Shares of quantum computing company D-Wave Systems Inc. (NYSE: QBTS) surged 8.01% in the pre-market trading session on Thursday, outperforming the broader market. The stock's remarkable rally came on the heels of the company's announcement regarding the successful completion of its $175 million "at-the-market" equity offering programs.
According to D-Wave, the recently completed $75 million offering program was oversubscribed, with shares being sold at an average price of $4.8149 per share, higher than the Volume Weighted Average Price (VWAP) of $4.6625 during the same three-day period. The company expects to end the fiscal fourth quarter of 2024 with at least $160 million in cash reserves.
The substantial cash influx positions D-Wave favorably, strengthening its financial position and enabling the company to execute its product roadmaps and go-to-market strategies more effectively. D-Wave's CEO, Dr. Alan Baratz, expressed confidence in the company's annealing quantum computing technology, which he believes is serving as a catalyst for the increasing commercial adoption of quantum computing solutions.
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