By Dave Graham<\/p>\n
ZURICH, April 9 (Reuters) – Terra Quantum said on Thursday it plans to list on Nasdaq this year through a merger with a U.S. special \u200cpurpose acquisition company (SPAC) in a deal that would value the German-Swiss quantum technology company \u200cat $3.25 billion.<\/p>\n
Terra Quantum, which counts the U.S. Air Force among its clients, has opted for a listing in the \u200bU.S. because the country is the engine of growth for the sector and has led the way in setting regulatory standards, its founder, chairman and CEO Markus Pflitsch told Reuters.<\/p>\n
“The U.S. is the powerhouse and the benchmark here. And we want to be playing in the Champions League,” \u200csaid Pflitsch, a self-described “half quantum \u2060physicist, half banker” who attended U.S. President Donald Trump’s second inauguration.<\/p>\n
Terra Quantum has signed a non-binding letter of intent to carry out the deal \u2060with Mountain Lake Acquisition Corp. II.<\/p>\n
FOUNDER TO REMAIN MAJOR SHAREHOLDER<\/p>\n
A SPAC listing ensures less exposure to market turbulence and to competition for investors from conventional initial public offerings in the sector, Pflitsch said.<\/p>\n
Pflitsch \u200bsaid he \u200bwould remain a large shareholder and that Terra \u200bQuantum’s name and management would stay \u200cthe same.<\/p>\n
Funds gained from the listing would be used to support growth, including product development and acquisitions.<\/p>\n
Terra Quantum aims to list later this year, though it was too early to say precisely when, Pflitsch said.<\/p>\n
COLLABORATION WITH GLOBAL COMPANIES<\/p>\n
Quantum technologies seek to harness the laws of quantum mechanics to perform tasks that go beyond what is realistically achievable using classical technologies.<\/p>\n
Terra Quantum, founded in \u200c2019 and based in St. Gallen, Switzerland, said the \u200bplanned listing reflects confidence in its algorithms, software and \u200bsecurity products and their appeal to industries \u200blike defence, finance, pharmaceuticals and logistics.<\/p>\n
It has worked with a variety of \u200cglobal companies, ranging from German industrial conglomerate \u200bSiemens to consumer goods \u200bgiant Unilever as well as banks HSBC and BBVA.<\/p>\n
Those projects explored applying quantum technology in areas such as drone design and derivatives pricing.<\/p>\n
Terra Quantum has not given details \u200bof its operating figures but \u200cPflitsch called its revenues “significant”, saying it would have access to recurring income from \u200blicensing its intellectual property, including a large library of IP-protected algorithms.<\/p>\n
(Reporting by Dave \u200bGraham; Editing by Edwina Gibbs and Alexander Smith)<\/p>\n","protected":false},"excerpt":{"rendered":"By Dave Graham ZURICH, April 9 (Reuters) – Terra Quantum said on Thursday it plans to list on…\n","protected":false},"author":2,"featured_media":47924,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[27599,27601,27600,27598,27602,41,17,27596,27597],"class_list":{"0":"post-47923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-switzerland","8":"tag-markus-pflitsch","9":"tag-quantum-mechanics","10":"tag-quantum-technology","11":"tag-spac","12":"tag-special-purpose-acquisition-company","13":"tag-swiss","14":"tag-switzerland","15":"tag-terra-quantum","16":"tag-u-s-air-force"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116395821285642426","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/47923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=47923"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/47923\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/47924"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=47923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=47923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=47923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}