Horizon Quantum Plans to Acquire Entropica Labs for $27 Million

Insider Brief

• Horizon Quantum has signed a non-binding letter of intent to acquire Singapore-based quantum software company Entropica Labs in a proposed transaction valued at approximately $27 million.
• The proposed consideration would consist of Horizon Quantum Class A ordinary shares.
• The transaction remains subject to due diligence, related audits, definitive agreements and other customary closing conditions.

PRESS RELEASE — Horizon Quantum Holdings Ltd. (Nasdaq: HQ) (“Horizon Quantum”), a pioneer of software infrastructure for quantum applications, today announced that they have signed a non-binding letter of intent to acquire Entropica Labs Pte. Ltd. (“Entropica Labs”), a Singapore-based quantum software company specializing in error correction and fault tolerance, for an anticipated consideration of $27 million USD of Horizon Quantum Class A ordinary shares (the “Proposed Transaction”), subject to the completion of appropriate due diligence, related audits, the signing of definitive agreements, and satisfaction of other customary conditions.