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Pasqal completes SPAC merger, gains $360M cash

Pasqal Holding SA (PSQL) has completed its business combination with Bleichroeder Acquisition Corp. II, creating a publicly traded neutral-atom quantum computing company.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Pasqal Holding SA (PSQL) has completed its business combination with Bleichroeder Acquisition Corp. II, creating a publicly traded neutral-atom quantum computing company. Following a series of mergers, the surviving entity is Pasqal Holding SA, which will continue operating under the Pasqal name.

The company’s ordinary shares and warrants are expected to begin trading on Nasdaq on August 28, 2026 under the symbols “PSQL” and “PSQLW”, respectively, while Bleichroeder’s securities will cease trading. The transaction provides approximately $360 million of cash available at closing to support global deployment of Pasqal’s quantum systems, expand its QPU manufacturing, advance its technology roadmap toward fault-tolerant quantum computing and scale commercial operations.

Pasqal reports having seven quantum processing units deployed and three more in production, supporting more than 25 commercial and research applications across sectors such as energy, financial services and materials science, with systems accessible on-premises and via cloud to customers worldwide.

Positive

  • Completion of SPAC business combination and Nasdaq listing provides Pasqal with access to public equity markets and transitions the company to trading under the symbols PSQL and PSQLW.
  • Approximately $360 million of cash available at closing establishes a significant capital base to fund global quantum-system deployment, technology advancement and commercial expansion.
  • Established operating footprint with seven QPUs deployed, three in production and more than 25 commercial and research applications demonstrates meaningful early adoption of Pasqal’s technology.

Negative

  • None.
Cash available at closing $360 million Capital available to Pasqal upon completion of the business combination
Nasdaq trading start date August 28, 2026 Expected first trading day for PSQL and PSQLW
Ticker symbols PSQL (shares), PSQLW (warrants) Nasdaq symbols for Pasqal Holding SA securities
Deployed QPUs 7 quantum processing units Number of Pasqal QPUs deployed in real operating environments
QPUs in production 3 quantum processing units Additional QPUs currently in production
Applications supported More than 25 applications Commercial and research applications using Pasqal’s systems
Shareholder approval date August 25, 2026 Date Bleichroeder shareholders approved the business combination
business combination financial
"announced the successful completion of their previously announced business combination"
A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.
special purpose acquisition company financial
"Bleichroeder Acquisition Corp. II (NASDAQ: BBCQ), a special purpose acquisition company"
A special purpose acquisition company (SPAC) is a company formed with the sole purpose of raising money through a public offering to buy or merge with an existing private business. It acts like a vehicle that allows private companies to go public more quickly and with less complexity. For investors, it offers an opportunity to invest early in a potential acquisition, though it also carries risks if the intended deal doesn’t materialize.
neutral-atom quantum computing technical
"Pasqal, a global leader in neutral-atom quantum computing"
Neutral-atom quantum computing uses individual, electrically neutral atoms held in place and controlled with focused light to act as quantum bits. Think of atoms as tiny beads arranged and nudged by laser “tweezers” so they can store and process information in ways classical computers cannot. It matters to investors because this approach aims to scale to larger, more stable quantum processors that could unlock faster solutions for complex problems, offering long‑term commercial opportunity but also significant technical and capital risk.
fault-tolerant quantum computing technical
"advancing its technology roadmap toward fault-tolerant quantum computing"
Fault-tolerant quantum computing is the ability of a quantum computer to keep producing correct results even when its basic parts make mistakes, by detecting and fixing errors and using redundancy so the machine continues to work reliably. For investors, it matters because fault tolerance is the key to scaling quantum machines from experimental demos into practical, revenue-generating systems—think of it like having backups and automatic repairs that make a prototype road-ready and lower the technology’s commercial and technical risk.
quantum processing units technical
"expanding the manufacturing and deployment of its quantum processing units"
A quantum processing unit is the core chip that runs quantum computers, using quantum bits that can represent multiple states at once rather than the simple 0 or 1 of regular chips. For investors, it matters because these units promise to solve some complex problems far faster than today’s processors, creating opportunities and risks around new products, partnerships, long research timelines and high development costs—similar to betting on next-generation engines for whole industries.
IBM Quantum Network technical
"Pasqal is part of the IBM Quantum Network"
A global program run by IBM that connects companies, research labs and universities to IBM’s quantum computers, development tools and engineering expertise so members can experiment, develop applications and collaborate on quantum technology. For investors it signals which organizations have early access to cutting-edge computing capabilities and partnerships that could enable new products, cost savings or competitive advantages—like being in a shared test kitchen for future technology that may reshape industries.

FAQ

What did Pasqal Holding SA (PSQL) announce in this 6-K?
Pasqal Holding SA announced the completion of its business combination with Bleichroeder Acquisition Corp. II and that its ordinary shares and warrants are expected to begin trading on Nasdaq under PSQL and PSQLW on August 28, 2026.

How much cash does Pasqal (PSQL) have available after the business combination?
The transaction provides Pasqal with approximately $360 million of cash available at closing, intended to accelerate global deployment of its quantum computing platform, support innovation and expand commercial adoption.

When will PSQL and PSQLW start trading on Nasdaq?
Pasqal expects its ordinary shares and warrants to begin trading on The Nasdaq Stock Market on August 28, 2026 under the ticker symbols PSQL for shares and PSQLW for warrants.

What happens to Bleichroeder Acquisition Corp. II’s existing securities after the merger?
Following the completion of the business combination, Bleichroeder’s Class A ordinary shares, warrants and units will cease trading, and Pasqal Holding SA’s securities will trade under the new symbols PSQL and PSQLW.

What operational scale does Pasqal (PSQL) report after going public?
Pasqal reports having seven quantum processing units (QPUs) deployed and three more in production, supporting more than 25 commercial and research applications across industries including energy, financial services and materials science.

How does Pasqal (PSQL) plan to use the capital from the business combination?
Pasqal intends to use the approximately $360 million of cash to expand manufacturing and deployment of its QPUs, advance its roadmap toward fault-tolerant quantum computing, broaden cloud and software access and scale global commercial operations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2026

 

Commission File Number: 001-43463

 

 

 

Pasqal Holding SA

 

 

 

24, rue Emile Baudot

91120 Palaiseau, France

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒     Form 40-F ☐

 

 

 

 

 

Closing of the Business Combination and Nasdaq Listing

 

On August 27, 2026, Pasqal Holding SA (the “Company”) and Bleichroeder Acquisition Corp. II (“Bleichroeder”) issued a joint press release announcing the closing of the previously disclosed business combination contemplated by the Agreement and Plan of Merger, dated as of February 28, 2026, as amended, by and among Bleichroeder, the Company and Pasqal Holding SAS, and the listing of the Company’s ordinary shares and warrants on the Nasdaq Stock Market under the symbols “PSQL” and “PSQLW”, respectively.

 

A copy of that press release is furnished as Exhibit 99.1 to this Report on Form 6-K.

 

1

 

EXHIBIT INDEX

 

Exhibit   Description of Exhibit
99.1   Joint Press Release of the Company and Bleichroeder, dated August 27, 2026.

 

2

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PASQAL HOLDING SA
     
Date: August 27, 2026 By: /s/ Wasiq Bokhari
    Name: Wasiq Bokhari
    Title: Chief Executive Officer

 

3

 

Exhibit 99.1

 

Pasqal and Bleichroeder Acquisition Corp. II Complete Business Combination

 

Pasqal Holding SA expects its ordinary shares to begin trading on Nasdaq under the ticker symbol “PSQL” on August 28th

 

Transaction establishes a strong capital foundation for Pasqal as a public company, with approximately $360 million of cash available at closing to accelerate global quantum-system deployment, commercial adoption and Pasqal’s path toward fault-tolerant quantum computing

 

Public listing creates a long-term capital platform for one of the world’s leading neutral-atom quantum computing companies

 

PARIS and NEW YORK – August 27, 2026 – Pasqal Holding SA (“Pasqal”), a global leader in neutral-atom quantum computing, and Bleichroeder Acquisition Corp. II (NASDAQ: BBCQ), a special purpose acquisition company (“Bleichroeder”), today announced the successful completion of their previously announced business combination.

 

Bleichroeder shareholders approved the business combination and related proposals on August 25, 2026. Following the completion of a series of mergers between Bleichroeder and Pasqal Holding SAS, the surviving company became Pasqal Holding SA and will continue to operate under the Pasqal name. Pasqal Holding SA’s ordinary shares and warrants are expected to begin trading on The Nasdaq Stock Market on August 28, 2026 under the ticker symbols “PSQL” and “PSQLW”, respectively. Bleichroeder’s Class A ordinary shares, warrants and units will cease trading.

 

The transaction establishes a strong capital foundation for Pasqal as a public company, with approximately $360 million of cash available at closing to accelerate global deployment of its quantum computing platform, support continued innovation and further expand commercial adoption worldwide.

 

Pasqal intends to deploy the additional capital across the priorities that define its next stage of growth: expanding the manufacturing and deployment of its quantum processing units (“QPUs”), advancing its technology roadmap toward fault-tolerant quantum computing, broadening access to its cloud and software platform, deepening integration with classical high-performance computing infrastructure and scaling its commercial operations globally.

 

“Today is not a finish line; it is an acceleration point,” said Wasiq Bokhari, Chief Executive Officer of Pasqal. “Pasqal was built to take neutral-atom quantum computing from foundational science to industrial-scale deployment. We have deployed quantum systems in real operating environments, connected our processors to the computing infrastructure customers already use and established a roadmap built on a single hardware platform that delivers state-of-the-art analog quantum computing today and is designed to enable industry-leading fault-tolerant quantum computing in the future. Our systems operate in standard data center environments and are built to scale with enterprise workloads. As a public company, we will have a stronger platform to move faster, serve customers around the world and build enduring value for shareholders.”

 

Pasqal begins its next chapter as a publicly traded company with a strong foundation of technological leadership, commercial deployment and global customer engagement. Co-founded by Nobel Prize-winning physicist Alain Aspect, the company has seven QPUs deployed today and three more in production. Its growing fleet of QPUs is available through cloud access globally and supports more than 25 commercial and research applications across industries including energy, financial services and materials science.

 

Pasqal’s neutral-atom technology offers a scalable and energy-efficient approach to quantum computing through a single hardware platform designed to deliver state-of-the-art analog quantum computing applications today while providing a clear path toward fault-tolerant quantum computing in the future. With one of the world’s largest installed bases of high-complexity quantum computers among pure-play quantum computing companies, a growing globally accessible cloud-based fleet of QPUs and a presence across North America, Europe, the Middle East and Asia, Pasqal is focused on accelerating commercial adoption and helping customers solve some of the world’s complex computational challenges.

 

 

Advisors

 

Lazard Freres SAS served as advisor to Pasqal’s Board. Orrick, Herrington & Sutcliffe LLP (France and US) served as legal counsel to Pasqal. Cantor Fitzgerald & Co. is serving as advisor to Bleichroeder. Reed Smith LLP (France and US) served as legal counsel to Bleichroeder. Cohen & Company Capital Markets acted as Lead Book-Running Manager for Bleichroeder’s initial public offering which closed on January 8, 2026.

 

Contacts

 

Investors

 

investors@pasqal.com 

 

Media

 

pr@pasqal.com

 

About Pasqal

 

Pasqal (Nasdaq: PSQL) helps organizations tackle problems that are difficult or impossible to solve with conventional computing methods alone. Founded in 2019 on Nobel Prize–winning research, Pasqal builds and operates neutral-atom quantum computers, delivered with a full software stack, for industry, science, and governments. Pasqal’s production-ready systems are available both on-premises and through the cloud, enabling organizations to harness quantum computing without requiring in-house quantum expertise. A single hardware platform supports analog workloads today and is designed to evolve toward fault-tolerant quantum computing in the future. 

 

Headquartered in France with operations globally, Pasqal’s quantum computing systems are used by customers across energy, financial services and advanced materials to address complex challenges. Pasqal’s customers include Saudi Aramco, Crédit Agricole CIB, LG Electronics and supported by partnerships with NVIDIA and IBM (Pasqal is part of the IBM Quantum Network). 

 

Forward-Looking Statements

 

Certain statements herein may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might”, “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project”, “forecast,” “potential,” “seem,” “seek,” “target,” “possible,” “future,” “outlook” or similar terminology or expressions that predict or indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding future events, including the Nasdaq listing and the expected commencement date of trading, Pasqal’s expected use of cash available at closing of the business combination and Pasqal’s ability to accelerate global deployment of its quantum computing platform.

 

These statements are based on current expectations and are not predictions of actual performance. They are provided for illustrative purposes only and must not be relied on as a guarantee, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and are beyond the control of Bleichroeder and Pasqal. These statements are subject to known and unknown risks and uncertainties and assumptions regarding Pasqal’s business and the business combination, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political, social and business conditions; uncertainty or changes with respect to laws and regulations; the failure to realize the anticipated benefits of the business combination; the risk that the business combination disrupts Pasqal’s current plans and operations; risks related to Pasqal’s indebtedness; the risk from Pasqal pursuing an emerging technology, facing significant technical challenges and the potential that it may not achieve commercialization or market acceptance; Pasqal’s reliance on strategic partners and other third parties; Pasqal’s ability to maintain, protect and defend its intellectual property rights; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (the “SEC”). The foregoing list of risk factors is not exhaustive. There may be additional risks that Pasqal and Bleichroeder presently do not know or currently believe are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Pasqal’s and/or Bleichroeder’s expectations, plans and forecasts of future events and views as of the date of this communication. While Pasqal and/or Bleichroeder may elect to update these forward-looking statements in the future, Pasqal and Bleichroeder specifically disclaim any obligation to do so.

 

 

Source: View Original Filing on SEC EDGAR

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