New York, June 2, 2026, 10:07 (EDT)
- Bleichroeder Acquisition Corp. II slipped 0.2% to $10.58 after the open on Nasdaq.
- Investors watching the Pasqal deal after a May 26 filing pushed the SPAC merger further along the SEC process.
- Quantum stocks IonQ, Rigetti and D-Wave traded up, with buyers showing more interest in those listed names than in the SPAC.
Bleichroeder Acquisition Corp. II slipped Tuesday, trading just above its cash value as the market awaited fresh news on its planned deal with French quantum computing group Pasqal.
Class A shares under the ticker BBCQ dipped 0.2% to $10.58 shortly after the open, following an initial trade at $10.63. The morning range so far was $10.56 to $10.61, market data showed.
That slight move is notable since BBCQ is the way to trade Pasqal in the public market now. This SPAC is a listed shell that collects money and looks for a private business to combine with. Here, the target is a quantum computing firm using a SPAC merger to get to Nasdaq instead of going the IPO route.
Bleichroeder said in a May 26 filing that after some time in the marketing phase, the deal shifted to regulatory steps last week. The parties amended their merger agreement, adjusted how the transaction is set up, and bumped the convertible financing commitment up by $50 million, to a total of $250 million.
Pasqal and Bleichroeder said they’ve filed a Form F-4 registration statement with the U.S. Securities and Exchange Commission. The filing contains the initial proxy statement and prospectus for investors ahead of a vote on their business combination. The registration statement is still awaiting effectiveness.
Pasqal had a pre-money valuation of $2.0 billion in March, before factoring in merger cash or other new funds. The deal was announced with $200 million in committed convertible financing from Bleichroeder and Pasqal. That amount increased last week after an amendment to the terms.
Michel Combes and Andrew Gundlach, sponsors at Bleichroeder, called Pasqal “French scientific excellence translated into commercial leadership” back in March. Pasqal CEO Wasiq Bokhari said the funding will “cement our leadership” in quantum computing. Pasqal
Trading in BBCQ didn’t match the pace seen in other listed quantum stocks. IonQ was up 2.9%, Rigetti Computing climbed 4.6%, and D-Wave Quantum added 6.1% around the same time. Those moves were bigger than BBCQ’s, despite Pasqal’s planned listing putting it in the same general group for investors.
Bleichroeder is holding back, which is typical for a SPAC before its vote. The stock tends to stick close to its expected redemption value—the cash shareholders can claim if they don’t want to stay with the merged company. That means common shares stay steadier than quantum company stocks in operation, but warrants and post-merger stock may see bigger risks.
But there’s a catch. The filing says redemptions might mean the combined company ends up with less cash than expected. The deal still has to clear shareholder, regulatory, and Nasdaq approvals. Risks include Pasqal hitting its targets, plenty of competition, little track record, having to raise money down the road, and making quantum tech into a real commercial business.
Bleichroeder took in $287.5 million at its January IPO, putting $10.00 per unit in trust. The firm’s Class A shares (BBCQ) and warrants (BBCQW) started trading on their own later that month, with units staying on as BBCQU.
BBCQ isn’t trading like a high-flyer yet. It’s behaving like most deal names: price is hovering near cash, trading volume is muted, and the next steps depend on the SEC, shareholder approval, and if Pasqal can make its case to public investors on the tech and the price that comes with it.
