Supernova Partners Acquisition II said in a news release that it expects to complete its merger with Rigetti Holdings, subject to Monday’s shareholder vote.
Rigetti is engaged in hybrid quantum-classical computing. Supernova and Rigetti expect to close the business combination March 2.
The transaction is expected to raise at least $114.24 million from Supernova’s trust (after preliminary redemptions), and $147.51 million from a fully committed PIPE, resulting in expected total gross proceeds of at least $261.75 million. That amount exceeds the minimum cash condition for closing the deal, the SPAC said.
The SPAC raised $250 million in a March 2021 IPO. With $114 million and change remaining in trust, share redemptions would amount to about 64%.
Rigetti Computing shares are expected to trade on the Nasdaq under the ticker symbol RGTI. Read more.
