EigenQ Secures $45M Convertible Note Financing To Advance Commercialization Ahead Of SVAQ Merger

EigenQ, Inc. ("EigenQ"), an applied quantum technology company building the trusted infrastructure for the Quantum Era, and Silicon Valley Acquisition Corp. ("SVAQ") (NASDAQ:SVAQ), a publicly traded special purpose acquisition company, today announced that EigenQ has entered into a securities purchase agreement (the "Purchase Agreement") with an institutional investor providing financing to support EigenQ's commercialization plans.

The financing is comprised of approximately $45 million in the form of a convertible note, of which approximately $22.5 million was funded upfront with the remaining expected to fund at completion of the previously announced Business Combination between EigenQ and SVAQ. EigenQ expects to use the net proceeds of the financing to accelerate commercialization of its quantum-safe security portfolio, expand delivery capacity alongside its OEM and channel partners, continue R&D across quantum security, communications, networking and sensing, and for working capital and general corporate purposes.

The Business Combination

• EigenQ announced a definitive business combination agreement with Silicon Valley Acquisition Corp. valuing the combined company at an estimated $3 billion enterprise value that would take the quantum technology company public on Nasdaq Global Market under the ticker symbol "EIGQ", subject to shareholder approval, regulatory approvals and other customary closing conditions.
• The Business Combination Agreement has been unanimously approved by the Board of Directors of SVAQ and the Board of Directors of EigenQ.
• The proposed transaction, expected to close in the fourth quarter of 2026 pending shareholder and regulatory approvals, would provide EigenQ with additional access to capital while existing shareholders are expected to retain significant ownership stakes.