Key Highlights

• Shares traded at $11.97 pre-market, up 14.00% from the $10.50 prior close.

• The proposed Entropica Labs deal is valued at $27 million in Class A shares.

• The letter of intent is non-binding and subject to Due Diligence and definitive agreements.

• Third-quarter results are due November 10.

Horizon Quantum (NASDAQ:HQ) shares were higher in pre-market trading on Friday, November 6, at $11.97, up 14.00%, after the company announced a non-binding letter of intent to acquire Entropica Labs, a Singapore-based quantum software company focused on error correction and fault tolerance. The anticipated consideration is $27 million, paid entirely in Horizon Quantum Class A ordinary shares.

The stock closed Thursday at $10.50, down 18.48%, after a decline across the Nasdaq and semiconductor stocks.

Terms of the Entropica Labs Letter of Intent

The proposed transaction is subject to due diligence, related audits, the signing of definitive agreements, and other customary conditions. Entropica Labs Shareholder approval is also required. The letter of intent is non-binding.

Entropica Labs was founded in 2018 by Tommaso Demarie and Ewan Munro, former researchers at a Singapore quantum research centre. The company is developing Loom, a fault-tolerant compiler designed to let quantum hardware companies run error-corrected programs without building the full software stack themselves.

Horizon Quantum's Software Infrastructure Business

Horizon Quantum is a Singapore-based, development-stage software infrastructure company founded in 2018 by Joe Fitzsimons. Its flagship product, Triple Alpha, is a web-based development environment that lets developers write quantum applications in classical languages such as C and C++, then compiles, optimizes and deploys that code across different quantum hardware platforms.

The company has about 25 employees and generates nominal Revenue from quantum algorithm Research and Development services. It listed on Nasdaq on March 20, 2026, after a Business combination with dMY Squared. The market cap is $566.71 million, and the 52-week range is $8.29 to $45.00.

Insider Filings Show Sponsor Distribution to Members

Insider filings showed that sponsor dMY Squared distributed shares and warrants to its members, leaving director Harry You with a 7.4% stake. Shares had closed Thursday against a prior close of $12.88.

November 10 Results and Definitive Agreements Are the Next Steps

Third-quarter results are due on November 10. The next points to watch are whether the parties complete diligence and sign definitive agreements for the $27 million share-based transaction.