DPCM Capital and D-Wave announced the completion of a business combination

Burnaby, British Columbia and Palo Alto, California, August 8, 2022 – DPMM Capital, Inc., a publicly traded special purpose acquisition company, announced that it has completed a business alliance with D-Wave Systems Inc. (“D-Wave”), a quantum computing systems company. , a software and services leader—and the only vendor that builds both annealing and gate-model quantum computers.

According to the business combination, D-Wave Quantum Inc. It has become the parent company of DPCM Capital and D-Wave, and its common shares and warrants are expected to begin trading on the New York Stock Exchange on Monday, August 8, 2022. Exchange under the symbols “QBTS” and “QBTS WS” respectively. DPCM Capital’s common shares, units and warrants have been delisted from the NYSE.

Company management rang the NYSE opening bell on Monday, August 8, 2022 at 9:30 a.m. in honor of D-Wave Quantum’s listing and the arrival of commercial quantum computing to the public markets.

“Since its founding 20 years ago, D-Wave has focused on delivering quantum computing products and services that provide the fastest path to practical, real-world applications with customer value,” said D-Wave Quantum CEO Alan Baratz. “Today is a major milestone in our journey as we begin our next phase as a publicly traded company. With this business combination, we are well-positioned to accelerate our growth strategy by leveraging the capital raised through the business combination to advance the production of quantum computing solutions and unlock the power of quantum computing. To benefit business and society. The time for commercial quantum computing is here.” he said .

D-Wave offers the only complete end-to-end quantum solution, It includes hardware, software, real-time quantum cloud services, developer tools and powerful quantum hybrid solvers, and is the only company to build both annealing and gate-model quantum computers. Focusing on continuous innovation and product delivery, D-Wave has brought five generations of quantum computers to market and launched a test prototype of the sixth-generation machine Advantage2 in June 2022. D-Wave holds an extensive portfolio of 200+ patents applicable to both enhancement and gate-based quantum computing.

D-Wave’s commercial customers include nearly two dozen Forbes Global 2000 Companies and industry leaders exploring quantum hybrid applications such as Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, DENSO and Lockheed Martin. In addition to enterprise customers actively using D-Wave to solve their complex computing problems, thousands of developers worldwide have built hundreds of early quantum applications in a variety of areas, including resource scheduling, mobility, logistics, drug discovery, portfolio optimization, manufacturing processes, and many others.

CEO Alan Baratz will continue to lead the company’s operations. As part of the business combination, Emil Michael, CEO and Chairman of DPCM Capital, has joined D-Wave Quantum’s Board of Directors.

“We are pleased to complete our business combination with D-Wave, a market leader that we expect to remain at the forefront of advancing the quantum computing market,” said Emil Michaels, CEO of DPCM Capital Inc. Today, D-Wave is the only commercial quantum computing company in the world that is building both annealing and gate-model quantum computers. As a result, we believe the company will be able to unlock the largest portion of the multi-billion dollar quantum computing total addressable market (TAM). We believe D-Wave will deliver long-term value to our shareholders and look forward to continuing to support them in the coming years.

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers and the only company building quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today for the benefit of business and society. We do this by providing customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials science, drug discovery, scheduling, cyber security, error detection and financial modeling. D-Wave systems are used by some of the world’s most advanced organizations, including NEC Corporation, Volkswagen, DNSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California and Los Alamos National Laboratory. A quantum engineering center of excellence near Vancouver, Canada, D-Wave’s US operations are based in Palo Alto, Calif.

Source: D-Wave