Xanadu Quantum Technologies (NASDAQ:XNDU) shares are trading sharply lower on Monday. The sell-off follows the company’s filing of a resale prospectus with the U.S. Securities and Exchange Commission.
The registration covers the potential sale of up to 293,655,720 Class B subordinate voting shares by selling securityholders.
Details of the Resale Filing
The filing includes 254.7 million shares issuable upon the conversion of Class A multiple voting shares. It also registers 27.5 million PIPE shares from private placements entered into on Nov. 3. Additionally, the prospectus covers 157,960 shares issuable upon the exercise of warrants issued to the Royal Bank of Canada.
Proceeds and Selling Holders
Xanadu stated it will not receive proceeds from secondary sales. “We …
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