Horizon Quantum to go public through dMY Squared Technology combination

Horizon Quantum and dMY Squared Technology (DMYY), jointly announced today that they have entered into a non-binding letter of intent for a business combination. The combined company is expected to be publicly listed. The combined company will be led by Horizon Quantum’s current management team, with Fitzsimons serving as CEO. He co-invented universal blind quantum computing, a technology for securing cloud-based quantum systems, and founded Horizon Quantum after a tenured professorship in Singapore. Under the terms of the LOI, the pre-money equity value of Horizon Quantum in the transaction is approximately $500M. The parties will announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected to occur in the second quarter of this year, with a closing anticipated before year end.