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D-Wave non-compliant with NYSE's listing standards, again

Quantum computing company's shares fall below US$1 per share for second time this year
D-Wave is co-located in Burnaby and Palo Alto, California. | Rob Kruyt

D-Wave Quantum (NYSE:QBTS) has been warned for a second time this year by the New York Stock Exchange that it is failing to meet its minimum listing requirements due to the company’s shares falling below US$1 per share for more than 30 days.

The company, which is co-located in Burnaby and Palo Alto, California, is a pioneer in quantum computing.

The company went public in August 2022, via a special-purpose acquisition company, debuting on the NYSE at about US$10 per share. But by February 2023, D-Wave’s shares had fallen below US$1 per share, resulting in the NYSE issuing its first warning in March that the company was non-compliant with the NYSE’s continued listing standards.

D-Wave responded by telling the NYSE it planned to “cure” the stock price in order to meet its continued listing requirements, which it did.

In April, the company published a scientific paper that showed its quantum computing was significantly faster than classical computers at solving certain complex problems, and in mid-May the company had a visit from B.C. Premier David Eby, all of which appeared to help bump the company’s shares back above US$1.

But by mid-September, the company’s shares had fallen once again below US$1 per share. On Oct. 24, the company confirmed it had received another warning from the NYSE.

“The notice does not result in the immediate delisting of the company’s common stock from the NYSE,” the company noted in a press release.

“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.”

D-Wave will hold a third quarter earnings call on Nov. 9.

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