Steven West Amends Form 4: 119,000 Trust Shares and 25,000 Direct Shares Sold
Rhea-AI Filing Summary
Steven M. West, a director of D-Wave Quantum Inc. (QBTS), filed an amended Form 4 reporting corrective details about sales and ownership on August 13, 2025. The amendment clarifies that 119,000 shares were sold by the West-Karam Family Trust at a weighted-average price of $18.06, leaving the trust holding 118,840 shares indirectly beneficially owned by Mr. West. Separately, Mr. West sold 25,000 shares directly at a weighted-average price of $18.176, after which he directly beneficially owns 19,837 unvested restricted stock units. The filing corrects prior reporting about indirect ownership through Emerging Company Partners LLC and supplies footnotes about sale price ranges and trust relationships.
Positive
- Amendment improves transparency by correcting beneficial ownership and attributing which entity sold 119,000 shares
- Disclosure of unvested RSUs (19,837) clarifies the reporter's remaining direct economic interest
Negative
- Insider sales of material size: 119,000 shares sold by the family trust and 25,000 shares sold directly, which may be viewed negatively by some investors
- Prior reporting errors required amendment, indicating an initial misstatement of indirect ownership through Emerging Company Partners LLC
Insights
TL;DR: Insider sold material blocks of QBTS stock and amended prior reporting to reflect trust-held versus directly held shares.
The amended Form 4 clarifies that significant dispositions occurred on August 13, 2025: 119,000 shares disposed by a family trust and 25,000 shares disposed directly by the reporting person. The sales prices are reported as weighted averages, with the direct sales spanning $18.17 to $18.19 per share. The amendment also corrects previously reported indirect ownership through another entity, which is important for accurately tracking beneficial ownership and potential insider liquidity. For investors, accurate insider reporting matters for transparency though the filing does not include forward-looking or operational information.
TL;DR: Filing is a compliance correction that distinguishes trust-held versus direct insider holdings and discloses unvested RSUs.
The Form 4/A addresses misstatements in the initial filing by reallocating 119,000 sold shares to the West-Karam Family Trust and confirming cessation of indirect ownership via Emerging Company Partners LLC. It also reports the reporter retains indirect ownership through the family trust as trustee and lists 19,837 unvested restricted stock units still held directly. The amendment improves the accuracy of beneficial ownership records, which is important for governance and regulatory compliance, though it does not signal operational changes at the company level.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.0001 per share ("Common Stock") | 119,000 | $18.06 | $2.15M |
| Sale | Common Stock, par value $0.0001 per share ("Common Stock") | 25,000 | $18.176 | $454K |
Footnotes (1)
- West-Karam Family Trust is the record holder of such securities. The reporting person is trustee of the West-Karam Family Trust, of which the reporting person and members of the reporting person's immediate family are the sole beneficiaries. The reporting person remains the beneficial owner of the securities held by the trust. The sales price reported is the weighted average sale price for the number of shares sold. These shares were sold in multiple transactions at prices ranging from $18.17 to $18.19, inclusive. Full information regarding the number of shares sold at each separate price will be supplied upon request by Securities and Exchange Commission Staff, the Issuer or a security holder of the Issuer. Consists of 19,837 unvested restricted stock units.
