TORONTO, November 24 2025 -- Crane Harbor Acquisition Corp., a publicly traded special purpose acquisition company (“Crane Harbor”), and Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, today announced the confidential submission of a draft registration statement on Form F-4 (the “Registration Statement”) by a newly-formed entity, Xanadu Quantum Technologies Limited (“NewCo”), with the U.S. Securities and Exchange Commission (“SEC”). The submission of the Registration Statement marks an important milestone toward the completion of the previously disclosed proposed business combination between Crane Harbor and Xanadu, which has an expected pro forma enterprise value of approximately US$3.1 billion and pro forma market capitalization of US$3.6 billion.

The combined company, Xanadu Quantum Technologies Limited, is expected to be capitalized with approximately US$500 million in gross proceeds, comprising approximately US$225 million from Crane Harbor’s trust account, assuming no redemptions by Crane Harbor’s public stockholders, as well as US$275 million from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment (“PIPE”). The US$275 million PIPE investment exceeds the minimum cash required to close the transaction under the business combination agreement.

“This represents a significant regulatory step forward in our mission to bring Xanadu’s groundbreaking photonic quantum computing technology to the public markets,” said Christian Weedbrook, Chief Executive Officer of Xanadu. “We remain committed to completing this transformative transaction that will strengthen Xanadu’s position as a leader in the rapidly evolving quantum computing sector.”

Founded in 2016, Xanadu represents a breakthrough in quantum computing technology, operating at true room temperature without the complex and energy-intensive cryogenics or laser cooling required by competing approaches, while delivering the world’s first networked, modular, and scalable quantum computer through their Aurora system. Xanadu made history in 2022 as the first pure-play quantum computing company to achieve quantum supremacy with their 216-qubit Borealis system.

Beyond hardware innovation, Xanadu is a leader of the software revolution through PennyLane, the world’s most implemented quantum programming platform and integrated across all major quantum computer providers regardless of modality. This business combination positions Xanadu to become the first and only publicly traded pure-play photonic quantum computing company, uniquely leveraging photonics as the only medium universally compatible across all quantum modalities for commercialization, including quantum networking, sensing, secure communications, and future applications.

Completion of the proposed transaction is subject to the satisfaction of customary closing conditions, including the approval of the shareholders of each of Xanadu and Crane Harbor and the listing of the shares of the combined company on the Toronto Stock Exchange and The Nasdaq Stock Market LLC, which is subject to stock exchange approval. The business combination is expected to close at the end of the first quarter of 2026.