SCHEDULE 13G: BDC Capital Discloses Full Exit from D-Wave Quantum Inc. Stake, Citing Past Administrative Error in Filing
Beneficial Ownership Disclosure
BDC Capital Inc. has filed a late Schedule 13G, disclosing its past beneficial ownership of D-Wave Quantum Inc. shares and confirming the complete disposition of its stake between November 25 and December 2, 2024.
Summary
- BDC Capital Inc., a subsidiary of the Business Development Bank of Canada, filed a Schedule 13G to report its beneficial ownership of D-Wave Quantum Inc. shares.
- The filing is late due to an inadvertent administrative error.
- BDC Capital Inc. held an 8.45% beneficial ownership stake in D-Wave Quantum Inc. as of December 31, 2022.
- Immediately prior to the sale, as of November 25, 2024, BDC Capital Inc.'s beneficial ownership was 4.2%, with the dilution attributed to issuer action.
- All shares held by BDC Capital Inc. were sold between November 25, 2024, and December 2, 2024.
- As of the filing date (January 15, 2025), BDC Capital Inc. no longer beneficially owns any shares of D-Wave Quantum Inc. (0% ownership).
Sentiment
Score: 4
Explanation: The sentiment is slightly negative due to the late filing by BDC Capital Inc. and the disclosure of significant dilution for BDC Capital Inc. due to 'issuer action' prior to their full exit, which could imply substantial share issuance by D-Wave Quantum Inc. The full exit of a significant investor, while already completed, is also a notable event.
Negatives
- The filing by BDC Capital Inc. was late due to an inadvertent administrative error.
- BDC Capital Inc.'s beneficial ownership percentage was diluted from 8.45% to 4.2% due to 'issuer action' prior to their sale, indicating significant share issuance by D-Wave Quantum Inc.
Risks
- The late filing by BDC Capital Inc. highlights potential administrative oversight in compliance reporting.
- The 'dilution due to issuer action' for BDC Capital Inc. suggests D-Wave Quantum Inc. has issued a significant number of new shares, which could dilute existing shareholders' stakes.
Future Outlook
This document is a backward-looking compliance filing and does not provide any forward-looking statements or guidance regarding D-Wave Quantum Inc.'s future operations or financial performance.
Industry Context
This filing pertains to a change in beneficial ownership for D-Wave Quantum Inc., a company operating in the quantum computing sector. While the filing itself is a standard regulatory disclosure, the exit of a significant investor like BDC Capital Inc. could be noted within the broader context of investor sentiment and capital allocation trends within the nascent and high-growth quantum technology industry.
Stakeholder Impact
- Shareholders: The disclosure of a significant investor (BDC Capital Inc.) fully exiting its stake, even if the sale has already occurred, provides material information about the shareholder base. The prior dilution due to 'issuer action' also indicates potential impact on existing shareholders through share issuance.
Key Dates
| Date | Description |
|---|---|
| 2022-07 | Registration of D-Wave Quantum Inc.'s class of securities. |
| 2022-12-31 | Date of event requiring filing; BDC Capital Inc. held 8.45% beneficial ownership. |
| 2022-11-10 | Date of D-Wave Quantum Inc.'s Form 10-Q filing reporting 63,096,354 common shares and 48,409,641 exchangeable shares outstanding for 12/31/2022 ownership calculation. |
| 2024-11-14 | Date of D-Wave Quantum Inc.'s Form 10-Q filing reporting 180,252,641 common shares and 43,762,188 exchangeable shares outstanding for 11/25/2024 ownership calculation. |
| 2024-11-25 | Date immediately prior to the sale of shares; BDC Capital Inc. held 4.2% beneficial ownership. Start date of share disposition period. |
| 2024-12-02 | End date of share disposition period; all shares reported herein were sold by this date. |
| 2025-01-15 | Date of filing of this Schedule 13G. |
Keywords
D-Wave Quantum Inc., BDC Capital Inc., Schedule 13G, Beneficial Ownership, Share Sale, SEC Filing, Quantum Computing, Investor Exit, Share Dilution
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.