D-Wave Quantum Shares Decline Following Sales Agreement

D-Wave Quantum Inc. (NYSE: QBTS) saw its shares trading lower on Monday. The decline follows the announcement of a new sales agreement involving several financial firms. Specifically, the company has entered into an agreement with Needham & Company, LLC, Roth Capital Partners, LLC, B. Riley Securities, Inc., and Craig-Hallum Capital Group, LLC to act as agents for the sales.

Details of the Sales Agreement: According to the terms of the agreement, D-Wave is allowed to sell up to $75 million worth of its shares over an unspecified period. In addition, the agents involved in this agreement will be compensated with up to 3.0% of the gross sales price from these transactions.

The recent Form 8-K filing submitted to the Securities and Exchange Commission did not clarify how D-Wave plans to utilize the proceeds from these sales.

Company Activities and Events

Recent Participation: Just last week, D-Wave was present at the Quantum Technologies Forum held at the University of Southern California. During this forum, the company highlighted its advancements in annealing quantum computing technology and demonstrated its practical applications.

Upcoming Engagements: Looking ahead, D-Wave announced its plans to present at the Q2B24 conference set to take place in Silicon Valley. In this conference, the focus will be on the application of quantum optimization in several crucial areas including manufacturing, network allocation, and workforce scheduling.

Current Market Situation

Stock Performance: As of the most recent market data, D-Wave's shares are down approximately 7%, bringing the trading price to around $4.70.

Image: Photo via Shutterstock

D-Wave, Quantum, Shares