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Summary
- IonQ Inc, a quantum computing firm, said on Monday, March 8, that it will go down the reverse merger route with a blank check company DMY Technology Group Inc III (NYSE:DMYI, DMYI:US) to get publicly listed.
- Late in February, reports had claimed that IonQ was in “advanced talks” for a special public acquisition company (SPAC) merger to become one of the first publicly traded quantum computing firms ever.
- IonQ Inc was founded in Maryland’s College Park in 2015.
Rumors about Maryland-based IonQ Inc going public has been around for a while. But the quantum computing firm finally made the official announcement on Monday, March 8, that it will go down the reverse merger route with blank check company DMY Technology Group Inc III (NYSE:DMYI, DMYI:US) to get publicly listed.
Following the announcement, however, DMY Technology III stocks slipped over 14 per cent on Monday.
Late in February, reports had claimed that IonQ was in “advanced talks” for a special public acquisition company (SPAC) merger to become one of the first publicly traded quantum computing firms ever.
Let’s look at what we know about IonQ’s SPAC merger so far.
IonQ’s Merger Plans With DMY Technology III
IonQ Inc was founded in Maryland’s College Park in 2015. It has reportedly collaborated with tech giants like Microsoft Corporation (NASDAQ:MSFT) and Amazon Inc (NASDAQ:AMZN) to make quantum computers accessible via cloud technology, its website showed.
In its latest announcement, IonQ reportedly said that its SPAC merger deal brings the combined company to a pro-forma market capitalization of US$2 billion.
©Kalkine Group 2021
The deal will bring the quantum computing firm gross proceeds of about S$ 650 million. It would reportedly comprise a private investment of US$ 350 million from financial services providers like Silver Lake, Fidelity Investments, automotive manufacturer Hyundai Motor Company, etc. IonQ also has other investors such as Samsung Catalyst Fund, Airbus Ventures, etc.
As for SPAC DMY Technology Group III, it is said to have generated a capital of about US$ 275 million from its initial public offering (IPO) in November 2020.
Ahead of the merger announcement on Monday, DMY Technology III stocks were up nearly 18 per cent year-to-date (YTD). Following Monday’s slide, though, the shares’ YTD growth fell to about a per cent.
Quantum computing is often recognized as a revolutionizing innovation that could alter the workings of the tech landscape in the near future. Major tech companies like Microsoft, Intel Corp, etc are said to be looking into the advancement of this field, which could see quantum computing becoming a mainstream technology.
