{"schema_version":"secwatch.filing_event.v1","accession":"0001140361-23-019172","form_type":"8-K","ticker":"QBTS","cik":"0001907982","company_name":"D-Wave Quantum Inc.","filed_at":"2023-04-19T23:59:59+00:00","discovered_at":"2026-05-14T18:03:41.566832+00:00","generated_at":"2026-06-16T23:56:20.091172+00:00","sec_items":["1.01","2.03","5.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"D-Wave enters $50M loan with PSPIB; draws $15M initial advance; appoints board member","bullets":["Entered into $50M loan with PSPIB Unitas Investments II; initial $15M drawn April 14, 2023.","Loan secured by substantially all assets; interest at 10% cash or 11% PIK; matures March 31, 2027.","Prepayment premium: 3% in year 1, 2% in year 2, 1% in year 3, none after third anniversary.","Board expanded to nine; Philip Smalley appointed Class II director and to Audit and Governance committees.","Future advances of $15M and $20M subject to conditions including additional PSPIB board nominee."],"urls":{"canonical":"https://secwatch.observer/filing/0001140361-23-019172","json":"https://secwatch.observer/filing/0001140361-23-019172.json","markdown":"https://secwatch.observer/filing/0001140361-23-019172.md","text":"https://secwatch.observer/filing/0001140361-23-019172.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/brhc20051606_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-16T23:56:20.091172+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"3190f32ca0e25efff08560199754ae2e93ab9958","claim":"D-Wave Quantum Inc. incurred term loan of $50 million with PSPIB Unitas Investments II Inc. at 10% payable in cash, or 11% payable in kind (PIK) maturing March 31, 2027.","evidence_excerpt":"On April 13, 2023 (the “Loan Closing Date”), D-Wave Quantum Inc. (the \"Company\"), as borrower, and its subsidiaries (collectively, the \"Loan Parties\"), entered into a $50 million Loan and Security Agreement with PSPIB Unitas Investments II Inc. (\"PSPIB\"), as the lender and collateral agent (the \"Term Loan\").","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$50 million"},{"label":"Counterparty","value":"PSPIB Unitas Investments II Inc."},{"label":"Rate","value":"10% payable in cash, or 11% payable in kind (PIK)"},{"label":"Maturity","value":"March 31, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"8dddebb1cb","claim":"Philip Adam Smalley III was appointed as Class II director at D-Wave Quantum Inc..","evidence_excerpt":"On April 13, 2023, the Board appointed Philip Adam Smalley III to serve as a Class II director, effective immediately.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Class II director"}],"fact_type":"executive_change"},{"claim_id":"69782f5e7a61b8b86269cca86e4ce79673b6f74e","claim":"D-Wave Quantum Inc. entered into Loan and Security Agreement with PSPIB Unitas Investments II Inc. valued at $50 million (effective 2023-04-13).","evidence_excerpt":"On April 13, 2023 (the “Loan Closing Date”), D-Wave Quantum Inc. (the \"Company\"), as borrower, and its subsidiaries (collectively, the \"Loan Parties\"), entered into a $50 million Loan and Security Agreement with PSPIB Unitas Investments II Inc. (\"PSPIB\"), as the lender and collateral agent (the \"Term Loan\").","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"PSPIB Unitas Investments II Inc."},{"label":"Value","value":"$50 million"},{"label":"Effective","value":"2023-04-13"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}