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Terra Quantum said on Thursday it plans to list on Nasdaq this year through a merger with a US special purpose acquisition company (SPAC) in a deal that would value the German-Swiss quantum technology company at $3.25 billion.
Terra Quantum, which counts the US Air Force among its clients, has opted for a listing in the US because the country is the engine of growth for the sector and has led the way in setting regulatory standards, its founder, chairman and CEO Markus Pflitsch told Reuters.
"The US is the powerhouse and the benchmark here. And we want to be playing in the Champions League," said Pflitsch, a self-described "half quantum physicist, half banker" who attended US President Donald Trump's second inauguration.
Terra Quantum has signed a non-binding letter of intent to carry out the deal with Mountain Lake Acquisition Corp. II.
FOUNDER TO REMAIN MAJOR SHAREHOLDER
A SPAC listing ensures less exposure to market turbulence and to competition for investors from conventional initial public offerings in the sector, Pflitsch said.
Pflitsch said he would remain a large shareholder and that Terra Quantum's name and management would stay the same.
Funds gained from the listing would be used to support growth, including product development and acquisitions.
Terra Quantum aims to list later this year, though it was too early to say precisely when, Pflitsch said.
COLLABORATION WITH GLOBAL COMPANIES
Quantum technologies seek to harness the laws of quantum mechanics to perform tasks that go beyond what is realistically achievable using classical technologies.
Terra Quantum, founded in 2019 and based in St Gallen, Switzerland, said the planned listing reflects confidence in its algorithms, software and security products and their appeal to industries like defence, finance, pharmaceuticals and logistics.
It has worked with a variety of global companies, ranging from German industrial conglomerate Siemens (SIEGn.DE) to consumer goods giant Unilever (ULVR.L) as well as banks HSBC (HSBA.L) and BBVA (BBVA.MC).
Those projects explored applying quantum technology in areas such as drone design and derivatives pricing.
Terra Quantum has not given details of its operating figures but Pflitsch called its revenues "significant", saying it would have access to recurring income from licensing its intellectual property, including a large library of IP-protected algorithms.
A Dhaka court has sentenced five people to imprisonment until death and two minors to 10 years in prison for “maiming” a 7-year-old child in order to “force them into beggary” in Dhaka’s Kamrangirchar area in 2010.
Judge Munshi Md Moshiar Rahman of the Dhaka's Women and Children's Repression Prevention Tribunal delivered the verdict on Thursday.
Salahuddin, Shariful Islam alias Korban Mia, Khandaker Omar Faruk, Md Ramzan and Saddam were sentenced to imprisonment until death.
The same judge also tried the defendants under the age of 18.
The court's bench assistant Rashedul Islam said each of the five defendants sentenced to imprisonment until death has been fined Tk 500,000, with one year in prison if in default of payment.
In addition, two minor defendants have been fined Tk 10,000 each. In default of payment, they will also get another year in prison.
The Dhaka District Magistrate has been ordered to sell the moveable/immoveable property of the accused sentenced to imprisonment until death at a public auction, for the money to be collected, and given to the victim or his family.
The court acquitted two other suspects named Kausar and Najma Akhtar as the charges against them were not proven.
Among the suspects, Korban, Kausar and Najma were present at the tribunal when the verdict was announced. After the verdict, an arrest warrant was issued for Korban and he was taken to prison.
According to the case details, on the afternoon of Sept 6, 2010, the two minor suspects, on the orders of other accused, kidnapped a 7-year-old child from Kamrangirchar and took him to an abandoned house next to the embankment of Pakapool Road.
They cut off the child's penis to engage him in begging. In addition, they hit him on the neck, chest and stomach with a sharp weapon and smashed him with a brick, crushing one side of his head.
When he did not return home at 10pm, his mother started searching for him. Hearing his mother's screams, the boy started calling out loudly from the abandoned house. Later, he was rescued from there.
A case of attempt to murder was initially filed over the incident. Later, the child's father filed a complaint with the Women and Children Repression Prevention Tribunal. The tribunal ordered the Kamrangirchar Police Station to take the complaint into consideration.
The Rapid Action Battalion (RAB) took over the investigation of the case from the police station. After an investigation, RAB-1 Assistant Superintendent of Police Mohammad Abdul Baten submitted a charge sheet against seven people and conviction sheets against two minors on May 15, 2011.
The chargesheet states that the accused mutilated the child in such a way as to make him beg.
Later, the trial of the accused began following the framing of charges. During the trial, the court heard the testimonies of 20 people.
After hearing arguments from both sides, the tribunal found seven people guilty on Thursday.