D-Wave Receives Notice of Non-Compliance with NYSE Trading Share Price Listing Rule
October 24 2023 - 4:30PM
Business Wire
Intends to cure the deficiency and return to
compliance with NYSE standard
D-Wave Quantum Inc. (NYSE: QBTS) (the "Company"), a leader in
quantum computing systems, software and the world’s first
commercial supplier of quantum computers, today announced that it
received notice from the New York Stock Exchange (the “NYSE”) on
October 20, 2023 that it is not in compliance with Section 802.01C
of the NYSE Listed Company Manual because, as of October 20, 2023,
the average closing price of the Company’s common stock was less
than $1.00 over a consecutive 30 trading-day period. The notice
does not result in the immediate delisting of the Company’s common
stock from the NYSE.
On October 24, 2023, the Company notified the NYSE that it
intends to cure the stock price deficiency and to return to
compliance with the NYSE continued listing standard. The Company
can regain compliance at any time within the six-month period
following receipt of the NYSE notice 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.
Under the NYSE’s rules, if the Company determines that, if
necessary, it will cure the stock price deficiency by taking an
action that will require stockholder approval, it must so inform
the NYSE in the above referenced notification and 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 intends to consider
available alternatives, including but not limited to a reverse
stock split, that are subject to shareholder approval.
The Company’s common stock will continue to be listed and trade
on the NYSE during this period, subject to the Company’s compliance
with other NYSE continued listing standards.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum
computing systems, software, and services, and is the world’s first
commercial supplier of quantum computers—and the only company
building both annealing quantum computers and gate-model quantum
computers. Our mission is to unlock the power of quantum computing
today to benefit business and society. We do this by delivering
customer value with practical quantum applications for problems as
diverse as logistics, artificial intelligence, materials sciences,
drug discovery, scheduling, cybersecurity, fault detection, and
financial modeling. D-Wave’s customers include 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.
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 and may not be indicative of future results.
Forward-looking statements in this press release include, but are
not limited to, statements regarding the Company’s intention to
consider alternatives to cure the NYSE continued listing
requirement deficiency. These forward-looking statements are
subject to a number of risks and uncertainties, including, among
others, various factors beyond management’s control, including
general economic conditions and other risks; our ability to expand
our customer base and the customer adoption of our solutions; risks
within D-Wave’s industry, including anticipated trends, growth
rates, and challenges for companies engaged in the business of
quantum computing and the markets in which they operate; the
outcome of any legal proceedings that may be instituted against us;
risks related to the performance of our business and the timing of
expected business or financial milestones; unanticipated
technological or project development challenges, including with
respect to the cost and/or timing thereof; the performance of our
products; the effects of competition on our business; the risk that
we will need to raise additional capital to execute our business
plan, which may not be available on acceptable terms or at all; the
risk that we may never achieve or sustain profitability; the risk
that we are unable to secure or protect our intellectual property;
volatility in the price of our securities; the risk that our
securities will not maintain the listing on the NYSE; and the
numerous other factors set forth in D-Wave’s Annual Report on Form
10-K for its fiscal year ended December 31, 2022 and other filings
with the Securities and Exchange Commission. Undue reliance should
not be placed on the forward-looking statements in this press
release in making an investment decision, which are based on
information available to us on the date hereof. We undertake no
duty to update this information unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231024911898/en/
Investor Contact: Kevin Hunt ir@dwavesys.com
Media Contact: Alex Daigle media@dwavesys.com
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