Insider Brief
- D-Wave Quantum Inc. announced it has regained compliance with the New York Stock Exchange’s minimum share price requirements and will not be delisted.
- The company received a recompliance notification from the NYSE on November 1, 2024, following an average closing share price above the $1.00 minimum over the 30 trading days ending October 31, 2024.
- Persistent price fluctuations have posed listing challenges for D-Wave, which faced similar delisting warnings before.
PRESS RELEASE — D-Wave Quantum Inc. announced it has regained compliance with the New York Stock Exchange (NYSE) and will continue to be listed on the exchange, based on listing standard for minimum share price under Section 802.01C of the NYSE Listed Company Manual, according to a company press release.
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.
On October 4, 2024, the NYSE notified D-Wave that its stock price had fallen below $1 for 30 consecutive trading days. NYSE rules stipulate that firms must maintain a certain minimum stock price to remain listed. When a delisting occurs, a company’s shares are removed from the stock exchange and the stock can no longer be bought or sold on that exchange.
Price fluctuations have made listing a continual challenge for the quantum computing pioneer. According to an announcement in March 2023, it received a similar notice but managed to regain compliance by mid-July of that year. However, its stock price began to drop again in August 2024, falling to a low of $0.80 per share. Corrective measures to avoid delisting may include the possibility of a reverse stock split, which is a strategy that consolidates shares to boost the stock price by reducing the total number of shares in circulation.
D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards, according to the press release.
