D-Wave Regains Compliance with NYSE Trading Share Price Listing Rule

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Insider Brief

  • D-Wave has regained compliance with the New York Stock Exchange (NYSE).
  • In March, 2023, D-Wave Systems Inc. received notice from the New York Stock Exchange (NYSE) that it is not in compliance with the the exchange’s regulations on closing prices.
  • The Canadian-based company, a pioneer in quantum computing, can see alternatives to comply, such as a reverse stock split.

PRESS RELEASE — D-Wave Quantum Inc.,  a leader in commercial quantum computing systems, software and services, today announced it has regained compliance with the New York Stock Exchange (NYSE), meeting its continued listing standard for minimum share price.

On July 3, 2023, the NYSE provided D-Wave with a notification letter of recompliance based on (1) the Company’s share price being at least $1.00 on June 30, 2023, and (2) a calculation of the Company’s average closing price for the 30 trading days ended June 30, 2023, which reflected an average closing price above the NYSE’s $1.00 minimum requirement.

D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards. D-Wave’s ticker symbol is QBTS.

According to The Quantum Insider and TQI’s Intelligence Platform, D-Wave went public in the summer of 2022 through a special purpose acquisition company — or SPAC. The deal, initially pegged at $1.35 billion, shrank due to investor redemptions, an aspect of SPAC agreements that gives investors the right to redeem their shares of the SPAC before the merger or acquisition is completed.

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James Dargan is a writer and researcher at The Quantum Insider. His focus is on the QC startup ecosystem and he writes articles on the space that have a tone accessible to the average reader.

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Picture of Jake Vikoren

Jake Vikoren

Company Speaker

Picture of Deep Prasad

Deep Prasad

Company Speaker

Picture of Araceli Venegas

Araceli Venegas

Company Speaker

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