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00:02Continuum raised $1.68 billion in an upsized IPO late Wednesday,
00:07pricing 28 million shares at $60 each, according to CNBC.
00:11The quantum computing company, backed by Honeywell,
00:13is set to begin trading Thursday on the Nasdaq global market.
00:17Underwriters received a 30-day option to sell an additional 4.2 million shares.
00:20Quantum computing has surged in interest as the technology moves beyond theory,
00:24using physics to solve problems that would take classical supercomputers millennia to complete.
00:27Formed in 2021 through a merger between Honeywell Quantum Solutions and a UK startup,
00:31Continuum has built partnerships across the energy, aerospace, and finance sectors.
00:34The U.S. Commerce Department will provide up to $100 million as part of a $2 billion funding package
00:39in exchange for a minority equity stake.
00:41Honeywell is expected to retain a majority stake in voting rights after the IPO.
00:45For all things money, visit Benzinga.com.
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