D-Wave Systems Quantum Computers Publicly Trading

D-Wave Systems was trying to raise about $300 million from a SPAC.

D-Wave was hoping the completion of the merger with DPCM Capital would grant it access to a trust account worth $300 million, assuming that there were no redemptions by shareholders, but the company disclosed in a recent filing with US regulators that the SPAC’s shareholders had in fact exercised those rights and redeemed $291 million worth of shares.

Other sources like CBInsight talk about the reverse merger trying to get $340 million. The redemptions would leave $49 million. There was also a $40 million PIPE deal.

D-Wave shares are trading about 40 cents.

At the point of the SPAC deal, D-Wave had a $1.6 billion valuation. The market setbacks likely have this in the $200-400 million range. D-Wave will need tight execution to get to profitability per their SPAC fundraising plans.

D-Wave has brought five generations of adiabatic quantum computers to market and in June launched an experimental prototype of its sixth-generation machine called Advantage2.