Quantum News Nexus

Horizon Quantum Computing Pte. Ltd., is set to make its public trading debut on Nasdaq tomorrow after today announcing that it completed its merger with special purpose acquisition company (SPAC) dMY Squared Technology Group, Inc. 

Horizon said the business combination was approved by dMY’s shareholders at dMY’s special meeting held on March 17, and that the combined company’s Class A ordinary shares and warrants will be traded under the ticker symbols “HQ” and “HQWWW,” respectively.

The closing of the deal provides Horizon Quantum with gross proceeds of about $120 million, before transaction expenses, “which the company plans to use to accelerate its investments in research and development, strengthen its hardware testbed, and further advance its integrated development environment Triple Alpha,” the company said in a statement.

“Recent rapid progress in advancing quantum computing hardware and breakthroughs in error correction mean that the field is reaching an inflection point. With today’s closing and our Nasdaq listing, Horizon Quantum is positioned to deliver the software infrastructure that will power this next phase of computing and help enable broad quantum advantage across tough computational problems,” said Dr Joe Fitzsimons, Founder and CEO of Horizon Quantum. “While there is still much work needed before quantum computers reach their full potential, with more than 20 years in quantum computing research, I have never been more excited about the prospects and future of the technology.”

Harry You, Chairman and CEO of dMY, said, “Over the tenure of my career, I have witnessed many technology companies triumph, and I have found that the ones who are most successful in building long-term shareholder value have been those that build software infrastructure and operating systems. Horizon Quantum is compelling because the company is approaching the quantum industry with hardware-agnostic software infrastructure that stands to benefit regardless of which way the market share ultimately falls across the competing quantum modalities, including the cloud.”

This story is being updated.

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