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Canadian quantum computing firm Xanadu to list on Nasdaq via US$3.6 billion SPAC deal
Xanadu's $3 billion SPAC deal includes $275 million in new private investment and ends a four-year gap of tech IPOs on the Toronto Stock Exchange.
- On Monday, Xanadu Quantum Technologies Inc. said it will go public by merging with Nasdaq-listed Crane Harbor Acquisition Corp., aiming to list on Nasdaq and the Toronto Stock Exchange and end a more than four-year drought for Canadian tech IPOs.
- Interest in the field has soared this year after several breakthroughs boosted stocks, and about 20 companies made the first cut in the U.S. Defense Advanced Research Projects Agency program, including Xanadu Quantum Technologies Inc.
- Private investors have committed US$275-million, including AMD, BMO Global Asset Management and CIBC Asset Management, while about US$224-million would come from earlier Crane investors and Morgan Stanley & Co. is lead advisor.
- Investors may redeem before closing, creating uncertainty, and earlier SPACs a few years ago saw quantum firms like D-Wave Quantum Inc. face crashes and delisting threats.
- The Canadian government is expected to announce funding measures in Tuesday's budget, including matching for companies advancing through the U.S. Defense Advanced Research Projects Agency program.
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Canadian quantum company Xanadu Quantum Technologies going public
TORONTO — Canadian company Xanadu Quantum Technologies Inc. has signed a deal to go public with listings on the Toronto Stock Exchange and the Nasdaq market. The move by the photonic quantum computing company is being made through an agreement with Crane Harbor Acquisition Corp., a publicly traded special purpose acquisition company. The deal puts […]
·Toronto, Canada
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Quantum Firm Xanadu to Go Public in $3.6 Billion SPAC Deal
Xanadu Quantum Technologies Inc. said it will go public through a merger with Crane Harbor Acquisition Corp., a US special-purpose acquisition company, in a deal that values the combined business at about $3.6 billion.
·United States
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Coverage Details
Total News Sources16
Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 37% Center
Bias Distribution
- 38% of the sources lean Left, 37% of the sources are Center
38% Left
L 38%
C 37%
R 25%
Factuality
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