Xanadu Nominates Experienced Global Business Leaders to its Board of Directors

Core Viewpoint - Xanadu Quantum Technologies Inc. is advancing its business combination with Crane Harbor Acquisition Corp, aiming to establish a public company named Xanadu Quantum Technologies Limited, which will trade on Nasdaq and the Toronto Stock Exchange under the ticker symbol "XNDU" [3][21]. Company Overview - Xanadu is a Canadian quantum computing company founded in 2016, focused on building accessible quantum computers and developing the open-source software library PennyLane for quantum computing applications [20]. Business Combination Details - The proposed business combination is expected to close in the first quarter of 2026, pending regulatory approvals and shareholder consent [4]. - The combined entity is projected to be capitalized with approximately US$500 million, including US$225 million from Crane Harbor's trust account and US$275 million from strategic and institutional investors [21]. Board of Directors Nominees - New board nominees include Glenda Dorchak, Eliot Pence, Michelle Reynolds, and The Hon. Heidi Shyu, who bring extensive experience in corporate governance, finance, operations, and technology [1][4]. - Christian Weedbrook and Bill Fradin will also serve on the board post-combination [2]. Individual Nominee Backgrounds - Glenda Dorchak: Former CEO and Chairman with experience at IBM, Intel, and Spansion, currently serves on boards of GlobalFoundries and Cerebras [6][7]. - Eliot Pence: Founder of Dominion Dynamics, previously led global growth at Anduril Industries, focusing on defense technology [10][11]. - Michelle Reynolds: Chief Accounting Officer at Reddit, with expertise in IPOs, financial reporting, and public company leadership [12][13]. - The Honorable Heidi Shyu: Former U.S. Under Secretary of Defense for Research & Engineering, recognized for her leadership in defense technology [15][16].