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D-Wave Quantum lists on NYSE after business combination between DPCM Capital and D-Wave Systems

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August 10, 2022
Photograph of a chip constructed by D-Wave Systems Inc. designed to operate as a 128-qubit superconducting adiabatic quantum optimization processor, mounted in a sample holder. By D-Wave Systems, Inc.

Jump to heading D-Wave Quantum lists on NYSE after business combination between DPCM Capital and D-Wave Systems

D-Wave Quantum Inc., the parent firm, began trading under the ticker symbol "QBTS" after ringing the NYSE opening bell on August 8, 2022 at 9:30 a.m. ET.

D-Wave Quantum is the result of a completed business combination between DPCM Capital and D-Wave Systems.

DPCM Capital (NYSE: XPOA), a publicly traded special purpose acquisition company or SPAC, announced this week that its business combination with D-Wave Systems Inc. (D-Wave) was completed. D-Wave is a leader in quantum computing systems, services and software and is the sole provider which constructs both gate-model and annealing quantum computers.

D-Wave Quantum became the parent company of DPCM Capital and D-Wave as a result of the transaction, and its shares of common stock and warrants began trading on the New York Stock Exchange on Monday, August 8, 2022, using the tickers "QBTS" and "QBTS WS," respectively. The shares of common stock, units, and warrants of DPCM Capital have been delisted from the NYSE.

On Monday, August 8, 2022, at 9:30 a.m. ET, company management rang the NYSE opening bell in celebration of D-Wave Quantum's listing and to commemorate the entry of commercial quantum computing into public markets.

"D-Wave has focused on developing quantum computing technologies and services that enable the quickest route to practical, real-world applications with customer value since its creation over 20 years ago," stated Alan Baratz, CEO of D-Wave Quantum. "Today represents an important turning point in our history, as we enter our next chapter as a publicly listed business. We are well-positioned to accelerate our growth strategy through this combination, using the capital raised as well as our new access to public markets to expand the manufacturing of our quantum computing solutions and continue to unleash the power of quantum computing to benefit society and businesses. Commercial quantum computing is here."

D-Wave is the only firm that builds both annealing and gate-model quantum computers and offers the only comprehensive end-to-end quantum solution, including hardware, software, real-time quantum cloud service, developer tools, and sophisticated quantum hybrid solvers. D-Wave has delivered five generations of quantum computers to market so far, with an emphasis on constant innovation and product delivery, and recently introduced an experimental model of its sixth-gen machine, Advantage2, back in June 2022. D-Wave also has a large patent portfolio that covers both annealing and gate-based quantum computing.

Nearly two dozen Forbes Global 2000 organizations and industry giants, including Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, DENSO, and Lockheed Martin, are commercial users of D-Wave. Thousands of developers throughout the world have produced hundreds of early quantum applications in varied fields such as resource scheduling, mobility, logistics, drug discovery, portfolio optimization, industrial processes, and more.

Alan Baratz, CEO, will continue to oversee the Company's operations. Emil Michael, CEO and Chairman of DPCM Capital, joins the board of directors of D-Wave Quantum as part of the Business Combination.

"We are delighted to have completed our merger with D-Wave, a market-leading firm that we anticipate to stay at the forefront of commercializing the quantum computing sector," Emil Michael, CEO of DPCM Capital, Inc., stated. "D-Wave is now the world's only commercial quantum computing firm, as well as the only quantum computing company constructing both annealing and gate-model quantum computers. As a consequence, we think the business will be able to capture a major piece of the multi-billion dollar total addressable market for quantum computing (TAM). We are certain that D-Wave will provide long-term value to investors and look forward to working with them in the future."

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(As of August 10, 2022, funds managed by Cohanzick Management, LLC and its affiliates do not own a position in D-Wave Quantum (QBTS).)

Photograph of a chip constructed by D-Wave Systems Inc. designed to operate as a 128-qubit superconducting adiabatic quantum optimization processor, mounted in a sample holder. By D-Wave Systems, Inc. - D-Wave Systems, Inc., CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=10722194

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