This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI170TQ_L.jpg
Vancouver-based D-Wave is pushing ahead with the deal even as other companies that recently took a similar route, such as Grab Holdings and BuzzFeed, have seen their market valuations tumble amid choppy conditions.
D-Wave said it expects to raise up to $340 million in gross proceeds from the deal, including a $40 million private placement in public equity from PSP Investments, Goldman Sachs (NYSE:GS) Asset Management, NEC Corporation, Yorkville Advisors and Aegis Group Partners.
The company plans to use the proceeds to grow its global footprint to emerging markets and build on its 200-plus patents.
Shares of DPCM Capital were up 0.7% at $9.87 before the bell.
Founded in 1999, D-Wave provides real-time, full-stack quantum systems that power hardware engineering, post-processing software and chip fabrication. They find use in sectors ranging from logistics and artificial intelligence to financial modelling and cybersecurity.
Auto major Volkswagen AG (OTC:VWAGY), software firm Accenture (NYSE:ACN) and defense systems maker Lockheed Martin (NYSE:LMT) are among D-Wave’s blue-chip customers.
Upon closing the deal, the combined company will be known as D-Wave Quantum Inc and trade on the New York Stock Exchange under the symbol “QBTS”.
Morgan Stanley (NYSE:MS) is serving as the financial advisor to D-Wave, while Citigroup (NYSE:C) is serving as the capital markets advisor to DPCM.
