Supernova Partners Acquisition Co II, Ltd.

This is a post-deal governance change for the former SNII target company; the resignation was not attributed to any disagreement with the company's operations or policies.

The strong cash position and potential $100M government funding provide Rigetti with a substantial runway to execute its technology roadmap toward 1,000-qubit systems. However, the widening operating loss ($28.1M in Q2 2026 vs. $19.9M in Q2 2025) underscores the high burn rate typical of pre-profit quantum computing companies.

The board says it will weigh recent price performance and the expected effect of the split on the trading market in both the short and long term before acting, so the authority is discretionary rather than a commitment. Against 171,630,938 shares outstanding, the split would materially reset the per-share price — and by the following year's meeting the count had grown to 286,974,947 shares without the split having compressed it, indicating the board chose not to exercise the authority.

The registered stock is a mix of merger consideration and the SPAC's own capital: 34,500,000 Class A ordinary shares underlying the units issued in Supernova's initial public offering are cancelled and converted one-for-one, and 8,625,000 Class B ordinary shares held by Supernova Partners II LLC and by Supernova's directors and officers — a block the footnote says includes the Sponsor Earn Out Shares — convert on the same basis. The $10.11 share price and the $1.94 warrant price are fee-calculation inputs under Rule 457(f)(1), not prices agreed for Rigetti.

Footnote (1) does not add up to the line it explains. Its three components are 34,500,000 Class A ordinary shares from Supernova's IPO, 8,625,000 Class B shares held by the Sponsor and by Supernova's directors and officers, and up to 104,868,217 shares to Rigetti equityholders — including up to 28,960,484 reserved for Rigetti options, warrants and restricted stock units — and their sum is smaller than the 148,012,213 shares the table registers. The Rigetti component is now anchored to an estimated Exchange Ratio of 0.7870 as of January 25, 2022, a dated input the table itself does not carry.

The share line is not merger consideration alone: it opens with 34,500,000 shares for the Class A ordinary shares sold in Supernova's IPO and 8,625,000 for the sponsor's and the directors' Class B, both converting one-for-one. Rigetti's own holders are paid on an implied Rigetti equity value of $1,041,000,000. The financing arrived in two tranches — an initial PIPE of 10,251,000 shares at $10.00 for $102,510,000, then further subscriptions with two accredited investors on December 23, 2021. The trust held approximately $345 million at September 30, 2021.

What changed: Dr. Ray Johnson resigned from the Board of Directors of Rigetti Computing, Inc., effective August 28, 2026, with notice given on August 19, 2026. Why it matters: This is a post-deal governance change for the former SNII target company; the resignation was not attributed to any disagreement with the company's operations or policies.

What changed: Rigetti Computing appointed David Rivas to the newly created COO role (from CTO) with a base salary increase to $440,000, and appointed Andrew Bestwick as the new CTO, both effective August 18, 2026. Why it matters: This is a routine post-merger leadership reorganization at the combined company with no impact on SPAC trust value, redemptions, or deal terms.

What changed: Rigetti Computing (formerly SNII) filed its Q2 2026 10-Q showing 333.8M shares outstanding, $27.8M cash, $513.5M in available-for-sale investments, and a $52.6M net loss for Q2 2026. All Sponsor Vesting Shares have vested and earn-out liabilities are zero; 8.4M Public Warrants and 283K Private Warrants remain outstanding with a combined fair value of $78.4M. Why it matters: The SPAC closed in March 2022 and this is a post-deal operating company filing with no trust, redemption, or extension mechanics remaining. Cash burn of ~$32M in operating activities for H1 2026 and a $790.5M accumulated deficit signal ongoing capital needs, though $541M in liquid investments provides runway.

What changed: Rigetti Computing (RGTI), Supernova Partners Acquisition Co II's de-SPAC target, reported Q2 2026 revenue of $5.1M and a GAAP net loss of $52.6M, with $541.3M in cash and no debt as of June 30, 2026. The company also signed a letter of intent with the U.S. Department of Commerce for up to $100M in funding over three years under the CHIPS Act. Why it matters: The strong cash position and potential $100M government funding provide Rigetti with a substantial runway to execute its technology roadmap toward 1,000-qubit systems. However, the widening operating loss ($28.1M in Q2 2026 vs. $19.9M in Q2 2025) underscores the high burn rate typical of pre-profit quantum computing companies.