DPCM Capital today filed with D-Wave Quantum a registration statement and preliminary proxy outling their proposed merger. D-Wave is engaged in quantum computing systems, software, and services.
As announced last month, the deal gives D-Wave an equity value of approximately $1.2 billion. The transaction also includes an incentive structure in which a bonus pool of 5 million shares will be allocated pro rata to non-redeeming public stockholders of DPCM Capital. A similar bonus pool of up to 1.8 million shares has been established for PIPE investors to ensure they receive the same effective cost basis.
The combined company is expected to receive $300 million in gross proceeds from DPCM Capital’s trust account—assuming no redemptions—as well as a $40 million PIPE led by new and existing investors including Canadian public-sector pension-plan manager PSP Investments, NEC Corporation, Goldman Sachs, Yorkville Advisors, and Aegis Group Partners.
If approved, the deal is expected to close in the second quarter. D-Wave will continue to operate from its R&D and head office location in British Columbia. The company’s shares are expected to trade on the NYSE under the symbol QBTS. Read more.
