Pasqal Holding SA — Form F-1
Filed September 9, 2026 · analyzed by the Registration Agent
F-1
— Neutral
significance 42/100
What the filing says
Pasqal Holding SA (formerly Bleichroeder Acquisition Corp. II) closed its business combination with Legacy Pasqal on August 27, 2026, issuing 199,999,960 ordinary shares to Legacy Pasqal shareholders at an exchange ratio of ~22.736. Concurrently, it raised $250M in convertible financing: $312.5M aggregate principal of Senior Unsecured Convertible Bonds (initially convertible at $12.00/share into 26,041,667 shares) plus 32,552,083 Investment Warrants at $12.00 exercise price. Company has ~$360M cash post-close, ~300 employees, 92 patents, and €16.4M 2025 revenue.
Why this rating
Material transaction establishing public capital structure and funding base, but company is pre-revenue quantum computing business with significant execution risk and heavy dilution ahead.
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