# EDGAR Filing Document

**Accession Number:** 0002097163
**File Stem:** 0001213900-26-023834
**Filing Date:** 2026-3
**Character Count:** 27837
**Document Hash:** f084faf2eb85386c23c9d4348f080d15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-023834.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001213900-26-023834

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 47

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260304

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crane Harbor Acquisition Corp.
- **CENTRAL INDEX KEY:** 0002054174
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42617
- **FILM NUMBER:** 26723978

**BUSINESS ADDRESS:**
- **STREET 1:** 1845 WALNUT STREET, SUITE 1111
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 6468499975

**MAIL ADDRESS:**
- **STREET 1:** 1845 WALNUT STREET, SUITE 1111
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Xanadu Quantum Technologies Ltd
- **CENTRAL INDEX KEY:** 0002097163
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPUTERS [3571]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 777 BAY STREET, SUITE 2400
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5G 2C8
- **BUSINESS PHONE:** 416.304.9629

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 777 BAY STREET, SUITE 2400
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5G 2C8

Filed by Xanadu Quantum Technologies Limited

Pursuant to Rule 425

under the Securities Act of 1933, as amended

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934, as amended

Subject Company: Crane Harbor Acquisition Corp.

(Commission File No. 001-42617)

**On March 4, 2026, Xanadu Quantum Technologies Inc. ("Xanadu") hosted an Analyst Day (the "Analyst Day") in which the business combination between Crane Harbor Acquisition Corp. ("Crane Harbor") and Xanadu Quantum Technologies Limited ("NewCo") was discussed. The transcripts of two videos and a presentation shown by Xanadu during Analyst Day are below.** 

**Video 1:** 

**Christian Weedbrook:** I took a few years off after high school and then I decided to get back to university and looked at what I was good at in high school, which was mathematics. And then I really got into the exciting field of quantum technologies and that really set me off in my journey, where I am today.

I really like the word obsession. I just love being obsessed with the ability to sort of build something from nothing.

Yes, this is the world's first scalable and networked quantum computer. We called it Aurora and it's made up of, as you can see, four server racks that really don't look out of place in a normal data center, which is a good sign one.

One of the biggest problems that we really want to solve in quantum computing, things related to material design and quantum chemistry. Imagine creating a new battery the world has never seen before, that could actually charge 10 times faster, have a range of 10 times longer than what we have currently have.

Take a specific example of drug discovery. From the computer simulations all the way through to clinical trials so many people know but it can take 10 years. 90% of the candidates that they start off with fail. Imagine now a new computer, a quantum computer that can actually solve this not in 10 years but perhaps in a year or less.

Once we have a large-scale quantum computer what new discoveries are there to be made? Ultimate vision here at Xanadu is to build a large-scale quantum computer. So that would be hundred server racks that are networked together. We want to build these quantum data centers all around the world.

And the other part of strategy is to sell these individual quantum server racks to other partners around the world so they can build their own data centers as well. So we actually work with a number of partners in the automobile industry Volkswagen, BMW, and Toyota have been great partners.

I always love reading about the Abraham Lincoln, where people would describe him as a little engine that would never quit. 'Well, I could probably do that. That doesn't seem that hard if you don't quit how do you fail?'

When you have a mission that's meaningful and purposeful, you want to see it through. Put it in the context of building a new type of computer that is really going to help people and change our worlds. Bring those two things together just keeps me going, and I've no thought of giving up.

**Video 2:** 

Christian Weedbrook: You've heard this story before with AI. What began as research became infrastructure. What once felt experimental became essential. Quantum computing is reaching that same point. Xanadu is set to become the first photonic, pure-play quantum computing company to go public.

Interviewer: What is quantum computing and why should everyone care about it?

**Yanbing Zhou** (Quantum Scientist): Quantum computing is built on very different kinds of computing. Most quantum computers are built with electronic qubits. Xanadu builds with photons. Photons move at the speed of light, and we have demonstrated that they can scale without fragile infrastructures.

**Emma Lomonte** (Lead Photonics Engineer): Today, Xanadu is the only company to demonstrate that this works. Using our Aurora systems, Xanadu demonstrated the first modular, scalable, and networked quantum computer, not just announced, but peer-reviewed and published in Nature.

**Ilan Tzitrin** (Lead Quantum Architecture Scientist): Aurora also demonstrated real-time error correction decoding algorithms with photonics for the first time. Others are trying. We believe Xanadu will succeed. But hardware alone is not enough.

**Vinodh Raj Rajagopal Muthu** (AI Tech Lead): That's why Xanadu built PennyLane – a software platform that lets developers work in Python and connect quantum directly with AI and classical systems. Many of the world's leading developers already use it. This is how algorithms go from test cases to real-world applications. That's why partners and customers are already lining up—Volkswagen, Rolls-Royce, Toyota, Mitsubishi Chemical.

**Christian Weedbrook:** Xanadu is building the technology and the ecosystem to help turn research in the future systems that can solve the world's toughest problems. Not in theory, but step by step in the real world: healthcare, energy, supply chains. Different problems, similar underlying complexity, and a need for a new kind of computing to tackle it. That's the future Xanadu is building towards.

**Analyst Day Presentation:**

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▪ Xanadu, a leading photonic quantum computing company specializing in both hardware and software, intends to complete a business combination (the "Business Combination") with Crane Harbor Acquisition Corp. ▪ The Business Combination is expected to be funded by a combination of Crane Harbor cash in trust ($225M (1)) and expected proceeds from a fully committed and announced PIPE ($275M), result ng in $455M net cash (2) on the balance sheet at closing ▪ The transaction is ta ge ed to c ose by the end of Q1 2026 subject to the satisfaction of customary closing conditions ▪ Fully committed PIPE proceeds satisfies the minimum cash requirement under the Business Combination Agreement ▪ The Business Combination implies a pro forma enterprise value of ~$3.1B (3) for the Combined Company ▪ Valua on at a substant al discount to pub c pee s providing an attractive entry point for Crane Harbor shareholders (4) ▪ Concurrently with the announcement of the Business Combination, Xanadu ra sed $275M of fully commit ed PIPE proceeds from leading institutional investors ▪ Ove 90% of the upsized and ove subscr bed PIPE comes from new money strateg c and inst tut ona inves ors including AMD, BMO Global Asset Management (5) , CIBC Asset Management Inc., and Polar Asset Management Partners, along with support from existing investors Bessemer, Georgian, and OMERS Ventures ▪ The $275M PIPE raise is the larges quantum PIPE raise in relat on to a deSPAC transact on since 2022 , exemplifying the institutional investor excitement and support for Xanadu's roadmap ▪ Exist ng Xanadu shareho de s will ro lover 100% of the r equity as part of the deal, resulting in ~84% of economic ownership in the Combined Company (2),(6) ▪ Exist ng Xanadu shareho de s a e subjec to a 6 - month lockup on their shares ▪ Crane Harbor Acquisition Corp. sponsor has agreed to a 12 - month lockup on their shares, subject to early release upon (i) 500K shares released upon share price hitting $12.50 for 20 out of 30 trading days (after 150 days), (ii) 550K shares released upon share price hitting $15.00 for 20 out of 30 trading days (after 150 days) or (iii) upon a sale, merger, or similar transaction involving the company 1) As of 9/30/25 before deducting deferred underwriting fees . For illustrative purposes only and does not entirely account for additional accrued interest on cash in trust since 9/30/2025, which would increase trust value per share at close. Crane Harbor cash - in - trust was ~$227M as of 02/27/2026. 2) Assumes 0% redemptions from ~$227M cash in trust, a $275M PIPE raise and $45M in transaction expenses. 3) Total sponsor ownership includes 7.33M Sponsor promoter shares and an aggregate of 704K shares from 640K private placement units; 1.1M promoter shares are placed into an earnout, with 50% (550K shares) vesting at $12.50 and 50% (550K shares) at $15.00. 4) Discount based on comparing the average markets caps of IONQ, QBTS and RGTI and Xanadu's Pro - forma Equity Value. 5) BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. 6) Assuming closing of the proposed transaction. 5 BUSINESS COMBINATION SUMMARY ATTRACTIVE VALUATION TRANSACTION VALIDATED BY LEADING NEW MONEY INVESTORS INTERESTS ALIGNED WITH PUBLIC SHAREHOLDERS BUSINESS COMBINATION SUMMARY Speaker : Bill On behalf of Crane Harbor Acquisition Corp . , I want to welcome you to today's Analyst Day . We're genuinely excited to have you here . My name is Bill Fradin and I am the CEO of Crane Harbor . We believe this is a pivotal moment — not just for our transaction, but for the quantum computing industry more broadly. For years, quantum has been discussed as a long - term scientific ambition. Today, the conversation is shifting. The focus is now on scalability, architecture, commercialization, and capital formation. The market is beginning to differentiate between theoretical promise and executable roadmaps. At Crane Harbor, we spend our time looking for companies that can define categories — companies with differentiated technology, disciplined execution, and leadership teams capable of building enduring public enterprises. After studying the space closely for years, we believe Xanadu stands apart. 5

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**About Xanadu**

Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The Company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.

**Business Combination**

Xanadu recently announced a business combination agreement with Crane Harbor Acquisition Corp. ("Crane Harbor") (Nasdaq: CHAC), a publicly traded special purpose acquisition company. The combined company, Xanadu Quantum Technologies Limited ("NewCo"), is expected to be capitalized with approximately US$500 million in gross proceeds, comprising approximately US$225 million from Crane Harbor's trust account, assuming no redemptions by Crane Harbor's public stockholders, as well as US$275 million from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment. NewCo is expected to be listed on the Nasdaq Stock Market and on the Toronto Stock Exchange.

**About Crane Harbor Acquisition Corp**

Crane Harbor Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

**Additional Information About the Proposed Transaction and Where to Find It**

The proposed business combination transaction will be submitted to shareholders of Crane Harbor and Xanadu for their consideration at the special meeting scheduled for March 19, 2026. NewCo and Crane Harbor have jointly filed a registration statement on Form F-4 (the "Registration Statement") to the U.S. Securities and Exchange Commission (the "SEC"). The Registration Statement includes a proxy statement/prospectus that has been distributed to Crane Harbor's shareholders in connection with Crane Harbor's solicitation of proxies for the vote by Crane Harbor's shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Xanadu's shareholders in connection with the completion of the proposed transaction. The Registration Statement was publicly filed and declared effective by the SEC on February 27, 2026, and a definitive proxy statement/prospectus and other relevant documents have been mailed to Crane Harbor shareholders as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Crane Harbor's shareholders and other interested persons are advised to read the definitive proxy statement/prospectus, as well as other documents filed with the SEC by NewCo and/or Crane Harbor in connection with the proposed transaction, as these documents will contain important information about NewCo, Crane Harbor, Xanadu and the proposed transaction. Shareholders may obtain a copy of the definitive proxy statement/prospectus, as well as other documents filed by NewCo and/or Crane Harbor with the SEC, without charge, at the SEC's website located at www.sec.gov, Crane Harbor's website at www.craneharboracquisition.com or by emailing investors@xanadu.ai.

**Forward-Looking Statements**

This communication includes "forward-looking statements" within the meaning of the U.S. federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include: the stock exchanges on which the shares of the combined company are expected to trade; proceeds from the business combination and related PIPE; funds received by the combined company from Crane Harbor's trust account and redemptions by Crane Harbor's public shareholders; Commentary on Xanadu's current position, corporate strategy, and approach to scaling its photonic quantum platform; estimates of customer penetration rates and usage patterns; projections regarding Xanadu's ability to commercialize new products and technologies and achieve technological milestones, including its ability to build quantum computers using light or photons; projections of development and commercialization costs and timelines; expectations regarding Xanadu's ability to execute its business model and the expected financial benefits of such model; expectations regarding Xanadu's ability to attract, retain, and expand its customer base; Xanadu's deployment of proceeds from capital raising transactions; Xanadu's expectations concerning relationships with strategic partners, suppliers, governments, state-funded entities, regulatory bodies and other third parties, including automotive manufacturers; Xanadu's ability to maintain, protect, and enhance its intellectual property; future partnerships, ventures or investments in companies, products, services, or technologies; development of favorable regulations affecting Xanadu's markets; the successful consummation and potential benefits of the proposed transaction and expectations related to its terms and timing; the potential for Xanadu to increase in value; Xanadu's ability to compete effectively in the quantum computing market; Xanadu's ability to produce quantum computers that are useful and available to people everywhere; Xanadu's ability to commercialize its hardware and software; the expected benefits form having access to the public markets; Xanadu becoming the first and only publicly traded pure-play photonic computing company; expectations that quantum computing will transform industries such as pharmaceuticals, material design, quantum chemistry, artificial intelligence, and finance; Xanadu's ability to develop next-generation batteries with significantly improved range and charging speed; expectations regarding the transformational impact of quantum computing similar to historical technology developments such as the internet, microchips and artificial intelligence; Xanadu's ability to effectively scale quantum computing; Xanadu's ability to effectively scale infrastructure in a secure manner; Xanadu's ability to build secure connections across every device, workload and machine.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Xanadu and Crane Harbor. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the actual results of the combined company following the proposed transaction, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Xanadu is pursuing an emerging technology which faces significant technical challenges and may not achieve commercialization or market acceptance; that quantum computing does not become an important part of the global compute ecosystem; Xanadu's historical net losses and limited operating history; that there is substantial doubt about Xanadu's ability to continue as a going concern; Xanadu's expectations regarding future financial performance, capital requirements and unit economics; Xanadu's use and reporting of business and operational metrics; Xanadu's competitive landscape; Xanadu's dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Xanadu's ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Xanadu's reliance on strategic partners and other third parties; Xanadu's concentration of revenue in contracts with government or state-funded entities; Xanadu's ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption, and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; material weaknesses in Xanadu's internal control over financial reporting and the combined company's ability to maintain internal control over financial reporting and operate as a public company; the possibility that required shareholder and regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction; the risk that shareholders of Crane Harbor could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against Xanadu or Crane Harbor; failure to realize the anticipated benefits of the proposed transaction; the ability of Crane Harbor or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Crane Harbor's filings with the SEC. These forward-looking statements are based on certain assumptions, including that none of the risks identified above materialize; that there are no unforeseen changes to economic and market conditions, and that no significant events occur outside the ordinary course of business. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Xanadu, Crane Harbor or the combined company resulting from the proposed transaction with the SEC, including under the heading "Risk Factors." If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Xanadu's and Crane Harbor's management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Xanadu and Crane Harbor may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so, unless required by applicable securities laws. Accordingly, undue reliance should not be placed upon these statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this communication, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

An investment in Crane Harbor is not an investment in any of Crane Harbor's founders' or sponsors' past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Crane Harbor, which may differ materially from the performance of Crane Harbor's founders' or sponsors' past investments.

**No Offer or Solicitation**

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering in any province or territory of Canada. In addition, no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this communication or the merits of any of the securities described herein and any representation to the contrary is an offense.

**Participants in the Solicitation**

NewCo, Crane Harbor, Xanadu and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Crane Harbor's shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Crane Harbor's shareholders in connection with the proposed transaction are set forth in proxy statement/prospectus filed by NewCo with the SEC. You can find more information about Crane Harbor's directors and executive officers in Crane Harbor's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent filings with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources described above.