IonQ Becomes First Publicly Traded, Pure-Play Quantum Computing Company; Closes Business Combination with dMY Technology Group III
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IonQ ushers in the era of quantum computing, lists on public market to begin trading on NYSE under ticker “IONQ” today, October 1, 2021
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IonQ received gross proceeds of $636 million from transaction to fund growth and accelerate the commercialization of industry-leading quantum computers
COLLEGE PARK, Md.–(BUSINESS WIRE), October 1, 2021- IonQ, Inc. (“IonQ” or the “Company”) (NYSE: IONQ), a leader in quantum computing, completed its previously announced business combination with dMY Technology Group, Inc. III (“dMY”) (formerly NYSE: DMYI), a publicly traded special purpose acquisition company, on September 30, 2021. Starting this morning, the common stock and warrants of the combined company, IonQ Inc., will be listed on the New York Stock Exchange under the ticker symbols “IONQ” and “IONQ.WS,” respectively.
IonQ is a trailblazer in quantum computing with the world’s most powerful trapped-ion quantum computer, and is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud. This business combination provided IonQ with $636 million in gross proceeds to fund future growth and accelerate the commercialization of its industry-leading quantum computers.
“Quantum is here, and IonQ is leading the industry with our revolutionary trapped-ion technology,” said Peter Chapman, President and CEO of IonQ. “Over the past six years, we have taken this critical technology out of the lab and have developed it into a commercial product. This year, we are proud to have tripled our bookings expectations for 2021, and are further thrilled to have announced collaborations with Goldman Sachs, Fidelity Center for Applied Technology, GE Research and the University of Maryland. We are humbled by the interest in our public listing and are confident in our ability to deliver against our business plan. I’m incredibly grateful to the entire IonQ ecosystem of employees, customers and stakeholders – this is just the beginning.”
Last month, IonQ announced that it had tripled its expectation for 2021 total contract bookings from its previously announced target of $5 million to $15 million. IonQ believes this is a demonstration of the real and rapidly accelerating need for quantum computing among enterprise customers and cements IonQ as a leader in quantum computing.
“IonQ’s listing today marks an incredibly significant milestone for quantum computing – the demand for this technology is real and the path to commercialization and scale is tangible,” said Niccolo de Masi, CEO of dMY Technology group of companies. “We’re thrilled to continue to partner with the IonQ management team and look forward to celebrating the company’s future accomplishments and milestones.”
Morgan Stanley & Co. LLC served as the exclusive financial advisor to IonQ. Goldman Sachs & Co. LLC served as the exclusive financial advisor to dMY III. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC also acted as co-lead placement agents on the PIPE. Needham & Company also acted as placement agent on the PIPE. Cooley LLP and Cleary Gottlieb Steen & Hamilton LLP represented IonQ and dMY III, respectively, as legal counsel.
About IonQ
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful trapped-ion quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroeand Jungsang Kim of Duke’s Department of Electrical and Computer Engineering based on 25 years of pioneering research. To learn more, visit www.ionq.com.
Weapons-Detection Company Evolv Goes Public After Closing SPAC Deal
By , Globe Staff, July 19, 2021
Evolv Technology, a Waltham-based security-tech company, began trading on the Nasdaq stock exchange on Monday, following its completed merger with a special purpose acquisition company. It trades under the ticker symbol EVLV.
Evolv’s share price closed at $10.40, up about 9 percent from its SPAC’s previous close.
The company, which uses artificial intelligence and sensors to screen people for weapons in public spaces, is backed by notable individuals, including Bill Gates, the cofounder of Microsoft, and Jeb Bush, the former governor of Florida and 2016 Republican presidential candidate. General Catalyst, a Cambridge-based venture capital firm, is also an investor.
Evolv’s merger with NewHold Investment Corp. puts its valuation at around $1.7 billion, the company said. The deal continues a trend of technology companies going public by merging with SPACs, also known as blank-check companies.
Peter George, the chief executive of Evolv, said that going public will allow the company to grow at a time when demand for its product is increasing. “The world is opening,” he said in a statement. “Visitors require a better experience and [peace] of mind to gather safely. We are energized by our market opportunity and driven to fulfill our mission to make everywhere safer.”
Founded in 2013, Evolv has created an AI-driven screening product which eliminates the need for traditional metal detectors, the company said. Its platform is used in venues such as Gillette Stadium and Six Flags. Evolv said it has screened over 60 million people, second only to the Transportation Security Administration.
