Toronto-based quantum computing firm Xanadu is all set to become the first Canadian technology company to list on the Toronto Stock Exchange (TSX) since 2021.
The approval sets Xanadu in motion to list on both the TSX and Nasdaq under the ticker symbol $XNDU on March 27.
Xanadu struck a deal to go public by merging with Crane Harbor Acquisition Corp., a special purpose acquisition company (SPAC), back in November. In a shareholder meeting on Thursday, Crane Harbor shareholders approved all necessary proposals to complete the merger.
The approval sets Xanadu in motion to list on both the TSX and Nasdaq under the ticker symbol $XNDU next Friday, March 27, subject to closing conditions and stock exchange approval. Xanadu said the deal is expected to raise more than $300-million USD ($412-million CAD).
âAs the first publicly traded photonic quantum computing company, we believe Xanadu is entering this next chapter from a position of technological leadership and with a clear focus on providing practical quantum solutions to customers worldwide,â Xanadu CEO Christian Weedbrook said in a statement.
RELATED: Xanadu in talks with government over potential $390 million for domestic quantum manufacturing
Founded in 2016, Xanadu is working to use photonics-based quantum computing to perform exceptionally fast and complex computations at room temperature, quicker than traditional computers. Xanadu claims its approach offers a few advantages, including the ability to leverage modern chip manufacturing facilities and existing optical components like fibre optics.
Weedbrook previously told BetaKit that he expects Xanadu to invest the bulk of the companyâs publicly fundraised capital in developing its hardware, from expanding its facility to building, testing, and refining its tech. He also said he believes the funding will help with hiring and supporting the continued growth of Xanaduâs software offering.
Last week, ahead of the shareholder vote, Xanadu made the rare move of announcing negotiations with the Government of Canada and the Government of Ontario for up to $390 million in combined government support for what it called Project OPTIMISM. Xanadu said the project would aim to establish advanced semiconductor and photonic manufacturing capabilities in Canada.
Innovation, Science and Economic Development Canada told BetaKit at the time it is in âadvanced discussionsâ with Xanadu and confirmed it is conducting due diligence on the deal.
Feature image courtesy Xanadu.