D-Wave Quantum (QBTS) Completes $400M ATM

D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave” or the “Company”), a leader in quantum computing systems, software, and services, and the world’s first commercial supplier of quantum computers, today announced that it has successfully completed sales of $400 million in gross proceeds of its common stock pursuant to its previously disclosed $400 million "at-the-market" equity offering program (the “ATM Program”). The $400 million ATM Program, that commenced on June 11th and ended on June 27th, was completed at an average price per share of $15.18. This average price represents a $9.08 or 149% premium to the $6.10 average price per share of the most recent $150M ATM Program that was completed in January of this year. The proceeds from this offering bring the Company’s current cash balance to approximately $815 million.

The Company intends to use the proceeds from this financing primarily for strategic acquisitions and general corporate purposes including additional working capital and capital expenditures.

“With what we believe to be the strongest balance sheet of any public, independent quantum computing company, we intend to invest in acquisitions and programs that will enable us to expand our already significant lead as the only commercial quantum computing company with applications in production,” said Dr. Alan Baratz, CEO of D-Wave.

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