Xanadu Quantum Technologies Announces $300 Million Synthetic At-The-Market Program
Xanadu Quantum Technologies (XNDU.TO) has entered into a synthetic at-the-market equity facility for up to $300 million with YA II PN, Ltd (Yorkville Advisors), the company said on Thursday.It is not clear if the figure is in USD or CAD.The program provides Xanadu with the ability, but not the obligation, to issue and sell to Yorkville Advisors up to $300 million of its Class B subordinate voting shares in private placements over a term of three years, subject to certain limitations and conditions in the Standby Equity Purchase Agreement between Xanadu and Yorkville Advisors dated May 20, 2026 (the SEPA), said the company."The Company expects to access the Program opportunistically, based on prevailing market conditions and valuation levels it believes to be favorable to shareholder value," said the company.The program consists exclusively of treasury offerings by the company, with no secondary sales by existing shareholders, stated the company."In connection with the launch of the Program, the Company plans to file a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the "SEC"), to qualify the re-sale of shares issued pursuant to the Program by Yorkville Advisors in accordance with applicable U.S. securities laws," added the company.Any net proceeds from the program will be received directly by the company, it said, and added that it plans to use the net proceeds, if any, for working capital and general corporate purposes."The Program will provide us with efficient and flexible access to capital as we continue scaling and executing on our long-term roadmap towards fault-tolerant quantum computing," said Michael Trzupek, Chief Financial Officer of Xanadu. "Our objective is to strategically and prudently tap the equity market to enable us to remain well-positioned to fund our growth strategy."
