Xanadu Quantum Technologies completes SPAC merger, to trade as XNDU

Xanadu Quantum Technologies Limited completed its business combination with Crane Harbor Acquisition Corp. (NASDAQ: CHAC) and secured $275 million in PIPE financing, according to a company statement.

The photonic quantum computing company's Class B Subordinate Voting Shares will begin trading on NASDAQ and the Toronto Stock Exchange under ticker symbol "XNDU" on March 27, 2026.

Following the transaction, Christian Weedbrook holds 46,432,704 Class A Multiple Voting Shares, representing approximately 18.23% of outstanding Class A shares and 17.92% of total voting power. Weedbrook serves as an executive officer and board member of the company.

Georgian Partners Growth LP funds acquired 29,514,154 Class A Multiple Voting Shares and 200,000 Class B Subordinate Voting Shares through the combination. Georgian funds purchased the Class B shares in the PIPE financing at $10.00 per share for total proceeds of $2 million. The Georgian holdings represent approximately 11.59% of Class A shares and 11.40% of total voting power.

The Class A Multiple Voting Shares can be converted to Class B Subordinate Voting Shares on a one-for-one basis. If all Class A shares were converted, Weedbrook would hold approximately 51.75% of outstanding Class B shares, while Georgian funds would hold approximately 40.82%.

Xanadu, founded in 2016, develops quantum computing hardware and software and leads development of the PennyLane open-source quantum computing library. The company is based in Toronto.

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