Crane Harbor Shareholders Approve Xanadu Merger, Paving Way for Late-March Listing

Overview

• Crane Harbor investors approved all proposals for the business combination at a March 19 extraordinary meeting.
• Upon completion, Xanadu would become the first publicly listed photonic quantum technology company.
• Shares are anticipated to begin trading on Nasdaq and the TSX under the ticker XNDU on March 27, subject to customary closing conditions and stock exchange approval.
• Closing is expected on March 26, with gross proceeds of approximately US$302 million from Crane Harbor’s trust and a fully committed PIPE.
• Negotiations continue with the Governments of Canada and Ontario for up to C$390 million under Project OPTIMISM, pending due diligence and final agreements.