Crane Harbor shareholders approve merger with Xanadu Quantum

Crane Harbor Acquisition Corp. (NASDAQ: CHAC) shareholders approved the business combination with Xanadu Quantum Technologies Inc., setting up the photonic quantum computing company to become the first publicly traded firm in its sector.

The transaction is expected to close March 26, 2026, with the combined company operating as Xanadu Quantum Technologies Limited. Trading on NASDAQ and the Toronto Stock Exchange under ticker XNDU is anticipated to begin March 27, 2026, subject to customary closing conditions and exchange approval.

The deal will provide approximately $302 million in gross proceeds to Xanadu, consisting of funds from Crane Harbor's trust account and proceeds from committed PIPE financing. These funds are separate from negotiations with the Canadian federal government and Ontario for up to CAD$390 million under Project OPTIMISM, which remains subject to due diligence and final agreements.

Toronto-based Xanadu, founded in 2016, develops photonic quantum computers that operate at room temperature using light-based technology. The company is led by founder and CEO Christian Weedbrook, who serves on Canada's Quantum Advisory Council.

"We're excited to help Xanadu continue pursuing its mission of widely accessible, fault tolerant quantum computing," said Bill Fradin, CEO of Crane Harbor.

Weedbrook described the transaction as "a major milestone" and said Xanadu is "entering this next chapter from a position of technological leadership."

The company also develops PennyLane, an open-source software library for quantum computing applications, according to the press release statement.

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