Horizon Quantum completes SPAC merger, begins trading on NASDAQ

Horizon Quantum Computing completed its business combination with dMY Squared Technology Group, providing the quantum software company with approximately $120 million in gross proceeds before transaction expenses.

The merger was approved by dMY shareholders at a special meeting held on March 17. Horizon Quantum's Class A ordinary shares and warrants began trading on NASDAQ on March 20 under ticker symbols "HQ" and "HQWWW," according to a company statement.

Singapore-based Horizon Quantum develops software infrastructure for quantum computing applications. The company plans to use the proceeds to accelerate research and development investments, strengthen its hardware testbed, and advance its integrated development environment called Triple Alpha.

"Recent rapid progress in advancing quantum computing hardware and breakthroughs in error correction mean that the field is reaching an inflection point," said Dr. Joe Fitzsimons, founder and CEO of Horizon Quantum.

Founded in 2018 by Fitzsimons, the company creates software development tools designed to bridge current quantum hardware with future applications. Its Triple Alpha platform enables developers to write hardware-agnostic quantum programs at multiple levels of abstraction.

Harry You, chairman and CEO of dMY, stated that companies building software infrastructure and operating systems have historically been successful in creating long-term shareholder value. He noted that Horizon Quantum's hardware-agnostic approach positions it to benefit regardless of market share distribution across competing quantum technologies.

Needham & Company served as dMY's financial advisor and placement agent for the transaction. Legal counsel included Ellenoff Grossman & Schole for Horizon Quantum and White & Case for dMY.

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