The Burnaby, B.C.-based quantum-computing company listed via a deal with DPCM Capital, a special-purpose acquisition company (SPAC). The stock opened at US$8.98 and closed up 15.6 per cent on Monday. (The Logic)
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The Burnaby, B.C.-based quantum-computing company listed via a deal with DPCM Capital, a special-purpose acquisition company (SPAC). The stock opened at US$8.98 and closed up 15.6 per cent on Monday. (The Logic)
Talking point: D-Wave estimated it would receive up to US$340 million via the transaction with DPCM, a Delaware-registered blank-cheque company led by Emil Michael, former chief business officer of Uber. There was a rush of SPACs on public markets in the early months of the pandemic, but new listings have slowed significantly this year and the volume and value of deals that replaced them with previously private companies has dropped. The Canadian scale-up previously raised nearly US$268 million in venture funding, according to PitchBook data. D-Wave has started accumulating commercial customers, last month announcing a tie-up with Mastercard to apply its technology to problems like fraud management.
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