D-Wave amends term loan to allow $30M equity raise without prepayment; updates CFO and GC comp

D-Wave Quantum Inc.

Sixth Amendment to Loan & Security Agreement with PSPIB executed April 16, 2024.
Up to $30M gross proceeds (ELOC or Universal Shelf) between April 16 and Sept 30, 2024 exempt from mandatory prepayment.
Additional $20M equity proceeds receive exemption from 10% prepayment premium.
CFO John Markovich base salary increased to $440,000/yr effective Apr 1, 2024; 150k RSU grant.
GC Diane Nguyen base salary increased to $330,000/yr; awards: 80k RSU refresh, 100k RSU and 100k options promotion.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

D-Wave Quantum Inc. entered into Sixth Amendment to Loan and Security Agreement with PSPIB Unitas Investments II Inc. valued at Additional $30 million prepayment exemption plus $20 million prepayment premium exemption (effective 2024-04-16).

Action: entry
Agreement: credit facility
Counterparty: PSPIB Unitas Investments II Inc.
Value: Additional $30 million prepayment exemption plus $20 million prepayment premium exemption
Effective: 2024-04-16

Exact text from the filing

On April 16, 2024, D-Wave Quantum Inc. (the “Company”) entered into the Sixth Amendment to Loan and Security Agreement (the “Amendment”) with PSPIB Unitas Investments II Inc. (“PSPIB”) amending certain provisions to the Loan and Security Agreement dated as of April 13, 2023, by and among the Company and its subsidiaries and PSPIB, as amended (the “Term Loan”).

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Source: SEC EDGAR

accession 0001907982-24-000052

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