secwatch.observer — SEC 8-K summary
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Issuer:     D-Wave Quantum Inc. (QBTS)
CIK:        0001907982
Form:       8-K
Filed at:   2023-04-19T23:59:59+00:00
Accession:  0001140361-23-019172
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/0001140361-23-019172-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1907982/000114036123019172/brhc20051606_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-019172

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