Crane Harbor Acquisition, Xanadu Quantum submit draft registration statement

Crane Harbor Acquisition (CHAC) and Xanadu Quantum Technologies announced the confidential submission of a draft registration statement on Form F-4 by a newly-formed entity, Xanadu Quantum Technologies, with the U.S. Securities and Exchange Commission. 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 $3.1 billion and pro forma market capitalization of $3.6 billion. The combined company, Xanadu Quantum Technologies Limited, is expected to be capitalized with approximately $500 million in gross proceeds, comprising approximately $225 million from Crane Harbor’s trust account, assuming no redemptions by Crane Harbor’s public stockholders, as well as $275 million from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment. The $275 million PIPE investment exceeds the minimum cash required to close the transaction under the business combination agreement. 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, which is subject to stock exchange approval. The business combination is expected to close at the end of the first quarter of 2026.