- **Crane Harbor Acquisition Corp. (CHAC)** has entered into a definitive business combination agreement with Xanadu Quantum Technologies, Inc., which is expected to result in Xanadu becoming the **first and only publicly traded pure-play photonic quantum computing company**.  **[2054174_0001213900-25-104918_ea026354401ex99-1_crane.htm:0]** 
- The pro forma enterprise value of the combined company is anticipated to be approximately **US$3.1 billion**, with a pro forma market capitalization of approximately **US$3.6 billion**.  **[2054174_0001213900-25-104918_ea026354401ex99-1_crane.htm:0]** 
- The transaction is expected to generate approximately **US$500 million in gross proceeds**, including **US$275 million from a fully committed common equity PIPE**.  **[2054174_0001213900-25-104918_ea026354401ex99-1_crane.htm:0]** 
- Existing Xanadu shareholders will roll over 100% of their equity, resulting in approximately **84% ownership** in the combined company.  **[2054174_0001213900-25-104918_ea026354401ex99-2_crane.htm:8]** 
- The closing of the transaction is targeted for **late Q1 2026 / early Q2 2026**.  **[2054174_0001213900-25-104918_ea026354401ex99-3_crane.htm:1]** **[2054174_0001213900-25-104918_ea026354401ex99-2_crane.htm:8]**

Crane Harbor Acquisition (CHAC)