D-Wave Systems, a firm engaged in quantum computing systems, software, and services, today announced a definitive transaction agreement with DPCM Capital.
The deal values D-Wave at 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, effectively reducing their cost basis. A similar bonus pool of up to 1.8 million shares has been established for PIPE investors to ensure the same effective cost basis for PIPE investors as for public stockholders of DPCM Capital.
The combined company will 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, following closing D-Wave will continue to operate from its R&D and head office location in British Columbia. Shares are expected to trade on the NYSE under the symbol QBTS. Read more.
