Zapata Quantum, Inc. has appointed William Klitgaard to its Board of Directors as Chair of the Audit Committee and named Clark Golestani as Chairman of the Board to bolster financial and operational governance. These appointments follow the completion of initial strategic restructuring phases, including raising over $4 million in new capital and restructuring $18.7 million—over 85%—of legacy liabilities as of year-end 2024. Zapata Quantum, a pioneer in quantum computing application and algorithm development, intends to leverage this strengthened leadership to achieve SEC compliance and relist its common stock on a national securities exchange, anticipating completion of compliance work in Q4 2025.
New Board Appointments and Leadership Roles
Zapata Quantum announced the appointment of William Klitgaard to its Board of Directors as Chair of the Audit Committee and Clark Golestani as Chairman of the Board. These appointments follow the successful completion of phases one and two of the company’s strategic restructuring, which included raising over $4 million in new capital and restructuring $18.7 million—over 85%—of its legacy unsecured liabilities by year-end 2024. The focus now shifts to building out governance, technical, and commercial capabilities as Zapata pursues SEC compliance and a potential uplisting on a national securities exchange.
Klitgaard’s financial leadership is expected to guide Zapata through the remaining SEC compliance work, with completion anticipated in Q4 2025. His extensive background includes roles at XIFIN, Syneos Health, and LabCorp, bringing over four decades of experience to the company. Golestani, who has served on the Board since 2018, will leverage his three decades of experience in technology and innovation to advance operations and accelerate progress in quantum software, utilizing Zapata’s existing IP portfolio.
Zapata Quantum distinguishes itself as the only publicly traded, pure-play quantum software company, backed by a portfolio of over 60 granted and pending patents developed over seven years. The company has participated in all technical areas of DARPA’s Quantum Benchmarking program and collaborated with Fortune 500 enterprises and government agencies. This position, combined with the new leadership, aims to translate technical advantages into real-world impact as the quantum computing industry moves beyond research.
Strategic Restructuring and Financial Progress
Zapata Quantum has completed the first two phases of a strategic restructuring focused on strengthening its financial position. This included raising over $4 million in new capital and restructuring $18.7 million – over 85% – of its legacy unsecured liabilities as of year-end 2024. These efforts aim to build a foundation for future growth and support a path toward SEC compliance and relisting on a national securities exchange, signifying progress in the company’s financial turnaround.
The company has bolstered its leadership with key appointments designed to accelerate its restructuring and future plans. William Klitgaard joined as a Board member and Chair of the Audit Committee, while Clark Golestani was appointed Chairman of the Board. These individuals bring decades of experience in financial stewardship and operational scaling, intended to support disciplined execution and progress toward SEC compliance expected in Q4 2025, a key step toward uplisting.
Zapata Quantum differentiates itself as a hardware-agnostic, pure-play quantum software company with a portfolio of over 60 patents. The company’s position is further strengthened by its participation in DARPA’s Quantum Benchmarking program and collaborations with Fortune 500 enterprises. This focus, combined with the completed restructuring, positions Zapata to capitalize on the shift from quantum computing research to real-world applications and drive progress in the quantum software market.
Klitgaard’s Financial and Audit Expertise
William Klitgaard’s appointment as Chair of the Audit Committee is intended to accelerate Zapata Quantum’s progress toward SEC compliance and relisting on a national securities exchange. His extensive financial leadership—spanning over four decades in technology and healthcare—will guide the company through this critical phase. Zapata successfully completed initial restructuring, raising over $4 million in new capital and restructuring $18.7 million in liabilities, positioning Klitgaard to focus on governance and scaling operations.
Klitgaard brings a wealth of board-level experience, currently serving at XIFIN, Inc., and previously at companies including Syneos Health and Certara. His prior executive roles at LabCorp and Covance, including positions as President and SVP/CFO, demonstrate a strong foundation in financial stewardship. The company expects to complete SEC compliance by Q4 2025, a key step toward regaining listing status, leveraging Klitgaard’s expertise in navigating regulatory requirements and bolstering financial governance.
Zapata highlights Klitgaard’s leadership as essential for disciplined execution and long-term growth, coinciding with the accelerating quantum software market. He holds an MS in Management Studies from MIT Sloan and a BA in Economics from UC Berkeley. The company emphasizes its unique position as a pure-play, publicly traded quantum software company with a strong patent portfolio, suggesting Klitgaard’s expertise will be vital in capitalizing on this strategic advantage and scaling operations.
With the heavy lifting of our recapitalization behind us, our focus is now on building out our core governance, technical and commercial capabilities as we set a clear path toward SEC compliance and relisting our common stock on a national securities exchange.
Sumit Kapur, Chief Executive Officer of Zapata Quantum
Zapata Quantum’s Platform and Market Position
Zapata Quantum is positioning itself as a unique player in the quantum computing space as a pure-play, publicly traded software company. The company has secured over $4 million in new capital and restructured $18.7 million of its liabilities, strengthening its financial foundation. With a portfolio of over 60 patents developed over seven years, Zapata focuses on delivering solutions to accelerate quantum application development across diverse sectors like cryptography, pharmaceuticals, and finance.
The company’s leadership is focused on achieving SEC compliance and relisting on a national securities exchange, with expectations to complete this work in Q4 2025. Recent appointments of William Klitgaard as Audit Committee Chair and Clark Golestani as Chairman of the Board aim to bolster financial and operational governance. This restructuring follows successful completion of the first two phases, and is intended to support long-term growth as the quantum software market expands.
Zapata distinguishes itself through participation across all technical areas of DARPA’s Quantum Benchmarking program and collaboration with Fortune 500 companies and government agencies. Its hardware-agnostic software platform, combined with its IP portfolio, is intended to give it a strong position in the quantum software field. The company highlights its ability to deliver value as the industry transitions from research towards real-world applications.
