Rigetti Computing, Inc. - Form 8-K Filing

Rigetti Computing, Inc. has entered into a Letter of Intent with the U.S. Department of Commerce for a potential $100 million award over three years under the U.S. CHIPS and Science Act. This award aims to accelerate research and development in superconducting quantum computing. In exchange for the funding, the Department of Commerce will receive shares of Rigetti's common stock. The exact number of shares will be determined based on the lowest closing price on specific dates, discounted by 15%. Both parties have agreed to negotiate in good faith to finalize definitive agreements. This initiative is expected to bolster U.S. leadership in quantum computing and address key technical challenges in scaling and advancing the technology. Rigetti will use the funding to pursue R&D projects focused on these challenges. The company also highlighted its existing quantum computing systems and cloud services, emphasizing its role as a pioneer in the field.