Pasqal Moves Toward Nasdaq Listing Through Bleichroeder SPAC Deal

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Off the Wire Press Releases PARIS and NEW YORK, May 26, 2026 – Pasqal Holding SAS, a global leader in neutral-atom quantum computing, and Bleichroeder Acquisition Corp. II (NASDAQ: BBCQ), a special purpose acquisition company, today announced the public filing with the U.S. Securities and Exchange Commission (SEC) of their joint registration statement on Form F-4, which includes a preliminary proxy statement/prospectus, in connection with their proposed business combination previously announced on March 4, 2026. This filing marks a pivotal milestone for Pasqal. With one of the largest installed bases of high–qubit-count quantum computers among pure-play industry peers worldwide, Pasqal is well positioned to accelerate the development of high-performance hardware and cloud-ready software solutions. These capabilities are aimed at addressing complex, real-world challenges across optimization, simulation, and artificial intelligence, reinforcing Pasqal’s potential to play a leading role in the advancement of practical quantum computing applications. The Registration Statement, including the proxy statement/prospectus, contains key information about Bleichroeder and its securities, Pasqal’s financials, technology and growth strategy, as well as the terms and conditions of the proposed business combination. The Registration Statement has not been declared effective by the SEC, and the information contained therein is not complete and is subject to change. Upon closing, the combined company is expected to operate under the name “Pasqal Holding SA” and be listed on Nasdaq. The proposed transaction remains subject to customary closing conditions, including effectiveness of the Registration Statement, approval of the business combination and related transactions by Bleichroeder shareholders, receipt of certain regulatory approvals, and Nasdaq listing approval. Pasqal has one of the largest numbers of quantum computers deployed, operational, or in active production among pure-play quantum computing companies worldwide. Seven quantum processing units are already in the field with three more in production. Every QPU is manufactured at one of Pasqal’s two fully operational facilities, giving the company end-to-end control over its hardware supply chain and global deployment capabilities. Pasqal offers a full stack compute solution. In addition to industry-leading neutral-atom QPUs, Pasqal has built a cloud-based offering that allows commercial customers access to its quantum hardware today. Further, Pasqal has built a software stack that makes its QPUs simple to use and integrates seamlessly with classical compute, so customers can solve real problems by combining quantum with the classical computing they already run. The platform is supported by more than 40 clients and partners and more than 25 identified industrial use cases. Founded by 2022 Nobel Laureate Alain Aspect, and Antoine Browaeys, one of the co-inventors of neutral-atom quantum computing, Pasqal brings together world-leading scientific expertise through a global team of more than 275 employees and active participation in an ecosystem that includes IBM, NVIDIA, Google Cloud, Microsoft Azure, and other leading technology organizations. This combination is what gives Pasqal an advantage to deliver reliable, practical quantum computing on an industrial scale. The proposed transaction values Pasqal at $2.0 billion pre-money and is expected to provide approximately $500 million of gross proceeds to Pasqal, assuming no redemptions by Bleichroeder shareholders and the closing of the previously-announced convertible financing. Proceeds from the transaction are expected to support Pasqal’s continued commercialization of its QPU offering, accelerate its roadmap toward fault-tolerant quantum computing, and expand the company’s global commercial and operational capabilities. “Today’s filing marks meaningful progress as Pasqal moves toward becoming a publicly listed quantum computing company,” said Wasiq Bokhari, Chief Executive Officer of Pasqal. “We believe our neutral-atom quantum computing platform is uniquely positioned to deliver what the market actually needs: practical, useful quantum computing on business-relevant problems today, and a credible, engineered path to industry-leading fault-tolerant quantum computing tomorrow — on the same hardware. This transaction is intended to provide Pasqal with the public market platform and capital to accelerate our roadmap, scale our technology, and deliver real-world quantum value to customers and partners globally.” Pasqal may raise additional financing from a private placement of securities (PIPE). The proposed business combination is expected to close in the second half of 2026, subject to customary closing conditions. Advisors Lazard Frères SAS is serving as advisor to Pasqal’s Board. Orrick, Herrington & Sutcliffe LLP (France and US) is serving as legal counsel to Pasqal. Cantor Fitzgerald & Co. (“Cantor”) is serving as lead capital markets and financial advisor to Bleichroeder. Reed Smith LLP (France and US) is serving as legal counsel to Bleichroeder. More from HPCwire: Pasqal Reports Logical Qubits Outperform Physical Qubits on Real-World Differential Equations About Pasqal Pasqal is a global leader in delivering practical quantum computing at scale utilizing neutral atom technology and dedicated software for industry, science, and governments. Since its founding in 2019, Pasqal has leveraged Nobel Prize winning research to build high-performance quantum systems and cloud-ready software designed to address complex challenges in optimization, simulation, and artificial intelligence. Headquartered in France, Pasqal employs over 275 people and serves over 25 clients and partners, including Aramco, CMA CGM, OVHcloud, Thales, IBM (Pasqal is part of the IBM Quantum Network), and Sumitomo. Backed by more than USD 300 million in total funding from leading international investors, Pasqal is pursuing a listing on Nasdaq in partnership with Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ) and is accelerating the adoption of scalable, high-performance quantum computing worldwide. About Bleichroeder Bleichroeder Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Source: Pasqal