Crane Harbor Shareholders Approve $302M SPAC Merger with Xanadu Quantum Technologies
Crane Harbor Acquisition Corp. shareholders approved a business combination with Xanadu Quantum Technologies, expected to close March 26, 2026 and begin trading as XNDU on Nasdaq and TSX on March 27. The transaction secures approximately US$302 million in gross proceeds alongside an up to CAD$390 million potential government investment.
1. Merger Approval
Shareholders approved all necessary proposals at the extraordinary general meeting, clearing the way for the business combination between Crane Harbor Acquisition Corp. and Xanadu Quantum Technologies to proceed to closing.
2. Expected Trading Launch
The combined entity, to be renamed Xanadu Quantum Technologies Limited, is slated to close the transaction on March 26, 2026, with its shares commencing dual listing on Nasdaq and TSX under ticker XNDU on March 27.
3. Capital Structure
The deal brings approximately US$302 million in gross proceeds from Crane Harbor’s trust account and a fully committed PIPE financing, separate from an up to CAD$390 million potential investment from the governments of Canada and Ontario pending final agreements.
4. Xanadu's Photonic Quantum Leadership
Xanadu, led by CEO Christian Weedbrook, pioneers room-temperature photonic quantum computing and operates the PennyLane open-source software library, aiming to deliver scalable quantum solutions to global customers.