TORONTO, March 02, 2026 -- Xanadu Quantum Technologies Inc. (“Xanadu”), a global leader in photonic quantum computing, and Crane Harbor Acquisition Corp. (“Crane Harbor”), a publicly traded special purpose acquisition company, today announced that the U.S. Securities and Exchange Commission (the “SEC”) has declared effective the companies’ joint registration statement on Form F-4 in connection with their previously announced proposed business combination.

This marks a significant milestone in the transaction process and moves Xanadu substantially closer to becoming a publicly traded company. The business combination is expected to close in the first quarter of 2026, subject to the satisfaction of customary closing conditions, including the approval by Crane Harbor and Xanadu shareholders and the listing of the shares of the combined company on the Toronto Stock Exchange and the Nasdaq Stock Market, which is subject to stock exchange approval. Upon closing, the transaction is expected to result in approximately US$500 million in gross proceeds, assuming no redemptions.

“This is yet another defining moment for Xanadu,” said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “The effectiveness of the registration statement brings us an important step closer to becoming a publicly traded company as we continue to roll out key commercial partnerships that helps demonstrate our company’s critical role in the path to quantum computing availability. We believe access to the public markets will enable us to accelerate our technology roadmap, deepen global partnerships, and scale toward delivering fault-tolerant quantum computing.”

“We are proud to partner with Xanadu at this important stage in its growth,” said Bill Fradin, Chief Executive Officer of Crane Harbor Acquisition Corp. “The effectiveness of the registration statement reflects the substantial work completed by both teams and positions the company, which is expected to be the first pure-play photonic quantum computing company to enter the public markets, with strong momentum, differentiated technology, and a clear long-term strategy. We look forward to completing the transaction and supporting Xanadu in its next phase as a public company.”

Following completion of the transaction, the combined company’s shares are expected to trade on the Toronto Stock Exchange and Nasdaq Stock Market under the ticker symbol “XNDU.”

Continued Strategic and Technical Momentum

Since announcing the proposed transaction, Xanadu has continued to build momentum across research, commercial partnerships, and governance:

• Launched a joint research initiative with Lockheed Martin focused on advancing the foundations of quantum machine learning.
• Collaborated with Mitsubishi Chemical on new quantum algorithms aimed at improving next-generation semiconductor manufacturing processes.
• Strengthened its executive leadership and incoming board, appointing a Chief Financial Officer and Chief Legal Officer and nominating experienced global business leaders as directors.
• Integrated PennyLane with the Munich Quantum Toolkit, enhancing quantum compilation and interoperability capabilities.
• Expanded its collaboration with Tower Semiconductor to accelerate photonic chip innovation and scalable hardware manufacturing.
• Partnered with Thorlabs to advance optical fiber component development critical to large-scale photonic systems.
• Worked with Rolls-Royce and Riverlane to dramatically reduce simulation times for jet engine airflow modeling, unlocking new aerospace prototyping capabilities.
• Advanced to Stage B of DARPA’s Quantum Benchmarking Initiative, underscoring the credibility of its path toward utility-scale systems.
• Secured up to CAD $23 million through Canada’s Quantum Champions Program to support the development of fault-tolerant quantum computing in Canada.
• Announced an upcoming Analyst Day on March 4, 2026, where management will outline its long-term technology and commercialization roadmap.