Pasqal to merge with Bleichroeder Acquisition Corp. II in $2.0B pre-money deal, $645M cash to balance sheet

Pasqal to be acquired by Bleichroeder Acquisition Corp. II in a transaction implying a ~ $2.0 billion pre-money equity value and up to $645.2M cash to the combined balance sheet.Key Highlights:Original SEC Filing: Bleichroeder Acquisition Corp. II [ BBCQ ] - 8-K - Jun. 30, 2026This is an AI-powered…

Pasqal to be acquired by Bleichroeder Acquisition Corp. II in a transaction implying a ~ $2.0 billion pre-money equity value and up to $645.2M cash to the combined balance sheet.

Key Highlights:

Business combination agreement amended; transaction will merge Bleichroeder into its French merger sub then combine with Pasqal.
Deal implies ~ $2.0B pre-money equity value and pro forma equity value of ~$2.64B, assuming $10/share and 264.4M shares.
Transaction expected to provide $645.2M cash to balance sheet assuming no redemptions, including $291.4M SPAC trust and €120.1M Pasqal cash.
$250M committed convertible financing announced in connection with the combination to support capitalization.
Pasqal reported commercial traction: 10 QPUs (7 installed, 3 in production), €16.5M 2025 commercial revenue and €66M+ booked & awarded business as of March 2026.

Original SEC Filing:

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