A special purpose acquisition company said today that it expects to complete its previously announced combination with Rigetti on March 2, 2022, subject to final vote of Supernova shareholders on February 28, 2022, according to a news release.
Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) reports that all conditions to be met, including minimum cash proceeds, subject to shareholder approval, to complete its previously announced business combination with Rigetti Holdings, Inc. (“Rigetti”).
According to the release, the move should raise at least $114.24 million from Supernova trust proceeds after giving effect to preliminary redemption elections, and $147.51 million from a fully committed common stock private placement, or PIPE, resulting in expected total gross proceeds of at least $261.75 million, exceeding the minimum cash condition included in the business combination agreement.
Rigetti plans to use the funds to accelerate its development of multiple generations of quantum processors, expand its operations and for general corporate purposes.
Once the combination is official, Supernova will change its name to “Rigetti Computing, Inc.” Rigetti Computing Inc.’s shares are expected to trade on the Nasdaq Capital Market under the ticker symbol “RGTI.”
The extraordinary general meeting of Supernova shareholders will be held at 11 a.m. ET on February 28. The meeting will be held virtually via live webcast, and can be accessed by visiting https://web.lumiagm.com/242489800.
Supernova is led by Michael Clifton, who was most recently a technology investor at The Carlyle Group; Robert Reid, a long-time senior partner at Blackstone; Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA and Pacaso and who led Zillow as CEO for nearly a decade; and Alexander Klabin, founder and CEO of Ancient and former managing partner, co-CIO and co-founder of Senator Investment Group.
About Rigetti Computing
Rigetti Computing is a pioneer in full-stack quantum computing. The company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The company’s proprietary quantum-classical infrastructure provides ultra-low latency integration with public and private clouds for high-performance practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Rigetti was founded in 2013 by Chad Rigetti and today employs more than 140 people with offices in the United States, U.K., and Australia. Learn more at www.rigetti.com.