Horizon Quantum Holdings Completes SPAC Merger, Raises $121M, and Lists on Nasdaq

summarizeSummary

Horizon Quantum Holdings Ltd. announced the consummation of its business combination with dMY Squared Technology Group, Inc., raising approximately $121 million in new capital and commencing trading on Nasdaq under the ticker 'HQ'.

check_boxKey Events

• Business Combination Consummated

  On March 19, 2026, Horizon Quantum Holdings Ltd. (Holdco) completed its business combination with dMY Squared Technology Group, Inc. (SPAC) and Horizon Quantum Computing Pte. Ltd. (Horizon), with Holdco becoming the new public entity.

• Nasdaq Listing Initiated

  Holdco's Class A Ordinary Shares and Warrants began trading on The Nasdaq Stock Market LLC under the symbols 'HQ' and 'HQWWW', respectively, on March 20, 2026.

• Substantial Capital Raise

  The company raised approximately $121 million in new capital, including $108 million from a PIPE private placement (issuing 9,196,021 Class A Ordinary Shares at $11.82 per share) and $13 million from the SPAC's trust account. This significantly bolsters the company's liquidity and addresses its prior 'going concern' status.

• Share Structure and Lock-up Agreements

  Post-merger, there are 51,578,134 total ordinary shares outstanding (31,833,549 Class A and 19,744,585 Class B) and 6,044,154 warrants. Approximately 76.9% of the total ordinary shares and 47.7% of the warrants are subject to lock-up periods.

auto_awesomeAnalysis

Horizon Quantum Holdings Ltd. has successfully completed its business combination with dMY Squared Technology Group, Inc., marking its debut on the Nasdaq Stock Market. This transformational event brings a substantial capital infusion of approximately $121 million, comprising $108 million from a PIPE private placement and an additional $13 million from the SPAC's trust account. This significant capital raise is critical for the pre-revenue quantum computing company, directly addressing its historical 'going concern' warning and providing essential funding for its operations and growth initiatives. The listing on Nasdaq offers enhanced visibility and access to future capital markets, positioning the company to further develop its quantum software infrastructure.