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)
Set forth below is a press release dated March
16, 2026 by Xanadu Quantum Technologies Inc. (“Xanadu”) announcing a collaboration between Xanadu and TELUS.
Xanadu and TELUS collaborate to advance quantum data centre infrastructure
in Canada
The collaboration will explore the development
of hybrid quantum–classical infrastructure, positioning Canada at the frontier of next-generation computing
TORONTO, Canada — March 16th, 2026 — Xanadu Quantum
Technologies Inc. (“Xanadu”), a global leader in photonic quantum computing, and TELUS, a world-leading communications technology
company, today announced plans to collaborate on advancing sovereign quantum computing infrastructure in Canada, and to exploring the
development of a quantum data centre integrated with TELUS’ secure, Canadian-controlled, sovereign infrastructure.
Under a newly-signed MOU, the two Canadian technology leaders will
explore how quantum processors can be combined with high-performance computing systems to create sovereign hybrid quantum–classical
computing infrastructure in Canada – one of the first of its kind in the world. By bringing together Xanadu’s expertise in
photonic quantum computing with TELUS’ sovereign AI expertise, advanced data centre operations, and coast-to-coast PureFibre network,
this initiative will provide Canadian enterprises, researchers, and government organizations with secure access to next-generation quantum
computing capabilities. These capabilities are poised to unlock breakthroughs in fields like AI, drug discovery, materials science, cybersecurity,
and national security, all while keeping critical data and intellectual property in Canada, under Canadian control.
“Canada has a unique opportunity to lead the world in quantum
computing,” said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “TELUS operates some of the most advanced
sovereign, digital infrastructure in the country, and together we are excited to explore how quantum computing could integrate with next-generation
data centre environments to create something genuinely historic for Canada.”
Quantum computing represents one of the most consequential technological
shifts of our era. Hybrid quantum–classical computing environments, where quantum processors work alongside classical high-performance
computing systems, are widely recognized as a critical pathway toward realizing this real-world advantage at scale.
“At TELUS, we strongly believe that Canada's technological future
must be built on infrastructure we own and control – and quantum computing is the next chapter of that story,” said Nazim
Benhadid, Chief Technology Officer, TELUS. “Our shared vision with Xanadu – one
of Canada’s most exciting quantum technology companies – is to support the growth of Canada’s world-class AI quantum
ecosystem and advance sovereign, quantum-ready infrastructure. When Canadian organizations can access world-leading quantum capabilities
on Canadian-controlled infrastructure, the innovations, economic value and competitive advantages stay here, building Canadian prosperity
for generations to come.”
The collaboration will also explore opportunities across the full quantum
computing value chain, including quantum hardware, software, algorithms, applications, services, and education initiatives designed to
strengthen Canada’s rapidly growing quantum ecosystem. Additionally, the companies will explore research initiatives, pilot programs,
knowledge exchange activities, and broader ecosystem development efforts to accelerate quantum innovation across Canada.
This announcement follows Xanadu’s milestone Project OPTIMISM
announcement, in which the Company announced that the Governments of Canada and Ontario are negotiating up to CAD $390 million in combined
support for Xanadu to establish advanced semiconductor and photonic manufacturing capabilities for Canada’s quantum technology supply
chain.
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.
Press Contact:
press@xanadu.ai
Investor Relations:
investors@xanadu.ai
About TELUS
TELUS (TSX: T, NYSE: TU) is a world-leading communications technology
company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 21 million customer connections
through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology
to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in
client service excellence and social capitalism. TELUS Health is enhancing more than 161 million lives across 200 countries and territories
through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies
and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences
and future-focused digital transformations that deliver value for their global clients. Guided by our enduring ‘give where we live’
philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the
TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity
to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our
team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days
of service—earning TELUS the distinction of the world’s most giving company.
For more information, please contact:
Tricia Lo
TELUS Media Relations
tricia.lo@telus.com
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 (as of September 30, 2025), 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 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. 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”), which was
declared effective by the SEC on February 27, 2026, and which includes a definitive proxy statement/prospectus. The definitive proxy statement/prospectus
and other relevant documents have been mailed to Crane Harbor shareholders as of February 4, 2026, the record date established for voting
on the proposed transaction, 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 described in the Registration Statement, as well as the prospectus relating
to the offer of the securities to be issued to Xanadu stockholders in connection with the completion of 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:
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, faces significant technical
challenges and may not achieve commercialization or market acceptance; significant challenges in the development of a quantum data centre
integrated with TELUS’ infrastructure or hybrid quantum–classical computing infrastructure; the ability of quantum computing
or hybrid quantum-classical computing to unlock breakthroughs in fields like AI, drug discovery, materials science, cybersecurity, and
national security; the ability of quantum computing or hybrid quantum-classical computing created by the partnership to keep critical
data and intellectual property in Canada, under Canadian control; the success or lack thereof of research initiatives, pilot programs,
knowledge exchange activities, and broader ecosystem development efforts to accelerate quantum innovation across Canada; 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
is set forth in the definitive 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 is included in the definitive proxy statement/prospectus. Shareholders, potential investors and other interested persons
should read the definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free
copies of these documents from the sources described above.
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