Transaction expected to raise up to $500 million USD.
Toronto-based quantum computing firm Xanadu has struck a deal to go public by merging with a special purpose acquisition company (SPAC) called Crane Harbor Acquisition Corp.
Upon completion, shares of the business are expected to trade on both the Nasdaq and the Toronto Stock Exchange (TSX), which could make Xanadu the first Canadian technology company to debut on the TSX in more than four years.
Xanadu aims “to build quantum computers that are useful and available to people everywhere.”
Christian Weedbrook, Xanadu
The transaction—which comes as quantum stocks have been soaring on the back of recent breakthrough claims by tech giants and quantum firms alike—is expected to raise gross proceeds of $500 million USD. The deal lends Xanadu a pre-money rollover equity value of $3 billion and the joint business a pro forma…
