August 27, 2026 closing. Bleichroeder Acquisition Corp. II merged with and into Bleichroeder Acquisition France Merger Sub 2, followed by the merger of Pasqal Holding SAS into the surviving entity, which changed its name to Pasqal Holding SA.
Unit separation and conversions. Immediately prior to the reincorporation merger effective time, each unit detached into one Class A ordinary share and one-third of one redeemable warrant. Each Bleichroeder Class A ordinary share and Class B ordinary share converted into one Parent Surviving Corporation ordinary share. Each warrant converted into a warrant to purchase one New Pasqal ordinary share.
Pasqal share exchange. Each issued and outstanding ordinary share of Pasqal was exchanged for New Pasqal Shares at the Exchange Ratio. French-law equity warrants of Pasqal were assumed and adjusted by the same ratio.
Agreements terminated. The January 7, 2026 Registration Rights Agreement and the Investment Management Trust Agreement were terminated. An Amended and Restated Registration Rights Agreement and Lock-Up Agreements were executed on the closing date.
Delisting and new listing. BBCQ notified Nasdaq to suspend trading and file Form 25. New Pasqal ordinary shares and warrants are expected to begin trading on Nasdaq under PSQL and PSQLW on August 28, 2026.
Cash position. The transaction left approximately $360 million cash available at closing.
Governance change. All Bleichroeder directors and officers resigned effective at the reincorporation merger effective time. New Pasqal directors and officers are those described in the Proxy Statement/Prospectus.
Pulse Impact
- Previous Pulse: 95
- New Pulse: 96
- Change: +1
- Driver: A vote package is on file. That is late-stage, so Pulse stepped up.
Bleichroeder Acquisition Corp. II Form 8-K (2026-08-27)
Not investment advice. Facts taken from the company’s Form 8-K.