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Rigetti Computing (Nasdaq: RGTI) and Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) announced the completion of their Business Combination, approved by Supernova shareholders on February 28, 2022. Following the merger, Supernova changed its name to Rigetti Computing, Inc., with its stock now trading under the ticker RGTI. The transaction provided Rigetti with approximately $261.75 million to enhance its quantum processor development and expand operations. Rigetti aims to lead in quantum computing, boasting significant industry achievements and a robust patent portfolio.
Supernova Partners Acquisition Company II (NYSE: SNII) announced it expects to finalize its business combination with Rigetti Holdings, Inc. on March 2, 2022, pending shareholder approval on February 28, 2022. The deal is projected to raise over $261.75 million, including $114.24 million from Supernova’s trust and $147.51 million from a committed PIPE investment. Rigetti aims to utilize these funds to enhance its quantum computing capabilities and expand operations. Following the merger, Supernova will rebrand as Rigetti Computing, Inc., trading under the ticker symbol RGTI.
On February 24, 2022, Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) urged shareholders to vote in favor of its business combination with Rigetti Computing, scheduled for February 28, 2022. Shareholders of record by January 18, 2022, can participate in the vote. The Board of Directors has unanimously recommended voting 'FOR' the combination. Post-approval, the merged entity will trade under the tickers 'RGTI' for common stock and 'RGTI WS' for warrants. The SEC has declared the registration effective, facilitating the necessary proxy statement and prospectus dissemination.
Rigetti Computing has appointed Michael Harburn as the new Chief Technical Officer, effective immediately. Harburn, with over 25 years of experience in semiconductor and MEMS industries, aims to advance the development of next-generation quantum computers. The company has been operating quantum computers in the cloud since 2017 and is involved in a merger with Supernova Partners Acquisition Company II (SNII). The business combination is subject to shareholder approval and is expected to enhance Rigetti's capabilities and reach in the quantum computing field.
Rigetti Holdings will participate in a fireside chat at the Morgan Stanley Technology, Media, and Telecom Conference on March 10, 2022. Chad Rigetti, founder and CEO, will lead the discussion. The event is scheduled from 11:30 AM to 12:00 PM PT (2:30 PM - 3:00 PM ET) and will include one-on-one sessions with investors. Rigetti Computing specializes in quantum computing, offering services since 2017. Their proprietary technology integrates with both public and private clouds, facilitating high-performance quantum computing.
Rigetti Computing announced significant advancements in quantum computing technology and partnerships, highlighted by the commercial launch of its 80-qubit Aspen-M system available on multiple cloud services. Rigetti achieved a CLOPS score of 892, showcasing the system's speed. Furthermore, the company reported 99.5% fidelity on its next-generation architecture, which is pivotal for commercial quantum applications. Recent partnerships with Ampere, Nasdaq, and Zapata aim to enhance quantum applications in various sectors. The proposed business combination with Supernova Partners Acquisition Company II is progressing, with relevant documents filed with the SEC.
Supernova Partners Acquisition Company II (SNII) announced its plan to withdraw its listing from the NYSE and list its shares on Nasdaq following its business combination with Rigetti Holdings, expected to finalize around March 2, 2022. This strategic move aims to align Supernova with innovative technology firms on Nasdaq. Trading of Supernova's shares will continue on the NYSE until the transition is completed, with the last day of trading on NYSE anticipated for March 1, 2022. Post-combination, the company will operate under the name Rigetti Computing, Inc.
Rigetti Holdings, a leader in quantum computing, has announced a significant breakthrough with its next-generation chip architecture, achieving entangling gate fidelities up to 99.5%. This milestone is seen as a key step towards commercial viability in quantum computing. The company plans to scale its test devices and incorporate this technology into its modular chip systems, enhancing speed, scalability, and error correction. Rigetti is also moving forward with its proposed merger with Supernova Partners Acquisition Company II Ltd (NYSE: SNII), which is reportedly progressing as planned.
Ampere Computing and Rigetti Computing announced a strategic partnership on February 16, 2022, to develop hybrid quantum-classical computers for machine learning applications targeted at the $16 billion market. Their integration of Rigetti's Quantum Processing Units with Ampere Altra Max processors aims to enhance computational capabilities for complex problems in sectors like climate change and drug development. The collaboration seeks to optimize quantum simulation software, ultimately enabling high-performance machine learning algorithms at reduced costs.
Rigetti Holdings has announced the commercial release of its 80-qubit quantum system, Aspen-M, available via Rigetti Quantum Cloud Services. This milestone comes as Rigetti showcases results from speed tests, indicating that Aspen-M achieves 892 Circuit Layer Operations per Second (CLOPS), outperforming its predecessor, Aspen-11, which achieved 844 CLOPS. Aspen-M's capabilities will support partnerships with organizations like Nasdaq and DARPA. The system is also expected to be accessible through platforms like Amazon Braket and Azure Quantum soon.
