Xanadu names four directors for post-merger board

Xanadu Quantum Technologies Inc. announced the nomination of four new directors for its board following a planned business combination with Crane Harbor Acquisition Corp. (NASDAQ: CHAC).

The quantum computing company nominated Glenda Dorchak, former chief executive officer and chairman of several companies and current board member of GlobalFoundries and Cerebras; Eliot Pence, founder of Dominion Dynamics and former global growth leader at Anduril Industries; Michelle Reynolds, chief accounting officer and treasurer at Reddit Inc.; and Heidi Shyu, former U.S. Under Secretary of Defense for Research & Engineering.

Xanadu founder and CEO Christian Weedbrook and Crane Harbor CEO Bill Fradin will also serve on the post-merger company's board. The combined entity, Xanadu Quantum Technologies Limited, is expected to trade on Nasdaq and the Toronto Stock Exchange under ticker symbol "XNDU" following completion of the business combination.

Dorchak brings experience from senior leadership roles at IBM, Intel, and Spansion, and has served on more than a dozen boards. Her previous board positions include companies that were acquired by major technology firms including Mellanox Technologies, which was acquired by NVIDIA.

Pence founded defense firm Dominion Dynamics in 2025 and previously led global growth at Anduril Industries from 2018 to 2022. Reynolds has led two initial public offerings and currently oversees global accounting and treasury functions at Reddit. Shyu served as U.S. Under Secretary of Defense for Research & Engineering from 2021 to 2025.

The transaction is expected to close in the first quarter of 2026, subject to SEC approval, shareholder approval from both companies, and other customary closing conditions. The combined company is expected to be capitalized with approximately $500 million in gross proceeds, comprising about $225 million from Crane Harbor's trust account and $275 million from strategic and institutional investors.

The information is based on a press release statement from the companies.

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