D.Wave Quantum, a quantum computing company, rose 24% on its first day of trading on Aug. 9.
Meanwhile, according to the SEC, the company had reached an agreement with Chicago-based Lincoln Park Capital to purchase up to $150 million in options on D-Wave Quantum common stock from time to time over the next three years; the purchase value would be as much as $250,000, but could increase to as much as $1 million million.
Alan Baratz, CEO of D-Wave Quantum, has said that listing on the New York Stock Exchange is not only an important and historic milestone for the company, but also a critical step into the future. "Since our founding more than 20 years ago, D-Wave has focused on delivering quantum computing products and services that provide the fastest path to real-world applications with customer value, and today marks an important milestone in our journey: we begin the next phase of our journey as a publicly traded company. With this business combination, we are well-positioned to accelerate our growth strategy, leverage the capital raised from the business combination and our new access to public markets to advance quantum computing solutions and continue to unleash the power of quantum computing for the benefit of business, society. Today, the era of commercial quantum computing has arrived."
According to the filing, DPCM Capital, the SPAC company that initiated the merger, was not only able to secure a purchase agreement, but also reduced transaction costs for the merger with D-Wave. dPCM's funding includes $300 million from its trust fund and $40 million in PIPE, with original investors including Canadian pension manager Goldman Sachs, PSP Investments NEC Corporation and Aegis Group Partners.
Reference Link:
https://thequantuminsider.com/2022/08/09/d-wave-quantum-up-in-trading-secures-150-million-in-long-term-funding/
