QuantumCore Completes Reverse Takeover, Issues 28.41M Shares and Reserves 10.4M
QuantumCore Ltd. has completed its reverse takeover, issuing 28.41 million post-consolidation shares with one new share for every 50.866667 pre-consolidation shares and reserving over 10.4 million shares for options, RSUs and warrants. The company will start trading under the ‘QNCR’ symbol on the CSE on April 14, 2026.
1. Transaction Completion
QuantumCore Ltd. (formerly MGM Resources Corp.) has completed its previously announced reverse takeover of QuantumCore Inc. through a three-cornered amalgamation with its wholly owned subsidiary, Subco. The company consolidated its pre-transaction shares on a 50.866667-to-1 basis and changed its name to QuantumCore Ltd.
2. Share Capital Structure
Following closing, the company has 28,409,973 Resulting Issuer Shares outstanding, with 27,409,996 issued to former target shareholders and 999,977 from the consolidation of pre-transaction shares. It has also reserved 2,112,798 shares for stock options, 2,119,798 for restricted share units, 482,500 for broker warrants and 5,681,999 for other warrants.
3. Leadership and Ownership Details
Eugene Profis, appointed CEO and director, holds 3,920,000 shares (13.80% non-diluted) plus 1,789,830 warrants, 1,136,399 options and 1,136,399 RSUs (24.58% diluted). Christopher Wilson, CTO and director, holds 5,680,000 shares (19.99%) plus 1,846,649 warrants and 816,399 options and RSUs (28.72% diluted). Jon Li serves as CFO, with Matthew McGowan and Rory McGillis as directors.
4. CSE Listing Plans
QuantumCore expects its Resulting Issuer Shares to begin trading on the Canadian Securities Exchange under the ‘QNCR’ symbol on or about April 14, 2026, marking its official public market debut.