D-Wave secures up to $100M CHIPS Act award from U.S. Commerce Dept; issues equity

D-Wave Quantum Inc.

Up to $100M award from U.S. Dept of Commerce under CHIPS and Science Act; initial tranche $53.55M available shortly.
Company to issue 7,095,721 shares at $14.093/share (15% discount to lowest closing price) to Commerce.
Funding supports 100,000-qubit annealing and 10,000-qubit gate-model quantum systems development.
Additional tranches: $9.075M, $16.695M, $20.39M, $287,380 upon milestones; performance period 5 years.
Commerce gets minority non-controlling equity stake; transfer restrictions and repurchase right at $1.00.

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