D-Wave, the world's first quantum computing company, goes public and registration becomes effective

Founded in 1999, Canadian company D-Wave was the world's first commercial quantum computing company. on July 14, 2022, a registration statement for the merger listing of D-Wave and SPAC's DPCM Capital became effective and the newly formed company, D-Wave Quantum Inc. will become the 's parent company.

The SEC's announcement that Registration Statement S-4 is effective and the filing of the related Definitive Proxy Statement (Proxy Statement) by DPCM Capital is a significant step towards D-Wave becoming a listed company on the New York Stock Exchange (NYSE) under the new ticker symbol QBTS.

D-Wave Quantum's shareholding structure after completion of the transaction

The anticipated impact on the public listing of D-Wave Quantum upon closing of the transaction is that

the sponsor and other initial shareholders will receive approximately 3.0% and 0.2% ownership interests in D-Wave Quantum, respectively

public shareholders of DPCM will receive an ownership interest in D-Wave Quantum of approximately 24.6%.

PIPE investors will have an approximately 3.3% ownership interest in D-Wave Quantum.

Current D-Wave shareholders will receive an approximately 68.9% ownership interest in D-Wave Quantum.

According to the S-4 filing, D-Wave has total assets of $32.61 million at the end of 2021, including liabilities of $29.59 million, although the merger between D-Wave and SPAC Inc. will bring hundreds of millions of dollars in assets, so the balance sheet can be significantly optimized.

Operating income for 2020 and 2021 will be $5.16 million and $6.279 million, respectively, with net losses of $10.109 million and $31.445 million.

DPCM Capital said it will hold a special meeting of shareholders on August 2, 2022 at 10:00 a.m. EDT to approve, among other things, the business combination with D-Wave.

About D-Wave Systems, Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software and services, the world's first quantum computer provider and the only company to build both annealing quantum computers and gate quantum computers. Creating value for customers through real-world quantum applications to solve a variety of problems in logistics, artificial intelligence, materials science, drug discovery, cybersecurity, fault detection and financial modeling, D-Wave's systems are being used by multiple organizations around the world: NEC Corporation, Volkswagen, Lockheed Martin, University of Southern California and Los Alamos National Laboratory (LANL), among others. Upon completion of the transaction, D-Wave will become an indirect subsidiary of D-Wave Quantum.

Reference links：

[1]https://www.sec.gov/Archives/edgar/data/1907982/000119312522076126/d366416ds4.htm#fin366416_3

[2]https://www.dwavesys.com/company/newsroom/press-release/d-wave-systems-inc-and-dpcm-capital-inc-announce-effectiveness-of-registration-statement/