Quantum computing company Rigetti entered into a definitive merger agreement with Supernova Partners Acquisition II that values the combined enterprise at $1.5 billion on a pro form equity basis.
If approved, Rigetti Computing is expected to list on the NYSE under RGTI.
Terms call for the combined company to receive approximately $458 million in gross cash proceeds consisting of a fully committed PIPE in excess of $100 million, direct investment, and $345 million of cash held in the trust account of Supernova II, assuming no redemptions.
Rigetti Computing is engaged in full-stack quantum computing. The company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. Read more.