Xanadu to Go Public in $3 Billion SPAC Merger

Toronto, Ontario, Canada - Xanadu Quantum Technologies Inc. and Crane Harbor Acquisition Corp. (Nasdaq: CHAC) have entered into a definitive business combination agreement that values the photonic quantum computing leader at a pre-money valuation of US$3 billion. The transaction is expected to provide up to US$500 million in gross proceeds to the combined company, which will be named Xanadu Quantum Technologies Limited (NewCo). The funding consists of approximately US$225 million from Crane Harbor's trust account and a US$275 million common equity PIPE (Private Placement) from strategic and institutional investors.

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