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FINWIRES

Xanadu And EV Group Partnering To Build Industrial-Scale Photonic Quantum Hardware; Comes After XNDU Fell 61% on Monday

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-- Xanadu Quantum Technologies (NASDAQ: XNDU) (TSX: XNDU), a photonic quantum computing company, has formed a strategic partnership with EV Group (EVG), a supplier of wafer bonding and lithography equipment, to "develop critical heterogeneous integration and wafer bonding processes to facilitate the scalability of photonic quantum systems", the company said Monday

Throughout this partnership, Xanadu and EVG expect to utilize EVG's industrial manufacturing tools to fabricate the specialized chips used in Xanadu's photonic quantum computers, with the goal of accelerating the progression of quantum computing chip manufacturing from the lab to high-volume production, it added.

This comes after Investor's Business Daily reported Xanadu stock had plunged Monday after the quantum computing firm registered nearly 294 million shares for resale in a move related to its SPAC merger.

Shares in XNDU fell $29.83 or 61% to $19.06 in Canada yesterday.

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