Bleichroeder Acquisition Corp II (NASDAQ: BBCQ) is a blank check company incorporated as a Cayman Islands exempted company formed for the purpose of effecting a Business Combination. It generates no operating revenue. The company raised $287,500,000 in gross proceeds through an IPO of 28,750,000 Units at $10.00 per Unit, consummated on January 9, 2026, with proceeds held in a Trust Account pending completion of an acquisition. BBCQ is focusing its search on the technology, media, and telecommunications sector, as well as sectors being transformed via technology adoption. Co-founders are Michel Combes and Andrew Gundlach, who serves as President, Chief Executive Officer, and Chairman of the Board. On February 28, 2026, the company entered into an Agreement and Plan of Merger targeting Pasqal Holding SAS, a French entity, with closing expected in the second half of 2026, subject to regulatory and shareholder approval.

Revenue model

No operating revenue. The company holds IPO proceeds of $287,500,000 in a Trust Account and earns interest on those funds until a Business Combination is completed or capital is returned to shareholders.

Products and services

Units consisting of one Class A Ordinary Share and one-third of one Public Warrant, sold at $10.00 per Unit in the IPO. Private Placement Warrants were issued simultaneously to the Sponsor, CCM (Cohen & Company Capital Markets), and CS.

Customers and end markets

Public shareholders who purchased Units in the IPO or on the open market. Sponsor is Bleichroeder Sponsor 2 LLC, which holds 9,583,333 Class B Ordinary Shares representing 24.4% of total outstanding ordinary shares as of the filing date. Notable five-percent holders include Linden Advisors LP (1,500,000 Class A shares, 5.2% of Class A) and Millennium Management LLC (1,500,000 Class A shares) as of the filing date.

Value-chain role

SPAC sponsor and acquisition vehicle. Sources, evaluates, and negotiates a Business Combination target, then merges the target into a publicly listed entity funded by Trust Account proceeds and potential PIPE financing.

Geographic exposure

Incorporated in the Cayman Islands. Target search focused on the TMT sector with no geographic restriction stated. Announced merger target, Pasqal Holding SAS, is incorporated under the laws of the Republic of France.

Source: SEC 10-K, filed 2026-03-16

Industry: Blank Checks