IQM files F-4 for SPAC merger with RAAQ; pre-money valuation ~$1.8B, 2025 revenue $36M

Real Asset Acquisition Corp.

Pre-money equity valuation of IQM approximately USD 1.8 billion.
At close, IQM's cash position expected up to EUR 397M (USD 465M) from trust, PIPE, warrant exercises, and existing cash.
IQM reported 2025 revenue of USD 36M (EUR 31M); has sold 23 systems and delivered 15.
PIPE financing of ~$134M at $10.00/share; trust account holds ~$175M (assuming no redemptions).
IQM intends to list on Nasdaq under 'IQMX' and apply for dual listing on Nasdaq Helsinki.

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