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

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.