Form 4: D-Wave Director Sells Shares Under 10b5-1 Plan
Insider Transaction Report
D-Wave Quantum Inc. Director John D. DiLullo sold 8,000 shares of common stock for a weighted average price of $27.3612 per share, executed under a pre-arranged Rule 10b5-1 trading plan.
Summary
- John D. DiLullo, a Director of D-Wave Quantum Inc. (QBTS), reported the sale of 8,000 shares of Common Stock.
- The transaction occurred on December 5, 2025.
- The shares were sold at a weighted average price of $27.3612 per share, with individual sales ranging from $26.28 to $28.62.
- This sale was executed automatically pursuant to a Rule 10b5-1 trading plan adopted by Mr. DiLullo on June 15, 2025.
- Following this transaction, Mr. DiLullo directly beneficially owns 27,803 shares of Common Stock, which includes 14,260 unvested restricted stock units.
Sentiment
Score: 5
Explanation: The sale of shares by a director, while executed under a pre-arranged 10b5-1 plan, represents a reduction in insider ownership. The pre-planned nature mitigates immediate negative sentiment, but it is not a positive signal.
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, even under a 10b5-1 plan, reduces their direct ownership stake in the company.
Industry Context
This filing reports a routine insider transaction and does not provide information relevant to broader industry trends or competitor analysis.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Insider Trading Plan | The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 15, 2025, which allows insiders to sell shares at a predetermined time or price to avoid accusations of trading on material non-public information. | 2025-06-15 | Enhances compliance with insider trading regulations and provides transparency regarding planned stock sales. |
Stakeholder Impact
- Shareholders: May view the director's sale as a slight negative, though the 10b5-1 plan context reduces concerns about opportunistic selling.
Key Dates
| Date | Description |
|---|---|
| 2025-06-15 | Adoption date of Rule 10b5-1 trading plan by John D. DiLullo. |
| 2025-12-05 | Date of common stock transaction (sale of 8,000 shares). |
| 2025-12-08 | Date of Form 4 filing. |
Keywords
D-Wave Quantum Inc., QBTS, Form 4, Insider Sale, Director, John D. DiLullo, 10b5-1 Plan, Common Stock, Equity Transaction
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