Xanadu in its US$300-million synthetic at-the-market program Xanadu in its US$300-million synthetic at-the-market program

On May 21, 2026, Xanadu Qunatum Technologies Limited (Xanadu) announced that it has entered into a synthetic at-the-market equity facility for up to US$300 million (the program) with YA II PN, Ltd. (Yorkville Advisors). Xanadu intends to use the net proceeds, if any, for working capital and general corporate purposes.

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 a standby equity purchase agreement between Xanadu and Yorkville Advisors dated May 20, 2026.

Founded in 2016, Xanadu is a Canadian photonic quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Xanadu is building fault-tolerant quantum computers using light, with systems designed to compute at room temperature. Xanadu is the first pure-play photonic quantum computing company to list on public markets (Nasdaq/TSX: XNDU) and is recognized globally for its breakthroughs in scalable quantum technologies.

Osler, Hoskin & Harcourt LLP advised Xanadu with a team consisting of James Brown, Wesley Cohen, Aliza Zigler (Corporate), Taylor Cao, Alina Tamm and Okanga Okanga (Tax).