BERKELEY, Calif., March 2, 2022 — Rigetti Computing (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in classical quantum hybrid computing, and Supernova Partners Acquisition Company II, Ltd. (“Supernova”) ( NYSE: SNII), a special purpose acquisition company, today announced the completion of its Business Combination (the “Business Combination”). The Business Combination was approved by Supernova shareholders at Supernova’s Extraordinary General Meeting held on February 28, 2022. In connection with the closing, Supernova changed its name to “Rigetti Computing, Inc.” Beginning this morning, Rigetti’s common shares and warrants will be listed on the Nasdaq Capital Market under the ticker symbols “RGTI” and “RGTIW”, respectively.
At the closing of the business combination, Rigetti received gross proceeds of approximately $261.75 million. The Company plans to use the net proceeds to accelerate its development of multiple generations of quantum processors, expand its operations, and for general corporate purposes.
Rigetti is on a mission to build the world’s most powerful quantum computers to help solve humanity’s most important and pressing problems. As an industry pioneer, Rigetti has achieved a number of industry firsts, including the first multichip quantum processor for scalable quantum computing systems and the most recent commercial release of its 80-qubit Aspen-M machine, which is the second gate biggest in the world. -quantum computer model and the largest gate model quantum computer available on Amazon Bracket today. Additionally, Rigetti has a growing partner base and a strong portfolio of patents and patents pending in the quantum computing technology stack.
“Today marks a key milestone for Rigetti and the quantum computing industry in general,” said Chad Rigetti, Rigetti Founder and CEO. “We believe this transaction will help us accelerate our momentum and move toward our narrow Quantum Advantage goal. We are grateful for the unwavering support of our investors, customers and teammates throughout this process and look forward to keeping everyone updated on our progress for years to come.”
Michael Clifton, co-founder of Supernova and now a director of Rigetti, commented: “Rigetti is a pioneer with technology leadership and a proven ability to innovate. These characteristics, coupled with his extensive patent portfolio, excellent partnership base, and expected traction with real-world problems, should position him to make critical breakthroughs in this transformative field of technology. I am excited to support Rigetti as he continues to push the boundaries of what is computationally possible.”
Rigetti believes that quantum computing is not just an incremental advance in computational power, but has the potential to be a phase shift. Rigetti further believes that its full vertical integration, proprietary modular chip architecture, superior technical focus and deep partnership foundation set the stage for key industry milestones. The Company plans to drive further advancements in areas where it hopes to be more ready for transformative technology.
Deutsche Bank Securities Inc. served as exclusive financial advisor to Rigetti. Cooley LLP served as Rigetti’s legal counsel. Morgan Stanley & Co. LLC served as exclusive financial advisor to Supernova II. Latham & Watkins LLP served as legal counsel for Supernova II. Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. served as placement agents for Supernova II for the initial and subsequent rounds of PIPE financing. Sidley Austin LLP acted as advisor to the placement agents.
About Rigetti Computing
Rigetti Computing is a pioneer in full-stack quantum computing. The company has operated quantum cloud computers since 2017 and serves global enterprise, government, and research customers through its Rigetti Quantum Cloud Services platform. The company’s proprietary quantum classical infrastructure provides ultra-low latency integration with public and private clouds for practical high-performance quantum computing. Rigetti has developed the industry’s first multichip quantum processor for scalable quantum computing systems. The company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Rigetti was founded in 2013 by Chad Rigetti and today employs more than 140 people with offices in the United States, the United Kingdom, and Australia. Learn more at www.rigetti.com.