---
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"
generated_at: "2026-06-16T23:56:20.091172+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# D-Wave enters $50M loan with PSPIB; draws $15M initial advance; appoints board member

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-019172
- JSON: https://secwatch.observer/filing/0001140361-23-019172.json
- Plain text: https://secwatch.observer/filing/0001140361-23-019172.txt

## Key facts
- Debt Financings
  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.
  - Instrument: term loan
  - Principal: $50 million
  - Counterparty: PSPIB Unitas Investments II Inc.
  - Rate: 10% payable in cash, or 11% payable in kind (PIK)
  - Maturity: March 31, 2027
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm
- Executive change
  Philip Adam Smalley III was appointed as Class II director at D-Wave Quantum Inc..
  - Action: appointed
  - Role: Class II director
  source text: On April 13, 2023, the Board appointed Philip Adam Smalley III to serve as a Class II director, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm
- Material Agreements
  D-Wave Quantum Inc. entered into Loan and Security Agreement with PSPIB Unitas Investments II Inc. valued at $50 million (effective 2023-04-13).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: PSPIB Unitas Investments II Inc.
  - Value: $50 million
  - Effective: 2023-04-13
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.