IonQ Agrees to SPAC Merger With dMY Technology Group III
Washington, DC – March 19, 2021 – Cooley advised IonQ, a quantum computing hardware and software company, on its merger agreement with special purpose acquisition company dMY Technology Group III. Resulting in $650 million in gross proceeds, including $350 million from a fully committed PIPE, the transaction will make IonQ the first publicly traded pure-play hardware and software company in the quantum computing space. Partners Adam Ruttenberg, John McKenna, David Silverman, Jaime Chase and Mike Lincoln led the Cooley team advising IonQ.
Upon closing, IonQ will list on the New York Stock Exchange under the symbol “IONQ.” The pro forma implied market capitalization of the combined company is approximately $2 billion.
“This transaction advances IonQ’s mission to solve critical problems that impact nearly every aspect of society,” Peter Chapman, CEO and president of IonQ, said in a news release. “With our key strategic partners, such as Breakthrough Energy Ventures, Hyundai Motor Company and Kia Corporation, we look forward to leveraging the power of quantum computing in the fight against climate change.”
IonQ is a leader in quantum computing, with a proven track record of innovation and deployment. The company’s 32 qubit quantum computer is the world’s most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through both the Amazon Braket and Microsoft Azure clouds, as well as through direct API access.
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