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2022-02-08 21:06
08:01 AM EST, 02/08/2022 (MT Newswires) -- D-Wave Systems, a provider of quantum computing systems, software, and services, said Tuesday that it has agreed to merge with special purpose acquisition company DPCM Capital (XPOA) to become a publicly-traded entity.
Upon closing of the deal, shares of D-Wave Quantum Inc., a newly formed parent company of D-Wave and DPCM Capital, will start trading on the NYSE under the symbol QBTS.
The transaction values D-Wave at an equity value of roughly $1.2 billion. D-Wave plans to use proceeds of $340 million to further accelerate its delivery of in-production quantum applications for blue-chip customers and to build on over 200 US patents that it has been granted.
After the closing of the deal, the combined entity will continue to operate from D-Wave's R&D and head office location in British Columbia, Canada.
The deal is expected to close in Q2.
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