Valuation of quantum computer maker D-Wave slashed by more than half after company struggles to raise financing

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 92%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The US$40-million financing came as part of a capital restructuring that cut D-Wave’s valuation to less than US$170-million before the receipt of funds

“The company has never looked better," said Rick Nathan, managing director with Kensington Capital Partners, a D-Wave investor."After all this time, it now feels like [D-Wave] has achieved real product market fit and is scaling with its customers. This is new, and as a long-time investor, it is great to see.”

Regulatory filings from PenderFund Capital Management’s Working Opportunity Fund show D-Wave dropped to its 11th largest investment as of June 30 from its second-largest before. The fund didn’t say why, but separately disclosed it had cut the carrying value of one of its private holdings, likely D-Wave, by $22.6-million after the unidentified company did “a significant equity financing at a lower [valuation] level" than prior financings.

Meanwhile, U.S. fund manager 180 Degree Capital cut the value of its D-Wave stake to US$1.2 million from US$7.7 million on Dec. 31. The U.S. fund manager paid US$5.7-million for its stake from 2008 to 2014. In a call with 180 Degree investors on Aug. 11, president Daniel Wolfe said the writedown “was directly related to a financing event that repriced the company.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Q

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines