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D-Wave and DPCM Complete Their Business Combination

The companies announced that their SPAC merger has been approved and that D-Wave will become a public company and will be listed on the New York Stock Exchange (NYSE) under the ticker symbols QBTS for the common stock and QBTS WS for the warrants. Members of the companys management will ring the opening bell of the NYSE when trading starts on Monday, August 8. The transaction was first announced in February of this year and a shareholder vote to approve it occurred earlier this week. Shareholders of DPCM Capitals Class A Common Stock had the right to redeem their shares for pro rata portion of the funds in the companys trust account. The shareholders elected to redeem about 29 million of these shares out of the 37.5 million total requiring a total payment of $291 million for the redemptions. So those funds will not be available to D-Wave for working capital. Additional information about the completion of this business combination is available in a press release that can be seen here and also the Form 8-K the companies have filed with the Securities and Exchange Commission (SEC) here.

August 5, 2022

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D-Wave and DPCM Complete Their Business Combination - Quantum Computing Report