Pasqal completes SPAC merger, set to trade on Nasdaq as PSQL

Pasqal Holding SA, a neutral-atom quantum computing company, completed its business combination with special purpose acquisition company Bleichroeder Acquisition Corp. II (NASDAQ: BBCQ) on Aug. 27, 2026, according to a press release.

Bleichroeder shareholders approved the transaction on Aug. 25, 2026. Following the merger, the surviving entity became Pasqal Holding SA, which expects its ordinary shares and warrants to begin trading on the Nasdaq Stock Market on Aug. 28, 2026, under the ticker symbols NASDAQ: PSQL and PSQLW, respectively. Bleichroeder's Class A ordinary shares, warrants and units will cease trading.

The transaction provides approximately $360 million in cash at closing. Pasqal said it intends to use the capital to expand manufacturing and deployment of its quantum processing units (QPUs), advance its technology roadmap, broaden access to its cloud and software platform, deepen integration with classical high-performance computing infrastructure and scale commercial operations globally.

Pasqal currently has seven QPUs deployed and three more in production. The company states its QPUs support more than 25 commercial and research applications across energy, financial services and materials science sectors. Customers include Saudi Aramco, Crédit Agricole CIB and LG Electronics. The company also holds partnerships with Nvidia and IBM through the IBM Quantum Network.

"Today is not a finish line; it is an acceleration point," said Wasiq Bokhari, Chief Executive Officer of Pasqal. "As a public company, we will have a stronger platform to move faster, serve customers around the world and build enduring value for shareholders."

Pasqal was co-founded in 2019 and is headquartered in France, with operations across North America, Europe, the Middle East and Asia. Lazard Freres SAS advised Pasqal's board, while Orrick, Herrington & Sutcliffe LLP served as its legal counsel. Cantor Fitzgerald & Co. advised Bleichroeder, with Reed Smith LLP acting as its legal counsel.

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