Horizon Quantum Computing and dMY Squared Technology Group secured $110 million in a private investment in public equity (PIPE) to back a planned business combination, oversubscribed with commitments from IonQ and a Fortune 50 tech company.

Upon closing, Horizon Quantum is expected to have about $137 million in cash (before costs and assuming no redemptions), consisting of roughly $27 million in a trust and $110 million from the PIPE.

The SPAC, dMY Squared, intends to merge with Horizon Quantum, with the PIPE funds supporting the deal and subsequent deployment for development.

The press release contains standard forward-looking statements caveats and a disclaimer that it is not an offer or solicitation for securities.

Regulatory steps are outlined, including filing Form F-4 and proxy materials, and a Special Meeting will be held for shareholders to vote on the Business Combination.

Readers can find the full announcement on Horizon Quantum’s website for more details.

The financing is framed as endorsement of Horizon Quantum’s mission to build software infrastructure for broad quantum advantage and a hardware-agnostic software stack bridging current hardware and future applications.

Advisors supporting the transaction include Needham & Company, Ellenoff Grossman & Schole LLP, Rajah & Tann Singapore LLP, White & Case LLP, TCF Law Group, PLLC, and ICR, LLC.

Horizon announced completion of its first in-house quantum computer assembly at its Singapore headquarters, with a facility capable of hosting additional devices.

Needham & Company serves as financial advisor and exclusive placement agent for dMY Squared; ICR, LLC is dMY Squared’s strategic communications advisor, with multiple law firms providing counsel to both Horizon Quantum and dMY Squared.

Needham & Company is the financial advisor and exclusive placement agent for the PIPE, coordinating the private deal.

About dMY Squared: a blank-check company seeking to consummate a merger or business combination.