Xanadu Quantum Technologies Inc. (NASDAQ: XNDU) filed a secondary share offering on Friday for the resale of up to 30.1 million subordinate voting shares.

The offering includes up to 30 million Class B subordinate voting shares from YA II PN, Ltd., a Cayman Islands limited partnership, and 100,000 shares issued to Cohen & Company Securities LLC in a private placement.

The shares are part of a standby equity purchase agreement Xanadu entered into with Yorkville on May 20, 2026, in which Yorkville committed to purchase up to $300 million of the company's Class B subordinate voting shares at Xanadu's discretion. The company has not issued any shares to Yorkville as of the prospectus date.

Under the agreement, Xanadu may elect to issue and sell shares to Yorkville from time to time, subject to terms and conditions specified in the standby equity purchase agreement.