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Investing.com -- Shares of dMY Squared Technology Group, Inc. (NYSE American: DMYY) jumped 9% in early trading Wednesday following the announcement of a non-binding letter of intent (LOI) to merge with Horizon Quantum (NASDAQ:QMCO) Computing Pte. Ltd., a developer of advanced software development tools for quantum computers. The surge reflects investor optimism about the potential of the combined entity to become a publicly listed company pioneering in the quantum computing space.
The proposed business combination, expected to close before the end of the year, is anticipated to position the merged company at the forefront of the quantum computing revolution. Horizon Quantum is working on simplifying the development of quantum software, with achievements that lay the groundwork for what could be the world’s first quantum operating system.
Dr. Joe Fitzsimons, CEO of Horizon Quantum, will lead the combined company. His background as a co-inventor of universal blind quantum computing and his extensive publication record in the field adds credibility to the company’s innovative efforts. The collaboration is poised to tackle the ’applications bottleneck’—a critical barrier to translating quantum computing’s theoretical promise into practical solutions.
The pre-money equity value of Horizon Quantum in the transaction is approximately $500 million, with further details to be disclosed upon execution of a definitive agreement, expected in the second quarter of this year. However, there is no guarantee that the definitive agreement will be reached or that the proposed transaction will be consummated within the currently anticipated terms or timeframe.
The announcement marks a significant step for dMY Squared Technology Group, whose stock movement today reflects the market’s reaction to the potential of quantum computing to transform various industries by offering unprecedented computational power. The combined company’s focus on developing a universal software platform across different quantum computing hardware approaches could address the gap between advancing hardware capabilities and their application in solving real-world problems.
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