D-Wave Quantum (QBTS.US) is selling stock to raise $150 million, taking advantage of the high price.

D-Wave Quantum (QBTS.US) raised a total of $150 million in gross proceeds through its "at-the-market" equity offering program. The $150 million ATM offering program began on January 15 and ended on January 21. The average price per share was $6.10, a 3.7% premium to the four-day volume weighted average price of common stock. The stock price has surged since Alphabet's Google unveiled its Willow quantum computing chip, rising from less than $2 in November to $10, then falling back to around $6. The company said the funds have been and will continue to be used for working capital and capital expenditures to support D-Wave's ongoing technology development work and business operations. "We believe the completion of this equity offering provides us with the necessary capital to fully execute our operating plan and achieve sustained profitability and positive cash flow," said Dr. Alan Baratz, CEO of D-Wave. The company currently has a cash balance of approximately $320 million.