News Summary

Toronto-based quantum computing firm Xanadu is poised to become the first Canadian technology company to list on the Toronto Stock Exchange (TSX) since 2021, after shareholders of Crane Harbor Acquisition Corp. approved a merger deal. The merger, a special purpose acquisition company (SPAC) deal, will see Xanadu listed on both the TSX and Nasdaq under the ticker symbol $XNDU. Expected to close on March 27, the deal is projected to raise over $300 million USD ($412 million CAD). This move positions Xanadu as the first publicly traded photonic quantum computing company, with plans to invest in hardware development and expand its quantum computing capabilities. Additionally, Xanadu is in advanced discussions with the Government of Canada and Ontario for up to $390 million in support for Project OPTIMISM, aimed at establishing semiconductor and photonic manufacturing in Canada.