As originally announced earlier this year, D-Wave intends on becoming a public company through the execution of a merger with DPCM, a Special Purpose Acquisition Company (SPAC). After the filing of an S-4 registration form that provides details of the business combination with the U.S. Securities and Exchange Commission (SEC), the form is reviewed by the SEC and deemed “Effective” if no issues are found. And this is what occurred earlier this week. The next step will be a shareholders vote which is now scheduled for August 2, 2022. Assuming the shareholders vote “FOR” the business combination, the merger will be completed and D-Wave will be listed on the New York Stock Exchange. The new ticker symbols will be QBTS for the common stock of the company and QBTS.WS for the warrants. Although the market environment for SPACs is not as strong as it once was, the deal has some unusual provisions because a 5 million share bonus pool has been created to reward DPCM shareholders who chose to become D-Wave stockholders rather than cashing in their shares. Additional information about the business combination and the declaration that the registration statement is effective can be found in a press release posted on the D-Wave website here and as well as all the filings the companies have provided to the SEC which can be accessed on the SEC website here.
July 15, 2022