Overview
- Xanadu began trading under the ticker XNDU on the Nasdaq and Toronto Stock Exchange after closing its merger with SPAC Crane Harbor Acquisition Corp.
- Shares changed hands around $12.15 in early trading on the Nasdaq, above the SPAC’s $10 reference price.
- The price left Xanadu valued at more than US$3 billion, placing it among the 10 most valuable tech companies on the Toronto Stock Exchange.
- The debut marks the first time since late 2021 that a Canadian technology company has gone public, according to The Globe and Mail.
- Xanadu calls itself the first pure-play photonic quantum company on public markets, using light-based chips that work at room temperature rather than ultracold systems.
- The go-public process raised about US$302 million in gross proceeds, which the CEO said will support plans for a quantum-powered data center by 2030.
- An early warning filing said Georgian could hold about 40.82% of Class B shares if it converts its multiple-voting stock, and it may buy or sell more shares over time.