IQM adds Vanguard director to its board as Europe's first quantum Nasdaq listing nears

TL;DRIQM added Vanguard director Barbara Venneman to its board as it nears a $1.8bn Nasdaq listing, Europe’s first for a quantum computing company.

IQM Quantum Computers, the Finnish maker of superconducting quantum systems, has appointed Barbara Venneman to its board of directors as the company approaches what would be the first Nasdaq listing by a European quantum computing company. Venneman currently serves on the board of Vanguard, one of the world’s largest investment management firms, and previously led Deloitte Digital globally. The appointment signals that IQM is stacking its governance with public-markets experience ahead of a shareholder vote scheduled for June 25.

That vote will determine whether IQM completes its merger with Real Asset Acquisition Corp (Nasdaq: RAAQ), a special purpose acquisition company based in Princeton, New Jersey. The deal, announced in February at a pre-money valuation of $1.8 billion, would give IQM a primary listing on Nasdaq with a potential dual listing on the Helsinki Stock Exchange. The SEC declared the registration statement on Form F-4 effective on June 5.

The transaction has gained momentum since February. IQM and RAAQ announced an upsized PIPE of $146 million in early June, up from an initial $134 million commitment, after Finnish pension insurer Ilmarinen joined existing institutional investors. Combined with cash from RAAQ’s trust account, an earlier €50 million financing from BlackRock, and IQM’s existing balance sheet of $172 million, the company expects to hold more than $450 million in cash at closing.