D-Wave Quantum Closes $20M Public Offering
Ticker: QBTS · Form: 8-K · Filed: May 24, 2024 · CIK: 1907982
Sentiment: neutral
Topics: offering, financing, common-stock, warrants
TL;DR
DWAVE closed a $20M stock and warrant offering, raising cash for operations.
AI Summary
D-Wave Quantum Inc. announced on May 24, 2024, the closing of its previously announced underwritten public offering, which resulted in gross proceeds of approximately $20.0 million before deducting underwriting discounts and commissions and other offering expenses. The company issued approximately 10.0 million shares of common stock and warrants to purchase approximately 10.0 million shares of common stock. D-Wave Quantum Inc. intends to use the net proceeds for general corporate purposes, including working capital, research and development, and potential strategic initiatives.
Why It Matters
This capital infusion provides D-Wave Quantum with additional funds to support its operations and growth initiatives in the quantum computing sector.
Risk Assessment
Risk Level: medium — Public offerings can dilute existing shareholders and the use of proceeds for general corporate purposes indicates potential ongoing operational needs.
Key Numbers
- $20.0M — Gross Proceeds (From underwritten public offering)
- 10.0M shares — Common Stock Issued (As part of the offering)
- 10.0M warrants — Warrants Issued (To purchase common stock)
Key Players & Entities
- D-Wave Quantum Inc. (company) — Registrant
- May 24, 2024 (date) — Date of Report
- $20.0 million (dollar_amount) — Gross Proceeds
- 10.0 million shares (dollar_amount) — Common Stock Issued
- 10.0 million shares (dollar_amount) — Warrants Issued
FAQ
What was the total amount of gross proceeds from the public offering?
The total amount of gross proceeds from the underwritten public offering was approximately $20.0 million.
What securities were issued in the offering?
The offering involved the issuance of approximately 10.0 million shares of common stock and warrants to purchase approximately 10.0 million shares of common stock.
When did D-Wave Quantum Inc. announce the closing of this offering?
D-Wave Quantum Inc. announced the closing of the offering on May 24, 2024.
What does D-Wave Quantum Inc. intend to do with the net proceeds?
The company intends to use the net proceeds for general corporate purposes, including working capital, research and development, and potential strategic initiatives.
What is the principal executive office address of D-Wave Quantum Inc.?
The principal executive offices are located at 2650 East Bayshore Road, Palo Alto, California 94303.
Filing Stats: 1,146 words · 5 min read · ~4 pages · Grade level 11.3 · Accepted 2024-05-24 17:20:49
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share QBTS New York Stock Exchange
- $11.50 — of common stock at an exercise price of $11.50 QBTS.WT New York Stock Exchange Indic
- $100.0 million — ng an aggregate offering price of up to $100.0 million from time to time through or to the Age
Filing Documents
- qbts-20240524.htm (8-K) — 36KB
- d-wavexneedhamsalesagreeme.htm (EX-1.1) — 270KB
- d-wavexakerman51opinionmay.htm (EX-5.1) — 13KB
- image_01.jpg (GRAPHIC) — 7KB
- picture1.jpg (GRAPHIC) — 12KB
- picture2.jpg (GRAPHIC) — 10KB
- 0001907982-24-000064.txt ( ) — 584KB
- qbts-20240524.xsd (EX-101.SCH) — 2KB
- qbts-20240524_def.xml (EX-101.DEF) — 15KB
- qbts-20240524_lab.xml (EX-101.LAB) — 27KB
- qbts-20240524_pre.xml (EX-101.PRE) — 16KB
- qbts-20240524_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On May 24, 2024, D-Wave Quantum Inc. (the "Company") entered into a sales agreement (the "Sales Agreement") with Needham & Company, LLC, B. Riley Securities, Inc. and Roth Capital Partners, LLC (collectively, the "Agents"), pursuant to which the Company may sell from time to time, at its option, shares of the Company's common stock through or to the Agents, as sales agent or principal. The issuance and sale, if any, of shares of the Company's common stock under the Sales Agreement will be pursuant to the Company's registration statement on Form S-3 (File No. 333-278447), which became effective on April 12, 2024 and the related prospectus supplement dated May 24, 2024 (the "Prospectus Supplement"), in each case filed with the U.S. Securities and Exchange Commission (the "SEC"). In accordance with the terms of the Sales Agreement, under the Prospectus Supplement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $100.0 million from time to time through or to the Agents, as sales agent or principal. The sale, if any, of shares of the Company's common stock under the Sales Agreement will be made by any method permitted that is deemed to be an "at-the-market" equity offering as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), including sales made directly on the New York Stock Exchange or any other trading market for the Company's common stock. Subject to the terms and conditions of the Sales Agreement, the Agents will use commercially reasonable efforts to sell the shares of the Company's common stock from time to time, based upon the Company's instructions. The compensation payable to the Agents as sales agent shall be up to 3.0% of the gross sales price of the shares sold through or to the Agents pursuant to the Sales Agreement. In addition, the Company will reimburse the Agents for certain expenses inc
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 1.1 Sales Agreement, by and among D-Wave Quantum Inc., Needham & Company, LLC, B. Riley Securities, Inc. and Roth Capital Partners, LLC, dated May 24, 2024. 5.1 Opinion of Akerman LLP. 23.1 Consent of Akerman LLP (contained in Exhibit 5.1). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 24, 2024 D-Wave Quantum Inc. By: /s/ Alan Baratz Name: Alan Baratz Title: President & Chief Executive Officer