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D-Wave Quantum Inc. (NYSE:QBTS), currently valued at $5.2 billion, announced that it has received approximately $95.8 million in proceeds from the exercise of warrants to purchase shares of its common stock. The transactions occurred between May 29 and June 3, as disclosed in a recent SEC filing. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
The company reported that approximately 8.33 million warrants were exercised at an exercise price of $11.50 per warrant. This includes 1.33 million warrants exercised from May 30 to June 3, generating $15.3 million, and 7 million warrants exercised on May 29, resulting in $80.5 million. The stock has shown remarkable momentum, delivering a 495% return over the past six months.
These warrants were assumed by D-Wave Quantum in connection with its merger with DPCM Capital , Inc., which was completed on August 5, 2022. The company, headquartered in Palo Alto, California, operates in the computer processing and data preparation services sector.
The information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, D-Wave Quantum Inc. has generated approximately $80.5 million from the exercise of around 7 million warrants for the purchase of its common stock. This financial event is part of the company’s post-merger strategy following its merger with DPCM Capital, Inc. Additionally, the company has announced the general availability of its Advantage2 quantum computer, which features significant performance improvements, including increased qubit connectivity and reduced noise. The Advantage2 system is available through D-Wave’s Leap quantum cloud service and has already been utilized extensively, reflecting a 134% increase in customer use over the last six months. Analyst firm B.Riley has maintained a Buy rating on D-Wave Quantum with a price target of $13, highlighting the company’s progress in executing its product roadmap. Another analyst, David Williams from Benchmark, has raised the price target for D-Wave Quantum to $14, citing advancements such as the development of a quantum-native blockchain architecture and the completion of its first quantum computing hardware sale. These developments indicate a strengthening pipeline for revenue-generating opportunities in Quantum Computing as a Service (QCaaS). The company’s recent activities underscore its momentum in commercial adoption and expanding opportunities in the quantum computing field.
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