D-Wave Quantum Inc. ( QBTS ) is seeing a dip in premarket trading, despite successfully completing a $150 million equity offering.

The company finalized its “at-the-market” (ATM) offering program, which ran from January 15th to January 21st, raising gross proceeds at an average price of $6.10 per share.

This price represented a 3.7% premium over the volume-weighted average price of the stock during the offering period. With the funds now raised, D-Wave’s cash balance stands at approximately $320 million.

The capital will be used to support the company’s ongoing technical developments and operational activities, with a focus on achieving sustained profitability and positive cash flow.

Dr. Alan Baratz, CEO of D-Wave, expressed confidence in the company’s future, highlighting its leadership in the commercialization of quantum computing.

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He pointed to the company’s progress, including customer applications in production, quantum optimization offerings and advancements in quantum AI.

Additionally, D-Wave announced the launch of the Leap Quantum LaunchPad program, aimed at accelerating the adoption of quantum computing.

This program offers qualified participants a 3-month free trial of D-Wave’s Advantage quantum computers, which feature 5,000+ qubits and sub-second solve times.

The initiative will also provide access to D-Wave’s Leap quantum cloud service, boasting a 99.9% uptime.

Through this program, D-Wave seeks to help businesses and researchers solve complex problems that are beyond the reach of classical computing, further solidifying its position as a leader in quantum technology.

Price Action: QBTS shares are trading lower by 2.10% to $6.120 premarket at last check Thursday.

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