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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combinations [Abstract] |
Summary of net proceeds from business combination and PIPE financing | In accounting for the Business Combination and after redemptions, net proceeds received by the Company totaled $225.6 million. The table below shows the net proceeds from business combination and PIPE financing (in thousands):
|  | Amount (in thousands) |
Cash - SNII trust and cash (net of redemption) |  | $ | 77,769 |
Cash - PIPE |  |  | 147,510 |
Cash - SNII operating account |  |  | 325 |
Net Proceeds from Business Combination and PIPE |  | $ | 225,604 |
Summary of consummation of the business combination | The number of shares of common stock issued immediately following the consummation of the Business Combination was as follows:
Common Stock—SNII Class A, outstanding prior to Business Combination |  |  | 34,500,000 |
Less: redemption of SNII Class A ordinary shares |  |  | (22,915,538 | )
Common Stock—SNII Class A ordinary shares |  |  | 11,584,462 |
Common Stock—SNII Class B ordinary shares* |  |  | 8,625,000 |
Shares issued in PIPE |  |  | 14,641,244 |
Business Combination and PIPE shares |  |  | 34,850,706 |
Common stock—Legacy Rigetti** |  |  | 18,221,069 |
Common stock—exercise of Legacy Rigetti stock options immediately prior to the closing** |  |  | 1,123,539 |
Common stock—exercise of Legacy Rigetti warrants immediately prior to the closing** |  |  | 2,234,408 |
Common stock—upon conversion of Legacy Rigetti Series C preferred stock** |  |  | 54,478,261 |
Common stock—upon conversion of Legacy Rigetti Series C-1 preferred stock** |  |  | 2,902,302 |
Total shares of common stock immediately after Business Combination |  |  | 113,810,285 |
* | Includes (i) 2,479,000 shares of Common Stock held by the Sponsor (the “Promote Sponsor Vesting Shares”) and (ii) 580,273 shares of Common Stock held by the Sponsor (“Sponsor Redemption-Based Vesting Shares”).
** | (i) all outstanding shares of Legacy Rigetti Common Stock as of immediately prior to the Closing (including Legacy Rigetti Common Stock resulting from the Legacy Rigetti Preferred Stock Conversion), were exchanged at an exchange ratio of 0.7870 (the “Exchange Ratio”). (ii) the conversion ratio to Legacy Rigetti Common Stock for the Legacy Series C Preferred Stock was one-for-one and for Legacy Series C-1 Preferred Stock was eight-for-one.

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