QUBT - Quantum Computing to acquire QPhoton

Quantum computing software company Quantum Computing (NASDAQ:QUBT) has entered into a definitive agreement to acquire QPhoton. At the closing of the proposed transaction, QUBT will issue to the stockholders of the quantum photonics innovation company an aggregate merger consideration consisting of: 5,802,206 shares of the former's common stock; 2,377,028 shares of a new series of QUBT's preferred stock, convertible into 23,770,280 shares of common stock; and warrants exercisable, at a purchase price of $0.0001 per share, to purchase up to 7,028,337 shares of common stock. The merger consideration is subject to certain conditions. The transaction is expected to close in Q3 or Q4. Quantum Computing, with QPhoton's technology, will be launching ready-to-run anywhere, full-stack quantum systems. QPhoton CEO Yuping Huang is expected to join Quantum Computing as a director and officer. Shares were trading +3.82% pre-market.

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Quantum Computing to acquire QPhoton