425: Real Asset Acquisition Corp. Approves IQM Merger

Real Asset Acquisition Corp. shareholders have officially approved the business combination with IQM Quantum Computers.

Summary

• Shareholders of Real Asset Acquisition Corp. (RAAQ) voted to approve the business combination with IQM Quantum Computers Oyj.
• The meeting held on June 25, 2026, achieved a quorum with 14,488,401 shares represented (63% of total).
• The Business Combination Proposal passed with 13,687,335 votes in favor.
• The Merger Proposal passed with 13,687,536 votes in favor.
• Upon completion, RAAQ will merge into a subsidiary of IQM, and shareholders will receive American depositary shares of IQM.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive event; while the shareholder approval is a necessary milestone, the company remains in a high-risk, pre-commercialization phase.

Positives

• Strong shareholder support for the merger with over 94% of votes cast in favor of the proposals.
• Successful achievement of quorum requirements for the extraordinary general meeting.
• Clear path forward for the business combination following the effectiveness of the Form F-4 registration statement.

Negatives

• Approximately 800,760 shares voted against the merger proposals.
• The company faces the inherent risks of merging with an entity in the emerging and highly technical quantum computing sector.

Risks

• IQM operates in an emerging technology sector with significant technical challenges and no guarantee of market acceptance.
• History of net losses and limited operating history for IQM.
• Potential for shareholder redemptions to leave the combined company with insufficient cash.
• Dependence on key senior management and the ability to attract qualified personnel.
• Concentration of revenue in contracts with government or state-funded entities.

Future Outlook

The combined company aims to commercialize quantum hardware and software, build sovereign quantum infrastructure, and expand its customer base, though these goals are subject to significant technical and market risks.

Management Comments

• Management emphasizes that the business combination is intended to leverage IQM's technology to build sovereign infrastructure for quantum ecosystems.

Industry Context

StockSavvy.ai notes that this merger reflects the ongoing trend of SPACs targeting deep-tech and quantum computing firms to provide public market access to high-growth, capital-intensive research sectors.

Comparison to Industry Standards

• The quantum computing sector remains highly speculative compared to established semiconductor or cloud computing benchmarks.
• The reliance on government and state-funded contracts is consistent with early-stage quantum hardware providers like IonQ or Rigetti Computing.

Legal Proceedings

• None disclosed, though the filing notes the risk of future legal proceedings or government investigations.

Stakeholder Impact

• Shareholders will see their RAAQ holdings converted into IQM American depositary shares.
• The company's future cash position remains sensitive to the level of shareholder redemptions.

Next Steps

• Completion of the merger transaction.
• Exchange of RAAQ ordinary shares for IQM American depositary shares.
• Assumption of RAAQ warrants by IQM.

Key Dates

Recommendation

Investors should maintain a hold position until the merger is finalized and the combined entity provides updated financial guidance and operational milestones, given the high-risk nature of the quantum computing industry.

Keywords

IQM Quantum Computers, Business Combination, SPAC, Quantum Computing, Merger, RAAQ, Shareholder Vote