Quantum Computing Inc., a pioneering company in quantum optics and nanophotonics technology, has received a non-compliance notice from Nasdaq Stock. The notice stems from the company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, with the Securities and Exchange Commission (SEC).
Quantum Computing Inc., listed on the NASDAQ stock exchange under the ticker symbol QUBT, has until August 23, 2024, to submit a plan to regain compliance with Nasdaq’s listing rules. The company recently appointed BPM LLP as its independent registered public accounting firm, replacing BF Borgers CPA PC, which was dismissed in May 2024 following an SEC order. Quantum Computing Inc.’s innovative products operate at room temperature and low power, offering unique capabilities in high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications.
Quantum Computing Inc. Faces Nasdaq Non-Compliance Notice
Quantum Computing Inc., a company specializing in quantum optics and nanophotonics technology, has received a notice from the Nasdaq Stock Market LLC stating that it failed to meet the standard for continued listing on the exchange.
The notice, issued on June 27, 2024, cites the company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, with the Securities and Exchange Commission (SEC).
The Nasdaq Listing Rule 5250(c)(1) requires companies listed on the exchange to file their quarterly reports in a timely manner. Quantum Computing Inc.’s failure to do so has resulted in the company being out of compliance with this rule. The notice provides the company with until August 23, 2024, to submit a plan to regain compliance with the Nasdaq Listing Rules. If the plan is accepted, the company may be granted up to 180 calendar days from the filing’s due date to file the Form 10-Q and regain compliance.
The company has attributed its delay in filing the quarterly report to the recent change in its independent registered public accounting firm. Effective May 3, 2024, Quantum Computing Inc. dismissed BF Borgers CPA PC as its independent registered public accounting firm, following an order by the SEC against BF Borgers. The company subsequently appointed BPM LLP as its new independent registered public accounting firm on June 6, 2024. The company plans to file its Form 10-Q as soon as practicable after completion of BPM’s audit of the company’s consolidated financial statements for its 2023 fiscal year.
Background on Quantum Computing Inc.
Quantum Computing Inc. is an innovative, integrated photonics company that provides accessible and affordable quantum machines today. The company’s products are designed to operate at room temperature and low power at an affordable cost. Its portfolio of core technology and products offers unique capabilities in areas such as high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications.
The company’s focus on developing quantum machines that can operate at room temperature and low power sets it apart from other companies in the field. This approach has the potential to make quantum computing more accessible and affordable for a wider range of users. Quantum Computing Inc.’s products are designed to be user-friendly, with the goal of enabling non-experts to harness the power of quantum computing.
The Nasdaq Listing Rules are in place to ensure that companies listed on the exchange meet certain standards of corporate governance, disclosure, and financial reporting. The rules are designed to protect investors and maintain the integrity of the market. Companies listed on Nasdaq must comply with these rules to remain listed on the exchange.
In this case, Quantum Computing Inc.’s failure to timely file its Quarterly Report on Form 10-Q has resulted in the company being out of compliance with the Nasdaq Listing Rules. The notice from Nasdaq provides the company with an opportunity to submit a plan to regain compliance and avoid delisting from the exchange.
The receipt of the non-compliance notice from Nasdaq may have implications for Quantum Computing Inc.’s business operations and investor confidence. The company’s failure to timely file its quarterly report may raise concerns about its financial reporting practices and internal controls. Additionally, the delay in filing the report may impact the company’s ability to access capital markets and attract investors.
However, it is worth noting that the company has attributed its delay in filing the quarterly report to the recent change in its independent registered public accounting firm. The appointment of a new accounting firm may be a positive development for the company, as it seeks to improve its financial reporting practices and regain compliance with the Nasdaq Listing Rules.
Overall, Quantum Computing Inc.’s receipt of the non-compliance notice from Nasdaq highlights the importance of timely and accurate financial reporting for companies listed on the exchange. The company’s ability to submit a plan to regain compliance and avoid delisting will be closely watched by investors and industry observers alike.
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