D-Wave Quantum Inc., a leader in quantum computing systems, software, and services, has received notice from the New York Stock Exchange (NYSE) that it is not in compliance with the exchange’s listing standard due to its average closing stock price falling below $1.00 over a consecutive 30 trading-day period.
The company, which is the world’s first commercial supplier of quantum computers, intends to cure the deficiency and return to compliance within the six-month period following receipt of the NYSE notice. D-Wave’s customers include prominent companies such as Volkswagen, Mastercard, and Lockheed Martin, among others. The company’s mission is to unlock the power of quantum computing to benefit business and society by delivering practical quantum applications for diverse problems.
D-Wave Receives Notice of Non-Compliance with NYSE Trading Share Price Listing Rule
D-Wave Quantum Inc., a company that specializes in quantum computing systems, software, and services, has received a notice from the New York Stock Exchange (NYSE) stating that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual. This non-compliance is due to the average closing price of D-Wave’s common stock being less than $1.00 over a consecutive 30 trading-day period as of October 2, 2024.
The notice does not result in the immediate delisting of D-Wave’s common stock from the NYSE. However, it does require the company to take corrective action to regain compliance with the NYSE continued listing standard within a six-month period following receipt of the notice. To achieve this, D-Wave must ensure that its closing share price is 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 any calendar month during the cure period.
D-Wave has notified the NYSE that it intends to cure the stock price deficiency and return to compliance with the NYSE continued listing standard. The company is considering available alternatives, including but not limited to a reverse stock split, that are subject to shareholder approval. If necessary, D-Wave will take an action that requires stockholder approval, which will be deemed cured if the price promptly exceeds $1.00 per share and remains above that level for at least 30 trading days.
During this period, D-Wave’s common stock will continue to be listed and trade on the NYSE, subject to the company’s compliance with other NYSE continued listing standards. The company’s mission is to unlock the power of quantum computing today to benefit business and society by delivering customer value with practical quantum applications for diverse problems.
About D-Wave Quantum Inc.
D-Wave Quantum Inc. is a pioneer in the development and delivery of quantum computing systems, software, and services. As the world’s first commercial supplier of quantum computers, the company has built both annealing quantum computers and gate-model quantum computers. Its customers include prominent organizations such as Volkswagen, Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.
D-Wave’s quantum computing systems have been used to solve complex problems in various fields, including logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. The company’s goal is to provide customer value with practical quantum applications that can benefit business and society as a whole.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements. They are subject to a number of risks and uncertainties, including various factors beyond management’s control.
These forward-looking statements are based on information available to D-Wave on the date hereof and should not be relied upon in making an investment decision. The company undertakes no duty to update this information unless required by law.
External Link: Click Here For More
