Ropes & Gray represented the PIPE placement agents in connection with the business combination between Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company, and Xanadu Quantum Technologies, Inc., a leading photonic quantum computing company.
The combination, which closed on March 27, makes Xanadu the first and only pure play photonic quantum computing company to be publicly traded. The company is listed on the Nasdaq and Toronto Stock Exchange under the ticker symbol “XNDU.”
The transaction values the combined company at an enterprise value of approximately $3.1 billion, and provides Xanadu with approximately $302 million in gross proceeds.
Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Quantum computing is increasingly relevant to AI, cybersecurity, and advanced computing.
The team was led by capital markets partner Christopher Capuzzi.
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