Real Asset SPAC jumps on deal to take IQM Quantum public

Shares of Real Asset Acquisition Corp RAAQ.O rising 1.7% to $10.47 on Mon after special-purpose acquisition co (SPAC) announced a merger with IQM Quantum Computers for the Finland-based firm to become the first listed European quantum co

RAAQ shares jump as high as $10.63 on the session, highest since Oct 15 when they touched record intraday high of $10.82

The transaction will take IQM public in the U.S. at an initial equity valuation of ~$1.8 bln, with the deal expected to close around June

IQM operates in the high-growth quantum computing sector, seen as crucial for cybersecurity and attracting investment from tech giants like Microsoft MSFT.O, Alphabet GOOGL.O and IBM IBM.N

The Finnish co expects $35 mln in rev in 2025, according to the investor presentation

RAAQ, backed by former Goldman Sachs managing director Peter Ort and Atlas Capital partner Jeff Tuder, went public last Apr in $150 mln IPO priced at $10

About 1.3 mln RAAQ shares have traded so far on Mon vs their 10-DMA volume of just 29,000 shares, per LSEG