EigenQ lines up $40M in cash for its $3B SPAC push
EigenQ's convertible note carries a 10% discount, warrants and asset security; half the cash depends on closing the SVAQ merger.
By RuntimeWire Staff · Published
Primary source: PR Newswire
Why it matters
EigenQ is using expensive, equity-linked debt to bridge a $3B SPAC while it is still proving that partner relationships can turn into revenue.
EigenQ CEO Jose R. Rosas-Bustos lined up $40.005 million in investor cash through a two-tranche convertible-note deal, giving the quantum-security developer fresh capital as it works toward a proposed $3 billion merger with Silicon Valley Acquisition Corp., a special purpose acquisition company.…