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.
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.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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