D-Wave Quantum Inc., a listed quantum computing company and the world’s first commercial supplier of quantum computers, has received a notice of non-compliance from the New York Stock Exchange (NYSE). The company’s average closing price of common stock was less than $1.00 over a consecutive 30 trading-day period, which is not in compliance with Section 802.01C of the NYSE Listed Company Manual. However, the company has notified the NYSE of its intention to rectify the stock price deficiency and return to compliance with the NYSE’s continued listing standard.
The company’s common stock will continue to be listed and traded on the NYSE during this period, subject to the company’s compliance with other NYSE continued listing standards. D-Wave is known for its development and delivery of quantum computing systems, software, and services and is the only company building both annealing quantum computers and gate-model quantum computers.
This is not the first notice, and a previous notice was also generated in the past and was nullified as the share price rose. D-wave is one of the numerous public quantum computing companies that have come to the market in recent years. Competitors include: Rigetti, IonQ and Zapata is due to follow soon to the stock market.
D-Wave Quantum Inc. Faces NYSE Non-Compliance Notice
D-Wave Quantum Inc., a quantum computing systems and software company, has received a notice of non-compliance from the New York Stock Exchange (NYSE). The notice, dated October 20, 2023, states that the company does not comply with Section 802.01C of the NYSE Listed Company Manual. This is due to the average closing price of the company’s common stock being less than $1.00 over a consecutive 30 trading-day period. However, this notice does not result in the immediate delisting the company’s common stock from the NYSE.
Company’s Plan to Return to Compliance
On October 24, 2023, D-Wave Quantum Inc. informed the NYSE of its intention to rectify the stock price deficiency and return to compliance with the NYSE’s continued listing standard. The company can regain compliance within six months after receiving the NYSE notice. This can be achieved if, on the last trading day of any calendar month during the cure period, the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Possible Actions to Cure Stock Price Deficiency
According to the NYSE’s rules, if D-Wave Quantum Inc. decides to cure the stock price deficiency by taking an action that will require stockholder approval, it must inform the NYSE. The price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days. The company is considering available alternatives, including but not limited to a reverse stock split, that are subject to shareholder approval.
Continuation of Trading on NYSE
Despite the notice of non-compliance, D-Wave Quantum Inc.’s common stock will continue to be listed and trade on the NYSE during this period. This is subject to the company’s compliance with other NYSE continued listing standards.
D-Wave Quantum Inc. is a company that specializes in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers. The company aims to unlock the power of quantum computing to benefit business and society by delivering customer value with practical quantum applications for a variety of problems. These include logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s customers include a range of businesses and institutions from various sectors.
Quick Summary
D-Wave Quantum Inc., a quantum computing firm, has been notified by the New York Stock Exchange (NYSE) that it is not in compliance with trading rules due to its average closing stock price falling below $1.00 over a 30-day period. The company has stated its intention to rectify this issue within the next six months, potentially through measures such as a reverse stock split, to avoid delisting from the NYSE.
- D-Wave Quantum Inc., a leading quantum computing systems and software provider, received a notice of non-compliance from the New York Stock Exchange (NYSE) on October 20, 2023.
- The non-compliance is due to the company’s average closing stock price being less than $1.00 over a consecutive 30-day trading period.
- The company has informed the NYSE of its intention to rectify the stock price deficiency and return to compliance with the NYSE’s continued listing standard.
- D-Wave has a six-month period to regain compliance, which can be achieved if the closing share price is at least $1.00 on the last trading day of any calendar month during this period, and the average closing share price is at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
- D-Wave may consider actions requiring stockholder approval to cure the stock price deficiency, such as a reverse stock split.
- D-Wave’s common stock will continue to be listed and traded on the NYSE during this period, provided the company complies with other NYSE continued listing standards.
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