SPAC RAAQ to combine with quantum-computing firm IQM; $134M PIPE at $10/ADS

Real Asset Acquisition Corp.

Each RAAQ Class A share converts to one IQM ADS; RAAQ warrants assumed by IQM.
Minimum cash condition: aggregate transaction proceeds must be >= $150M.
PIPE investors commit ~13.4M IQM ADS at $10/ADS for aggregate ~$134M.
Sponsor to forfeit up to 1,375,000 Class B shares and up to 3,725,000 warrants based on trust proceeds.
IQM shareholders subject to one-year lock-up; release if IQM ADS price >=$12 for 20 of 30 days after 150 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Real Asset Acquisition Corp. entered into Business Combination Agreement with IQM Finland Oy, IQM US LLC, Eclipse QC S.à r.l. valued at Business combination agreement providing for merger of RAAQ with Merger Sub (effective 2026-02-22).

Action: entry
Agreement: merger
Counterparty: IQM Finland Oy, IQM US LLC, Eclipse QC S.à r.l.
Value: Business combination agreement providing for merger of RAAQ with Merger Sub
Effective: 2026-02-22

Exact text from the filing

On February 22, 2026, Real Asset Acquisition Corp., a Cayman Islands exempted company (“RAAQ”), IQM Finland Oy, a limited liability company (Fi. osakeyhtiö ) incorporated under the laws of Finland (“IQM”), IQM US LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of IQM (“Merger Sub”), and Eclipse QC S.à r.l., a Luxembourg private limited liability company ( société à responsabilité limitée ) and a direct wholly owned subsidiary of IQM (“LuxCo,” collectively with Merger Sub, the “Merger Subs”) entered into a business combination agreement (the “Business Combination Agreement”).

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Real Asset Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001213900-26-019008

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