Overview
- Xanadu announced a definitive merger with Crane Harbor to pursue listings on the Nasdaq and Toronto Stock Exchange, targeting roughly US$500 million in proceeds.
- Private financing commitments total US$275 million from investors including AMD, BMO Global Asset Management, CIBC Asset Management, MMCAP Ventures, Planet First and Polar, with an enterprise value set around US$3 billion.
- Morgan Stanley is the lead advisor and placement agent, supported by CIBC Capital Markets, Cohen & Co., and JonesTrading.
- Final cash available will depend on SPAC shareholder redemptions, with about US$224 million expected from Crane Harbor’s trust before any withdrawals.
- If completed, the deal would be the first Canadian tech debut on the TSX in more than four years, as DARPA’s next-stage selections and potential Canadian budget measures are expected this week.