11:00 AM EST, 11/03/2025 (MT Newswires) -- Crane Harbor Acquisition ( CHAC ) and photonic quantum computing company Xanadu Quantum Technologies said Monday that they have signed a definitive business combination agreement.

The combined company will be valued at a pro forma enterprise value of about $3.1 billion, and will receive roughly $225 million from Crane Harbor's trust account, assuming no redemptions by Crane Harbor's public stockholders, the companies said.

Additionally, the combined company will get $275 million in gross proceeds from a group of investors via a common equity committed private placement investment to purchase shares of the combined company at $10 apiece, according to a statement.

Net proceeds would be used to step up the development and deployment of Xanadu's photonic quantum computer systems, among others, the companies said.

The deal has been approved by the boards of Crane Harbor and Xanadu, but remains subject to shareholder approvals, the companies said, adding that the shares of the combined company would be listed on the Toronto Stock Exchange and Nasdaq.

Shares of Crane Harbor Acquisition ( CHAC ) were up more than 17% in recent Monday trading.

Price: 13.14, Change: +1.98, Percent Change: +17.79