SEEQC and Allegro Merger Corp. Enter Into Merger Agreement [Yahoo! Finance]
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance
digital chips for quantum computing systems, today announced that it has entered into a definitive merger agreement with Allegro Merger Corp. ("Allegro"), an SEC reporting company. Under the terms of the merger agreement, and subject to the satisfaction of the conditions set forth therein, SEEQC will form a wholly owned subsidiary, which will merge with and into Allegro, with Allegro surviving the merger as a wholly owned subsidiary of SEEQC. In connection with the execution of the merger agreement, the Company and Allegro entered into subscription agreements for the sale of approximately $65 million of common stock of Allegro (the "PIPE transaction" and together with the merger, the "transactions"). Upon completion of the merger, all outstanding shares of common stock of Allegro, including those to be sold in the PIPE transaction, will be canceled and exchanged for the right to receive shares of SEEQC's common stock. The transaction values SEEQC at approximately $1 billion. SEEQC
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