Market Shockers: 10 Stocks Collapse by Double Digits

2. D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum fell for a 5th straight session on Wednesday, dropping 15.22 percent to close at $27.29 apiece as investors unloaded positions amid an overall market pessimism, while digesting the redemption of its outstanding warrants.

This followed announcements earlier this week that it would officially redeem its 5 million outstanding warrants, which are exercisable for conversion into shares, cash, or both, until November 19, 2025.

“If all of the outstanding warrants are exercised, approximately 7.2 million shares of common stock will be issued that will result in less than 2.1 percent dilution to existing shareholders,” D-Wave Quantum Inc. (NYSE:QBTS) said.

Meanwhile, any unexercised warrant will be redeemed for $0.01 apiece upon expiration, in accordance with the terms of the company’s warrant agreement.

In other news, D-Wave Quantum Inc. (NYSE:QBTS) said it recently partnered with Swiss Quantum Technology SA for the deployment of a D-Wave Advantage2 annealing quantum computer in Europe.

The agreement represents a 10 million euro commitment from Swiss Quantum, with an option to purchase the system.