Rigetti set for Nasdaq debut after closing SPAC deal

By Dan O'Shea posted 02 Mar 2022

A new quantum computing stock was scheduled to make its debut on Nasdaq this morning.

After the scheduled closing of its merger transaction with special purpose acquisition company Supernova Partners II, Rigetti on Wednesday was set to begin trading under the ticker symbols “RGTI” and “RGTIW.” The closing of the deal comes after shareholder approval of the transaction on Monday.

Rigetti follows IonQ as the latest quantum computing firm to go public via a SPAC transaction. IonQ began trading on the NYSE last October.

As a “pure-play” quantum computing stock, Rigetti is joining the likes of not only IonQ, but also Arqit and Quantum Computing Inc. The list will grow in the coming months to include D-Wave Systems, which recently agreed to a SPAC transaction with DPCM Capital. You can follow this growing roster of stocks in IQT’s Quantum Stocks Zone.

Rigetti said in a statement that upon the closing of the deal it is collecting just over $261 million in proceeds from the SPAC transaction, including just over $147 million from private investment in public equity investors.

In recent weeks, Rigetti named Peter Pace to become chairman of the board of the combined company upon the closing of the SPAC transaction. Michael Harburn also recently was named CTO of Rigetti. Company founder Chad Rigetti continues as CEO. Rigetti officials told the audience at an investor conference in January that the company expects to achieve almost $600 million in revenue by 2026.

Rigetti is a full-stack quantum computing company whose most recent claim to fame on the hardware technology front is a multi-chip 80-qubit quantum processor assembled from two 40-qubit processors.

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