D-Wave Quantum Faces Delisting Concerns

TL;DR

DWAVE might get delisted, check the rules.

AI Summary

D-Wave Quantum Inc. filed an 8-K on October 4, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is based in Palo Alto, California, and its fiscal year ends on December 31.

Why It Matters

This filing indicates potential issues with D-Wave Quantum's continued listing on an exchange, which could impact its stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading status and investor confidence.

Key Players & Entities

• D-Wave Quantum Inc. (company) — Registrant
• October 4, 2024 (date) — Date of Report
• 2650 East Bayshore Road (location) — Business Address
• Palo Alto, California (location) — Business Address City and State
• Delaware (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.0001 — ich registered Common stock, par value $0.0001 per share QBTS New York Stock Exchange
• $11.50 — of common stock at an exercise price of $11.50 QBTS.WT New York Stock Exchange Indic
• $1.00 — he Company's common stock was less than $1.00 over a consecutive 30 trading-day perio

Filing Documents

• qbts-20241004.htm (8-K) — 33KB
• exhibit991-nysesept2024del.htm (EX-99.1) — 9KB
• 0001907982-24-000116.txt ( ) — 209KB
• qbts-20241004.xsd (EX-101.SCH) — 2KB
• qbts-20241004_def.xml (EX-101.DEF) — 15KB
• qbts-20241004_lab.xml (EX-101.LAB) — 27KB
• qbts-20241004_pre.xml (EX-101.PRE) — 16KB
• qbts-20241004_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 2, 2024, D-Wave Quantum Inc. (the "Company," "we," "us" or "our") was notified by the New York Stock Exchange (the "NYSE") that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the Company's common stock from the NYSE. On October 4, 2024, 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. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under the NYSE's rules, if the Company determines that, if necessary, it will cure the stock price deficiency by taking an action that will require stockholder approval, it must so inform the NYSE in the above referenced notification and the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days. The Company intends to consider available alternatives, including but not limited to a reverse stock split, that are subject to shareholder approval. The Company's common stock will continue to be listed and trade on the NYSE during this period, subject to the Company's compliance with other NYSE continued listing standards.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. As required by Section 802.01C of the NYSE Listed Company Manual, the Company issued a press release on October 4, 2024, announcing that it had received the notice of noncompliance with the NYSE's continued listing standard. A copy of the press release is furnished herewith as Exhibit 99.1. The information in this Item 7.01, including the information contained in Exhibit 99.1 of this Current Report on Form 8-K, is being furnished herewith and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.

Forward Looking Statements

Forward Looking Statements This Current Report on Form 8-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. 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.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release of D-Wave Quantum Inc., dated October 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 4, 2024 D-Wave Quantum Inc. By: /s/ Alan Baratz Name: Alan Baratz Title: President & Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR