DPCM Capital, Inc., a Florida-based publicly traded special purpose acquisition company, has announced the completion of its business combination with D-Wave Systems Inc., a leading quantum computing company and the only provider designing annealing and gate-model quantum computers.
Following the Business Combination, D-Wave Quantum Inc. became the parent company of DPCM Capital and D-Wave. DPCM Capital’s shares of common stock, units, and warrants which have been delisted from the NYSE, are proposed to begin trading on August 8, 2022, on the New York Stock Exchange under the ticker symbols “QBTS” and “QBTS WS.”.
“Today marks a significant milestone in our journey as we embark on our next phase as a publicly-traded company. Through this Business Combination, we are well-positioned to accelerate our growth strategy, using capital raised through the Business Combination along with our new access to the public markets to advance the production of our quantum computing solutions and continue to unlock the power of quantum computing to benefit business and society. The era of commercial quantum computing is here.”
Alan Baratz, CEO D-Wave Quantum
D-Wave has made a mark in quantum technology globally. They have successfully commercialized five generations of quantum computers, and in June 2022, the company presented an experimental prototype of their sixth-generation machine, Advantage2. D-Wave has a sizable patent portfolio with more than 200 patents that cover both annealing and gate-based quantum computing. They are the only quantum companies providing complete end-to-end quantum solutions, software, real-time quantum cloud service, developer tools, and powerful quantum hybrid solvers.
D-Wave’s exceptional products have earned them nearly two dozen Forbes Global 2000 firms and market titans, including Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, DENSO, and Lockheed Martin commercial clients. Aside from commercial consumers using D-Wave systems to solve their complex computational problems, thousands of developers worldwide have built hundreds of early quantum applications in different areas, including mobility, logistics, drug discovery, portfolio optimization, manufacturing processes, etc.
“We are pleased to complete our Business Combination with D-Wave, a market-leading company that we expect to remain at the forefront of commercializing the quantum computing market. We have confidence that D-Wave will deliver long-term value to stockholders and look forward to continuing to support them in the years ahead.”
Emil Michael, CEO of DPCM Capital, Inc.
Following the Business Combination, Emil Michael, CEO and Chairman of DPCM Capital joins D-Wave Quantum’s board of directors, while CEO Alan Baratz continues with the leading position.
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