D-Wave, DPCM a step closer to completing deal after SEC nod
DPCM stockholders will get their chance to vote on DPCM’s merger with quantum computing company D-Wave Systems during a special meeting to convene on Aug. 2.
That news comes as part of the announcement from D-Wave and DPCM that the U.S. Securities and Exchange Commission (SEC) declared effective the Form S-4 registration statement filed by D-Wave Quantum Inc., a newly formed enterprise that will be the parent company of D-Wave and DPCM, regarding the merger.
That means D-Wave and DPCM are a step closer to completing their business combination, which the companies originally had said they hoped to complete in the second quarter. When the deal closes, which is expected to happen shortly after the Aug. 2 vote D-Wave will become a publicly-traded company listed on the New York Stock Exchange (the “NYSE”) under the new ticker symbols “QBTS” and “QBTS.WS,” according to a statement announcing the SEC approval.
D-Wave is the latest of a small group of quantum technology companies that have chosen the path of merging with a special purpose acquisition company (SPAC) to raise money as a publicly traded firm. The stocks of other firms that took the SPAC route, including IonQ and Rigetti, currently are trading well below their market debut prices.
This is the first news related to the D-Wave deal that the companies involved have announced since late May, when they named the post-merger board of directors for the new firm, and announced a restructured redemption plan for investors in the wake of growing criticism about SPAC arrangements.
D-Wave and DPCM announced the business combination last February.
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.