Quantum computing listed D-Wave receives delisting warning

Following Rigetti's delisting warning, quantum computing company D-Wave Quantum Inc. (NYSE: QBTS) recently faced the same dilemma.

On March 16, 2023, D-Wave received a notice from the New York Stock Exchange (NYSE) that it had failed to comply with Section 802.01C of the NYSE Listed Company Manual and that the average closing price of its common stock had been below $1.00 for 30 consecutive trading days as of March 15, 2023.

However, the notice does not result in the immediate delisting of the company from the NYSE.

It does mean, however, that D-Wave may be delisted.

As of yesterday's close, D-Wave's stock price remained below $1.00.

Chart｜D-Wave share price trend

According to the New York Stock Exchange, D-Wave is required to get its share price back above $1 within 180 days. The closing price on the last trading day of the period must be above $1 and the average closing price for the last 30 trading days of the period must not be below $1.

If D-Wave decides to make up the shortfall in the share price, if necessary, by taking actions requiring shareholder approval, it must inform the NYSE in a return letter that the price condition will be deemed to be corrected if the share price promptly exceeds $1.00 per share and remains above that level for at least 30 subsequent trading days.

On March 20, 2023, D-Wave wrote back to the NYSE that it intended to cure the shortfall in the share price and return to compliance with the NYSE's continued listing standards. The alternatives it is considering available include, but are not limited to, a stock split.

In the interim, D-Wave's common stock will continue to be listed and traded on the NYSE, provided that the Company complies with the NYSE's other continued listing standards.

If, unfortunately, the standards are not met by the deadline, the exchange will issue a delisting notice to the company. That would mean that D-Wave, the world's first quantum computing company, would soon face delisting.

Quote:

[1]https://www.dwavesys.com/company/newsroom/press-release/d-wave-receives-notice-of-non-compliance-with-nyse-trading-share-price- listing-rule/

[2]https://www.nyse.com/quote/XNYS:QBTS