Insider Brief
- D-Wave Quantum Inc. announced the completion of its $150 million “at-the-market” equity offering program, raising funds to support technical development and business operations.
- The program, completed at an average share price of $6.10, exceeded the Volume Weighted Average Price by 3.7%, contributing to the company’s cash balance of $320 million.
- CEO Dr. Alan Baratz emphasized the funding’s role in achieving profitability, advancing quantum computing commercialization, and exploring new markets like quantum AI.
PRESS RELEASE — D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave” or the “Company”), a leader in quantum computing systems, software, and services, and the world’s first commercial supplier of quantum computers, today announced that it has successfully completed sales of $150 million in gross proceeds of its common stock pursuant to its previously disclosed $150 million “at-the-market” equity offering program (the “ATM Program”).
The $150 million ATM Program, which was filed on January 10, commenced on January 15th and ended on January 21st, was completed at an average price per share of $6.10 representing a $0.22 per share, or 3.7%, premium over the Volume Weighted Average Price (“VWAP”) of D-Wave’s common stock (per Bloomberg) for the four days that D-Wave sold common stock.
The Company’s current cash balance is approximately $320 million. The funds were used, and will continue to be used, for working capital and capital expenditures in support of D-Wave’s ongoing technical development efforts and business operations.
“We believe that the completion of this equity offering provides us with the capital necessary to fully execute our operating plan to sustained profitability and positive cash flow,” said Dr. Alan Baratz, CEO of D-Wave. “We’ve built an incredibly strong business that we expect will continue to drive value not only for our customers but for our stockholders as well. We are leading the commercialization of quantum computing with customer applications deployed in production, quantum computers that have demonstrated the ability to solve useful problems that are unreachable with classical computing, new go-to-market offerings in quantum optimization and on-premise systems sales, and the development of an important new market – quantum AI. Our momentum is evident.”
