IonQ (IONQ) Climbs 33% as UK OKs $1-Billion Oxford Ionics Acquisition

We recently published 10 Stocks That Made Millionaires in Just a Week. IonQ Inc. (NYSE:IONQ) is one of the best performers in last week’s trading.

Shares of IonQ Inc. (NYSE:IONQ) jumped by 33.04 percent week-on-week to touch a new record high after officially securing the green light of the UK government for its $1 billion acquisition of Oxford Ionics.

In a statement, the company said the UK Investment Security Unit officially approved the proposed acquisition, having satisfied all the regulatory requirements.

IonQ Inc. (NYSE:IONQ) said it expects to close the transaction in the near term.

Earlier in June, IonQ Inc. (NYSE:IONQ) announced that it was acquiring Oxford Ionics in line with its plans to expand its research expertise in the quantum computing sector.

The acquisition will be paid in a mix of cash and stock transactions, with the number of shares to depend on the stock price over a 20-day period before the deal closes.

Oxford Ionics’ work is focused on novel methods of controlling qubits, the fundamental unit of quantum computers that much of modern quantum research is centered on. Its founders, Chris Balance and Tom Harty, will remain with IonQ, Inc. (NYSE:IONQ) following the completion of the merger.

While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.