Form 4: D-Wave Director Sells 8,000 Shares Under 10b5-1 Plan

D-Wave Quantum Inc. Director John D. DiLullo sold 8,000 shares of common stock for a weighted average price of $17.929 per share, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• John D. DiLullo, a Director of D-Wave Quantum Inc. (QBTS), sold 8,000 shares of Common Stock.
• The transaction occurred on September 15, 2025, at a weighted average price of $17.929 per share.
• The shares were sold in multiple transactions with prices ranging from $17.30 to $18.55.
• The sale was executed automatically pursuant to a Rule 10b5-1 trading plan adopted on June 15, 2025.
• Following the transaction, Mr. DiLullo beneficially owns 36,295 shares, which includes 14,260 shares of unvested restricted stock units.

Sentiment

Score: 5

Explanation: A neutral score. While an insider sale can be perceived negatively, the execution under a Rule 10b5-1 plan indicates a pre-scheduled, non-discretionary transaction, which mitigates negative sentiment. It's a routine event for managing personal finances and equity compensation.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction rather than an immediate reaction to new information.

Negatives

• A director selling shares could be perceived negatively by some investors, potentially signaling a lack of confidence, although the 10b5-1 plan mitigates this perception.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing.

Industry Context

This filing is a routine insider transaction and does not provide specific industry context. Insider sales, even under 10b5-1 plans, are common in the tech sector, especially for directors and executives managing their equity compensation.

Comparison to Industry Standards

• This is a standard insider transaction report. There are no specific results to compare to global benchmarks or comparable companies/projects. The transaction itself is a common practice for executives managing their stock holdings.

Stakeholder Impact

• Shareholders: May view the sale with slight caution, though the 10b5-1 plan reduces concerns about insider sentiment. The total beneficial ownership remains significant.

Key Dates

Recommendation

The filing reports a routine insider sale by a director under a pre-arranged 10b5-1 trading plan. This type of transaction is generally not indicative of new material information or a change in the director's long-term outlook for the company. It's a common practice for managing personal finances and equity compensation. Therefore, it does not provide a strong signal for either buying or selling, suggesting a 'hold' recommendation based solely on this filing.

Keywords

D-Wave Quantum Inc., QBTS, Insider Trading, Form 4, John D. DiLullo, Director, Stock Sale, 10b5-1 Plan, Quantum Computing