D-Wave Regains Compliance with NYSE Continued Listing Standards

Rhea-AI Summary

D-Wave Quantum (NYSE: QBTS) has successfully regained compliance with the NYSE's continued listing standards regarding minimum share price requirements. The company received confirmation from NYSE on November 1, 2024, after maintaining an average closing share price above the required $1.00 threshold during the 30 trading days ending October 31, 2024. D-Wave will continue trading on the NYSE, provided it maintains compliance with all applicable listing standards.

Positive

• Regained NYSE listing compliance, eliminating immediate delisting risk
• Successfully maintained share price above $1.00 for required period

Negative

• Previous non-compliance with NYSE listing standards indicates recent stock price weakness

Insights

Financial Analyst

The regained NYSE compliance represents a important milestone for D-Wave, removing a significant near-term risk of delisting. While this development helps maintain institutional investor access and market visibility, it's important to note this is primarily a technical achievement rather than a fundamental business improvement. The $1.00 share price threshold was likely achieved through the recent 1-for-15 reverse stock split executed in October, rather than organic price appreciation. Key challenges remain including the need to demonstrate commercial traction in quantum computing and improve financial sustainability.

PALO ALTO, Calif.--(BUSINESS WIRE)-- D-Wave Quantum Inc. (NYSE: QBTS) (“D‑Wave”), a leader in commercial quantum computing systems, software and services, today announced it has regained compliance with the New York Stock Exchange (“NYSE”) continued listing standard for minimum share price under Section 802.01C of the NYSE Listed Company Manual.

On November 1, 2024, the NYSE provided D-Wave with a notification letter of recompliance based on a calculation of the Company’s average closing share price for the 30 trading days ended October 31, 2024, which reflected an average closing share 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.

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 technology has been used by some of the world’s most advanced organizations including 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. With its Quantum Center of Excellence located near Vancouver, Canada, D-Wave's global operations are based in Palo Alto, CA.

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. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104233530/en/

Investor Contact:

Kevin Hunt

ir@dwavesys.com

Media Contact:

Alex Daigle

media@dwavesys.com

Source: D-Wave Quantum Inc.

FAQ

Why did D-Wave (QBTS) receive NYSE compliance notification?

D-Wave received NYSE compliance notification on November 1, 2024, after maintaining an average closing share price above $1.00 for 30 trading days ending October 31, 2024, meeting the exchange's minimum price requirement.

What are the NYSE listing requirements that D-Wave (QBTS) had to meet?

D-Wave had to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period to comply with Section 802.01C of the NYSE Listed Company Manual.

Will D-Wave (QBTS) continue trading on the NYSE?

Yes, D-Wave will continue trading on the NYSE, provided it maintains compliance with all applicable listing standards.