D-Wave Quantum Inc. has successfully completed a $400 million "at-the-market" equity offering program, bringing in gross proceeds of $400 million in common stock sales. The program, which ran from June 11th to June 27th, achieved an average price per share of $15.18. This represents a significant increase of $9.08, or 149%, compared to the average price per share of the most recent $150 million program completed in January of the same year.
Following the offering, the company's cash balance now stands at approximately $815 million. D-Wave Quantum Inc. plans to utilize the proceeds primarily for strategic acquisitions and general corporate purposes, including additional working capital and capital expenditures.
Dr. Alan Baratz, CEO of D-Wave, expressed confidence in the company's strengthened financial position, stating, "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."
D-Wave Quantum Inc. is a leader in the development and delivery of quantum computing systems, software, and services. As the first commercial supplier of quantum computers, the company offers both annealing and gate-model quantum computers, which are available on-premises or via the cloud. With over 100 organizations trusting D-Wave with their computational challenges, the company has received over 200 million problems submitted to its quantum systems to date, addressing use cases spanning optimization, artificial intelligence, research, and more. The market has reacted to these announcements by moving the company's shares 4.42% to a price of $14.64. For more information, read the company's full 8-K submission here.
