QBTS Form 4/A: Steven West Moves Shares to Trust and Controlled Entity
Rhea-AI Filing Summary
D-Wave Quantum director Steven M. West reported multiple transfers of Common Stock to entities he controls and to the West-Karam Family Trust. The filing shows transfers on 07/12/2024, 08/22/2024 and 08/05/2025 described as transfers for no consideration. After the reported transactions, the filing states Mr. West held both direct and indirect beneficial ownership positions through the West-Karam Family Trust and Emerging Company Partners LLC, and he remains trustee and beneficiary of the trust. The Form 4/A reflects updated beneficial ownership totals, including specific share counts and unvested RSUs.
Positive
- Form discloses that transfers were to the West-Karam Family Trust and an entity controlled by the reporting person, preserving transparency about beneficial ownership.
- The reporting person remains trustee and beneficiary of the West-Karam Family Trust, and the filing clarifies continued beneficial ownership positions including unvested RSUs.
Negative
- The filing reflects previously unreported transfers, requiring an amendment to correct prior Section 16 reporting.
- Large share movements are recorded (e.g., 104,696, 24,659, 108,485 shares) which change direct/indirect ownership breakdowns and may warrant investor attention to disclosure timeliness.
Insights
TL;DR: Insider moved sizable share blocks into family trust and affiliated entity; ownership totals updated but no sale proceeds reported.
The transactions are recorded as transfers for no consideration, not open-market sales or purchases, so they do not directly change market float via disposals to third parties. Reported dates are 07/12/2024, 08/22/2024 and 08/05/2025 with share movements of 104,696, 24,659 and 108,485 respectively. The filing aggregates direct and indirect holdings and discloses unvested RSUs. From a financial perspective, these are ownership reassignments rather than liquidity events, and the Form 4/A corrects prior reporting to reflect current beneficial ownership.
TL;DR: Transfers into family trust and controlled entity indicate estate or governance structuring; reporting was amended to disclose prior transfers.
The filing documents that Mr. West is trustee of the West-Karam Family Trust and controls Emerging Company Partners LLC, and it clarifies that transfers were for no consideration while he and immediate family remain beneficiaries. The amendment notes previously unreported transfers, which is a governance and compliance disclosure issue corrected by this Form 4/A. The materiality to investors is limited absent third-party dispositions, but the amendment addresses Section 16 reporting obligations.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Common Stock, par value $0.0001 per share ("Common Stock") | 108,485 | $0.00 | -- |
| Gift | Common Stock, par value $0.0001 per share ("Common Stock") | 108,485 | $0.00 | -- |
| Gift | Common Stock, par value $0.0001 per share ("Common Stock") | 24,659 | $0.00 | -- |
| Gift | Common Stock, par value $0.0001 per share ("Common Stock") | 24,659 | $0.00 | -- |
| Gift | Common Stock, par value $0.0001 per share ("Common Stock") | 104,696 | $0.00 | -- |
| Gift | Common Stock, par value $0.0001 per share ("Common Stock") | 104,696 | $0.00 | -- |
Footnotes (1)
- Transfer of shares of Common Stock for no consideration. Following the reported transaction, the reporting person was (i) the direct beneficial owner of 131,626 shares of Common Stock, including 106,626 unvested restricted stock units ("RSUs"); (ii) the indirect beneficial owner of 104,696 shares of Common Stock through the West-Karam Family Trust; and (iii) the indirect beneficial owner of 24,659 shares of Common Stock through Emerging Company Partners LLC. The reporting person's beneficial ownership of Common Stock as of the date of this filing is reflected in the Form 4/A filed on August 20, 2025. 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. Following the reported transaction, the reporting person was (i) the direct beneficial owner of 131,626 shares of Common Stock, including 106,626 unvested RSUs; (ii) the indirect beneficial owner of 129,355 shares of Common Stock through the West-Karam Family Trust; and (iii) the indirect beneficial owner of 0 shares of Common Stock through Emerging Company Partners LLC. Emerging Company Partners LLC is the record holder of such securities. The reporting person controls this entity. Following the reported transaction, the reporting person was (i) the direct beneficial owner of 44,837 shares of Common Stock, including 19,837 unvested RSUs; and (ii) the indirect beneficial owner of 237,840 shares of Common Stock through the West-Karam Family Trust.
