Title: IQM Finland Oy Announces Definitive Agreement for Business Combination with Real Asset Acquisition Corp (RAAQ)
IQM Finland Oy, a prominent player in the field of superconducting quantum computers, has announced a definitive agreement with Real Asset Acquisition Corp (RAAQ) for a business combination. This agreement will lead to IQM becoming a publicly traded company and listing American Depositary Shares on a major U.S. stock exchange. The partnership aims to provide funding to accelerate IQM's technology and commercial development in the realm of fault-tolerance quantum computing, solidifying its position as a leading quantum computing provider.
Based in Finland, IQM is contemplating a dual listing that would involve the trading of its ordinary shares on the Helsinki stock exchange post the completion of the transaction. The company specializes in building full-stack, open-architecture quantum computing systems that can be deployed on-premise or accessed via the cloud. With a vertically integrated business model, IQM leverages proprietary infrastructure, including chip design tools, software developer platforms, quantum chip fabrication, assembly lines, and data centers, to drive innovation, deliver top-notch quantum computing solutions, and foster the growth of the quantum ecosystem.
Upon completion of the transaction, IQM is expected to have over USD 450 million in cash on its balance sheet, providing a strong financial foundation for future commercial endeavors. Jan Goetz, Co-Founder and CEO of IQM, emphasizes the company's commitment to making quantum computers accessible for practical use, highlighting the shift from quantum computing being a theoretical concept to a tangible industry where customers can leverage advanced quantum systems to address real-world challenges.
Peter Ort, CEO and Co-Chairman of Real Asset Acquisition Corp, acknowledges IQM's track record of delivering on-premises quantum systems to prestigious research institutions and expresses confidence in the accelerated growth potential resulting from the transaction. Sierk Poetting, Chairman of IQM's Board of Directors, underscores that the move to go public signifies an acceleration rather than a change in direction, reinforcing IQM's mission to democratize quantum infrastructure and make it as foundational and accessible as classical computing.
The proposed business combination has received unanimous approval from the boards of directors of both IQM and RAAQ. Shareholders of both companies are required to approve the business combination agreement, and the closing of the transaction is subject to customary closing conditions. Further details about the transaction will be disclosed in a Current Report on Form 8-K to be filed by RAAQ with the Securities and Exchange Commission (SEC).
It is important to note that the securities offered in the PIPE financing have not been registered under the Securities Act of 1933 or applicable state securities laws, and their sale in the United States is subject to registration with the SEC or an exemption from registration requirements. This press release serves as an announcement of the business combination and does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where such actions would be unlawful without proper registration or qualification under securities laws.