Bleichroeder Acquisition Corp II

What they do

Bleichroeder Acquisition Corp. II is a Cayman Islands exempted company formed to effect a business combination, with a focus on technology, media, and telecommunications (TMT) and technology-transformed sectors. It completed its IPO on January 9, 2026, raising $287.5 million in gross proceeds, and placed $287.5 million in a trust account. The company has no current operations and is pursuing an initial Business Combination, with a signed agreement to merge with Pasqal Holding SAS.

Revenue drivers

• Pre-Business Combination (SPAC) — Currently no operating revenue; the company holds funds in trust from its IPO and private placement and will generate returns solely from the completion of a Business Combination.

Recent performance

As of June 30, 2026, the company reported total assets of $293.4 million and total liabilities of $18.5 million, with shareholder equity of negative $17.3 million. Cash and equivalents were $866,407 as of the same date. The company has no operating results to report as a blank check company before consummating its merger.

Strategy

Management, led by Co-Founders Michel Combes and Andrew Gundlach, plans to complete a business combination with Pasqal Holding SAS, a French quantum computing company, under a Business Combination Agreement signed on February 28, 2026 and amended three times through July 22, 2026. The transaction involves a reincorporation merger and a merger by absorption under French law. If the agreement is terminated, the company may pursue targets in disruptive growth sectors. The company must complete an initial business combination by January 9, 2028, or it will distribute trust account proceeds and terminate.

Risks

• Failure to complete merger — If the Pasqal Business Combination is not consummated by the January 9, 2028 deadline, the company will terminate and distribute trust account funds, likely resulting in no return to shareholders beyond the trust value.
• Trust account redemptions — Public shareholders may redeem shares in connection with an extension or the business combination, which could materially reduce trust account funds and harm the company's ability to complete a merger or maintain its Nasdaq listing.
• Complex cross-border transaction — The proposed merger involves a Cayman Islands reincorporation and a French merger by absorption, creating execution risks from legal, regulatory, and tax complexities in multiple jurisdictions.
• Negative shareholder equity — As of June 30, 2026, the company reported negative shareholder equity of $17.3 million, reflecting costs in excess of its cash position, which may signal financial strain if the business combination is delayed.

Outlook

Management expects to continue incurring significant costs in pursuing the Pasqal business combination and cannot assure success. The company plans to complete the merger using cash from the IPO and private placement, potentially combined with shares or debt. The completion window is set at 24 months from the January 2026 IPO close, with a hard deadline of January 9, 2028.