D-Wave to Redeem Public Warrants—Streamlining Capital Structure with Less Than 2.1% Share Dilution

Redemption Announced: All Public Warrants to Be Voided After November 19, 2025

D-Wave Quantum Inc. (NYSE: QBTS) is set to redeem all of its approximately 5 million outstanding public warrants, as announced in a press release issued this morning. The redemption, scheduled for November 19, 2025, will void any unexercised warrants after that date. Warrantholders have until 5 p.m. (New York City Time) on the redemption date to exercise their warrants, after which any unexercised warrants will be nullified, with holders only receiving $0.01 per warrant.

Minimal Dilution for Existing Shareholders—Only 2.1% if All Warrants Exercised

The company estimates that if all warrants are exercised, up to 7.2 million new common shares will be issued—resulting in less than 2.1% dilution to current shareholders. This is a relatively modest increase and suggests the move is intended to clean up D-Wave’s capital structure rather than aggressively raise new capital.

What’s Behind the Move? Capital Structure Simplification and Reduced Overhang

The warrant redemption comes as part of a broader effort to streamline D-Wave’s equity structure and reduce the potential for future share overhang—a move that’s often welcomed by institutional investors seeking clarity and reduced complexity. After November 17, 2025, D-Wave’s public warrants will no longer be traded on the NYSE.

Holders wishing to exercise should contact their broker before the deadline. After the redemption date, no new shares will be issued under these warrants, limiting further dilution.

Implications for Investors—Clearer Equity Structure and Limited Near-Term Impact

For current shareholders, the biggest takeaway is that this redemption is designed to clean up the company’s outstanding instruments, capping future dilution. Given that dilution is limited to just over 2%, most long-term holders are unlikely to see meaningful impacts on ownership. Investors tracking D-Wave may want to monitor company filings for any changes in strategy as the equity base becomes more predictable.

With the warrant overhang resolved and dilution minimal, D-Wave appears to be positioning itself for a more straightforward capital base—something that can enhance appeal to institutional and strategic investors as it pursues quantum computing innovation.

Key Takeaway: Opportunity for Simpler Capital Structure and Future Visibility

This warrant redemption offers a clearer view of D-Wave’s equity, potentially lowering risk associated with convertible securities. Shareholders should stay informed of additional SEC filings, especially as the company continues to develop and commercialize its quantum computing offerings.

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