DMY Squared Technology Group (DMYY) and Horizon Quantum Computing said Wednesday they have signed a non-binding letter of intent for a business combination.
Under the terms, the pre-money equity value of Horizon Quantum is roughly $500 million, the companies said, adding that they intend to execute an agreement in Q2 and complete the deal before the end of the year.
The combined entity, which is expected to be publicly traded, will be led by Horizon Chief Executive Joe Fitzsimons as CEO, according to the parties.
The companies said there is no guarantee that the proposed deal will take place.
DMY's stock rose more than 7% in recent Wednesday trading.
Price: 11.60, Change: +0.80, Percent Change: +7.41
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