SeeQC Files Nasdaq IPO Linked to $65 Million Merger Funding
SeeQC announced that it has filed a registration statement to pursue an initial public offering on the Nasdaq Global Market under the ticker \"SEQC\". The prospectus does not disclose the number of shares to be offered or the pricing range. Cantor and BTIG have been appointed as lead book‑running managers, while Needham & Company and Craig‑Hallum are listed as additional underwriters. The underwriting agreement grants the underwriters an option to purchase additional shares to cover over‑allotments for a period of 30 days from the prospectus date.
The offering is being conducted in connection with a merger involving SeeQC, Allegro Merger Corp. and SEEQC Merger Sub, Inc. The transaction is expected to close substantially concurrently with the IPO, resulting in Allegro Merger Corp. becoming a wholly‑owned subsidiary of SeeQC. In connection with the merger, certain investors have committed to purchase Allegro Merger Corp.’s common stock and pre‑funded common stock purchase warrants, generating aggregate gross proceeds of approximately $65.0 million.
SeeQC develops superconducting digital‑control, readout and quantum‑classical integration solutions for quantum‑computing systems and operates an in‑house superconducting foundry. The company was formed in 2019 through a transfer of assets from Hypres, Inc., a superconducting electronics firm founded in 1983.
Financially, SeeQC reported revenue of $4.2 million for the year ended 31 December 2025, up from $0.8 million in 2024. The net loss for 2025 was $12.2 million, compared with a net loss of $10.1 million in the prior year. SeeQC qualifies as an emerging growth company and a smaller reporting company under U.S. federal securities laws.