IQM Announces Merger With Real Asset Acquisition Corp., Concurrent PIPE Financing

London – February 23, 2026 – Cooley advised IQM Finland, a global leader in full-stack superconducting quantum computers, on its definitive business combination agreement with Real Asset Acquisition Corp. (Nasdaq: RAAQ, RAAQ), a special purpose acquisition company, which will result in IQM becoming a public company and listing American depositary shares on one of the two leading US stock exchanges. The transaction values IQM at a pre-money equity valuation of approximately $1.8 billion. Following completion of the transaction, IQM’s cash on its balance sheet is expected to be in excess of $450 million cash at closing (including IQM’s existing cash).

Concurrent with the business combination, IQM announced approximately $134 million in proceeds from a private investment in public equity (PIPE) financing at $10 per share from leading new and existing institutional investors, subject to the satisfaction of certain customary closing conditions.

The closing of the proposed business combination is subject to, among other things, the approval by shareholders of RAAQ and IQM of the business combination agreement and the satisfaction of other customary closing conditions.

Partners Eric Blanchard, Rita Sobral, Peter Byrne, David Silverman, Courtney Thorne, Aaron Pomeroy, Paula Holland, Jeffrey Tolin, Caitlin Courtney and Christopher Hutter led the Cooley team advising IQM.

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