SEEQC, Inc. and Allegro Merger Corp. have entered into a definitive merger agreement valued at approximately $1 billion.
The merger involves the formation of a wholly owned subsidiary by SEEQC, which will merge with and into Allegro, with Allegro surviving as a wholly owned subsidiary of SEEQC.
The transactions also include the sale of approximately $65 million of common stock of Allegro through a PIPE transaction.
Merger Agreement Valued at $1 Billion
SEEQC and Allegro Merger Corp. have signed a merger agreement that values SEEQC at around $1 billion.
Formation of Wholly Owned Subsidiary
A wholly owned subsidiary will be formed by SEEQC to merge with and into Allegro, with Allegro surviving as a subsidiary of SEEQC.
Sale of Common Stock
Approximately $65 million of Allegro's common stock will be sold in the transactions, including through a PIPE transaction.
- SEEQC develops energy-efficient digital chips for quantum computing systems, enhancing quantum computing operations.
- The merger will facilitate the integration of SEEQC's technology and quantum processors, supporting low-latency and efficient data throughput.
The merger between SEEQC and Allegro Merger Corp. marks a significant milestone in the quantum computing industry, showcasing the potential for scalable and energy-efficient quantum solutions.