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Quantum Computing Inc. Closes Acquisition of QPhoton
The combination of QPhoton QPS and QCI’s Qatalyst software represents a major milestone in the quantum computing industry.The acquisition enables QCI to
About this update from Quantum Computing Inc.
[{"type":"text","content":"The combination of QPhoton QPS and QCI’s Qatalyst software represents a major milestone in the quantum computing industry.The acquisition enables QCI to launch ready-to-run, full-stack quantum systems and extend its solutions in key markets such as supply chain and portfolio optimization, fraud detection, underwriting and government defense and security projects. The technology operates seamlessly alongside today's classical technology. LEESBURG, Va., June 16, 2022 (GLOBE NEWSWIRE) -- Quantum Computing Inc. (“QCI'' or the “Company”) (NASDAQ: QUBT) a leader in accessible quantum computing, today announced the successful completion of its previously announced merger agreement to acquire QPhoton, Inc., a quantum photonics innovation company that has developed a quantum photonic system (QPS). The closing of this transaction will enable QCI to deliver the first ready-to-run, broadly accessible and affordable full-stack QPS that can be used by non-quantum experts, anywhere, for real-world business applications. QCI expects to release initial quantum solutions leveraging QPhoton‘s QPS in Q4 2022. As a result of the transaction, QPhoton becomes a wholly-owned subsidiary of QCI. Dr. Yuping Huang, CEO of QPhoton, the Gallagher associate professor of physics and director of the Center for Quantum Science and Engineering at Stevens Institute of Technology, joins QCI as Chief Quantum Officer as well as a director. QCI will issue aggregate merger consideration consisting of: 5,802,206 shares of QCI’s common stock, 3,079,864 series B Preferred shares, convertible into 23,770,280 shares of common stock to QPhoton’s stockholders (subject to receipt of the approval of QCI’s stockholders), and warrants exercisable, at a purchase price of $0.0001 per share, to purchase up to 7,028,337 shares of common stock (subject to receipt of the approval of QCI’s stockholders). “This acquisition represents a significant event in the quantum computing industry and is a major milestone for QCI and its shareholders. I could not be more proud of the QCI/QPhoton team coming together to transform QCI into a full-stack quantum computing company,” said Robert Liscouski, CEO of QCI. “This acquisition represents a significant leap forward in real-world usability in the quantum computing space. Currently, quantum computing approaches are extremely expensive, cumbersome a...