In a step towards going public, SEEQC, Inc., a developer and manufacturer of digital chips for quantum computing systems, announced that it has entered into a definitive merger agreement with Allegro Merger Corp., an SEC reporting company.
Under the terms of the merger agreement, SEEQC will form a wholly owned subsidiary, which will merge with and into Allegro, with Allegro surviving the merger as a wholly owned subsidiary of SEEQC. In connection with the execution of the merger agreement, the Company and Allegro entered into subscription agreements for the sale of approximately $65 million of common stock of Allegro (the “PIPE transaction” and together with the merger, the “transactions”). Upon completion of the merger, all outstanding shares of common stock of Allegro, including those to be sold in the PIPE transaction, will be canceled and exchanged for the right to receive shares of SEEQC’s common stock. The transaction values SEEQC at approximately $1 billion.
SEEQC develops and manufactures digital, chip-based solutions that integrate control, readout, and classical processing functions directly on-chip integrated with quantum processors (QPUs) for quantum computing system developers. By colocating these functions with qubits at milliKelvin temperature, SEEQC’s architecture reduces reliance on room-temperature electronics. SEEQC’s chip-based architecture is designed to operate across multiple qubit modalities, including superconducting, spin silicon, and other quantum technologies.
SEEQC joins several other quantum companies who, in the past few months, have announced their intention to go public, including Quantinuum, Infleqtion, and Horizon Quantum.
