The Burnaby, B.C.-based quantum-computing company said it has entered into an agreement with DPCM Capital to start trading on the New York Stock Exchange under the symbol QBTS. It expects the transaction will raise up to US$340 million in gross proceeds. (The Logic)

Talking point: The deal values D-Wave at about US$1.2 billion. That’s up over US$1 billion since October 2020 when the company undertook a US$40-million financing round in a capital restructuring. At the time, its valuation fell from about US$450 million to below US$170 million. Last year, the federal government gave the firm $40 million from the Strategic Innovation Fund as part of a broader plan to grow the quantum tech sector. D-Wave, founded in 1999, plans to use funds from the SPAC deal to accelerate delivering in-production quantum applications to customers, expand into new markets and build out its patent holdings, which currently total more than 200 in the U.S.