of the combined company are expected to trade; the expected ticker symbol of the combined company; the expected timing of the closing of the proposed transaction; the expected capitalization of the combined company following the proposed transaction; proceeds from the business combination and related PIPE; funds received by the combined company from Crane Harbor’s trust account and redemptions by Crane Harbor’s public shareholders; and the composition of the board of directors of the combined company following the proposed transaction. Eliot Pence’s Background in Defense & Industrial Companies Pence founded Dominion Dynamics in 2025, a defense firm explicitly aimed at establishing “sovereign capability in aerospace, autonomy, and command-and-control,” signaling a commitment to bolstering domestic technological independence. This venture follows a pattern of identifying critical technological gaps and assembling organizations to address them, a skill set Xanadu clearly values as it scales its quantum computing platform. Prior to establishing Dominion Dynamics, Pence honed his expertise in rapidly scaling nascent technologies within established firms. From 2024 to 2025, he served as Chief Business Officer at Osmo and Cambium Biomaterials, focusing on translating research and development into deployable products for both government and commercial clients. This experience demonstrates an ability to navigate the complex process of moving from laboratory innovation to real-world application, a crucial skill for a company like Xanadu aiming to commercialize quantum computing. However, it was his four-year tenure at Anduril Industries, beginning in 2018, that truly established Pence as a force in the defense technology sector. He joined as an early business development hire and “played a central role in building it.” Pence’s contributions at Anduril extended beyond simple business development; he architected the company’s international expansion strategy, effectively bootstrapping growth across three continents. He “created Anduril’s international go-to-market strategy from scratch,” demonstrating a capacity for strategic planning and operational execution on a global scale. Before entering the world of rapidly scaling startups, Pence gained experience in the Washington, D.C. advisory landscape as a senior director at McLarty Associates, further solidifying his understanding of the policy and regulatory environment surrounding defense and technology. He currently serves on the U.S. Trade Representative’s Advisory Committee and the Yale University President’s Council on International Activities, indicating ongoing engagement with key stakeholders in international trade and academic research. Michelle Reynolds’ IPO & Financial Leadership at Reddit Reynolds, currently Chief Accounting Officer & Treasurer, Vice President at Reddit, Inc., brings a proven track record in navigating the complexities of initial public offerings and sustained financial growth. Reynolds’ expertise extends beyond simply launching a company on the stock market. She possesses deep experience in U.S. Securities and Exchange compliance, treasury management, and strategic financial management – areas vital for a rapidly scaling quantum computing firm. Her experience at Reddit, a company itself navigating the demands of public ownership, provides invaluable insight into the challenges and opportunities that lie ahead for Xanadu. Reynolds is also known for leading business process transformation initiatives and strengthening internal controls, skills that will be essential as Xanadu integrates into the public company landscape. Furthermore, her service on the FASB Public Markets Advisory Committee since 2025 indicates a dedication to best practices in financial reporting. This collective expertise is designed to propel Xanadu forward, transforming it from a leading photonic quantum computing company into a publicly traded entity capable of delivering on its ambitious goals. Reynolds’ presence on the board is a clear indication that Xanadu recognizes the critical link between scientific innovation and sound financial leadership.

Heidi Shyu Led DoD Research & Engineering (2021-2025) While many associate former high-ranking defense officials with traditional military applications, Shyu’s inclusion reflects a growing recognition of quantum technology’s potential to reshape national security and technological leadership—a shift from kinetic power to computational advantage. Her background isn’t simply about weapons systems; it’s about anticipating and enabling future technological dominance. From 2021 to 2025, Shyu served as the U.S. This wasn’t merely administrative oversight; she was “responsible for ensuring the technological superiority of the U.S. military,” a mandate demanding a proactive approach to emerging technologies. Prior to this role, she held the position of U.S. Assistant Secretary of the Army for Acquisition, Logistics and Technology, further solidifying her experience in guiding complex technological programs from inception to deployment. Her earlier career at Raytheon, including a role as Vice President of Technology Strategy for Space & Airborne Systems, demonstrates a long-standing commitment to innovation within the private sector. Shyu’s appointment to the NewCo board, formed through Xanadu’s business combination with Crane Harbor, isn’t an isolated event. It’s part of a broader strategy to bolster the company’s leadership with individuals possessing expertise in areas critical for scaling a category-defining company. Her extensive record of “distinguished public service and civilian leadership awards” speaks to her ability to translate vision into tangible results. Source: https://www.globenewswire.com/news-release/2026/02/23/3242615/0/en/Xanadu-Nominates-Experienced-Global-Business-Leaders-to-its-Board-of-Directors.html Tags: