Crane Harbor Acquisition Corp. has completed its previously announced business combination with Xanadu Quantum Technologies Inc., resulting in the first publicly traded photonic quantum computing company. The combined company now operates as Xanadu Quantum Technologies Limited, with its shares trading on the Nasdaq and the TSX under the ticker symbol XNDU as of March 27, 2026.
The transaction provides for gross proceeds of approximately US$302 million to Xanadu Quantum Technologies Limited and reflects an estimated market valuation of approximately US$3.1 billion for the combined company.
Bennett Jones acted as Canadian counsel to Crane Harbour, a publicly traded special purpose acquisition company. The team was led by Harinder Basra (Capital Markets and M&A), Annie Tonken and Raghav Sodhi (Capital Markets and M&A), Anu Nijhawan and Marshall Haughey (Tax), Kees de Ridder (IP) and Joseph Blinick and William Bortolin (Litigation).
