Quantum Computers
Lette of Intent / LOI
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Singapore & Las Vegas, February 26, 2025 – Horizon Quantum Computing Pte. Ltd., and dMY Squared Technology Group, Inc. (NYSE American: DMYY and DMYY.WS) have signed a non-binding letter of intent for a business combination. The combined company is expected to be publicly listed.
Horizon Quantum is developing software development tools for quantum computers, aiming to simplify the creation of quantum software and lay the groundwork for a quantum operating system. The company's tools seek to address the challenge of translating real-world problems into quantum solutions.
Dr. Joe Fitzsimons, CEO of Horizon Quantum, will lead the combined company. He stated the partnership with dMY is exciting due to their experience in enterprise hardware and software. Harry You, Chairman of dMY Squared, expressed enthusiasm for working with Horizon Quantum to create a common software platform across different quantum computing hardware approaches.
The pre-money equity value of Horizon Quantum in the transaction is approximately $500 million. The parties expect to execute a definitive agreement in the second quarter of this year, with closing anticipated before year end. The transaction is subject to due diligence, negotiation of a definitive agreement, board and equity holder approval, regulatory approvals, and other customary conditions.