D-Wave Systems Inc. (NYSE: QBTS), a leader in quantum computing systems, saw its stock surge 7.49% in pre-market trading on Thursday. The significant pre-market rally came after the company announced the successful completion of $175 million in gross proceeds from its recent "at-the-market" equity offering programs.
According to the company's press release, the $75 million offering program implemented on Monday was completed at an average price per share of $4.8149, higher than the Volume Weighted Average Price of $4.6625 during the same three-day period. D-Wave expects to end the current fiscal 2024 fourth quarter with at least $160 million in cash.
The raised funds will be used to support D-Wave's ongoing technical development efforts, business operations, and execution of its product and go-to-market strategies. The company's CEO, Dr. Alan Baratz, stated that the funding substantially improves D-Wave's financial strength and positions it for future growth in the quantum computing industry.
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