Rigetti Computing Faces Delisting Concerns

TL;DR

Rigetti's stock might get delisted - big trouble ahead.

AI Summary

Rigetti Computing, Inc. filed an 8-K on September 17, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The company's former name was Supernova Partners Acquisition Co II, Ltd., and it is incorporated in Delaware.

Why It Matters

This filing indicates potential issues with Rigetti Computing's continued listing on an exchange, which could significantly impact its stock price 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 operations and stock value.

Key Players & Entities

• Rigetti Computing, Inc. (company) — Registrant
• Supernova Partners Acquisition Co II, Ltd. (company) — Former company name
• September 16, 2024 (date) — Earliest event reported
• September 17, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share RGTI The Nasdaq C
• $11.50 — of Common Stock at an exercise price of $11.50 per share RGTIW The Nasdaq Capital Ma
• $1.00 — )(2) to maintain a minimum bid price of $1.00 per share (the "Bid Price Rule"). Nasd

Filing Documents

• tm2424186d1_8k.htm (8-K) — 33KB
• 0001104659-24-100682.txt ( ) — 245KB
• rgti-20240916.xsd (EX-101.SCH) — 3KB
• rgti-20240916_def.xml (EX-101.DEF) — 26KB
• rgti-20240916_lab.xml (EX-101.LAB) — 36KB
• rgti-20240916_pre.xml (EX-101.PRE) — 25KB
• tm2424186d1_8k_htm.xml (XML) — 5KB

01

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On September 16, 2024, Rigetti Computing, Inc. (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, LLC ("Nasdaq"), indicating that, based on the closing bid price for the previous 31 consecutive business days, the listing of the Company's common stock was not in compliance with Nasdaq Listing Rule 5550(a)(2) to maintain a minimum bid price of $1.00 per share (the "Bid Price Rule"). Nasdaq Listing Rule 5810(c)(3)(A) provides a compliance period of 180 calendar days, or until March 17, 2025 (the "Compliance Date"), to regain compliance. If at any time during this 180-day period the closing bid price of the Company's common stock is at least $1.00 for a minimum of ten consecutive business days, the Company will regain compliance. If the Company is unable to regain compliance before the Compliance Date, the Company may be eligible for an additional 180 calendar days to satisfy the Bid Price Rule. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market with the exception of the Bid Price Rule and will need to provide written notice of its intention to cure the deficiency during such additional compliance period, by effecting a reverse stock split, if necessary. However, if it appears to Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for the additional compliance period, and the Company does not regain compliance by the Compliance Date, the Nasdaq Capital Market will provide written notification to the Company that its common stock is subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq List

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking "believes," "estimates," "projects," "forecasts," "expects," "plans," "proposes" and similar expressions. Forward-looking statements contained in this Current Report include, but are not limited to, statements regarding the Company's plans to regain compliance with the Bid Price Rule, the Company's ability to maintain compliance with the Bid Price Rule and other Nasdaq Listing Rules, the Company's eligibility for additional compliance periods, if necessary, in which to seek to regain compliance with the Bid Price Rule, the Company's ability to ultimately obtain relief or extended periods to regain compliance from Nasdaq, if necessary, or to meet applicable Nasdaq requirements for any such relief or extension, and the ultimate decision by the Board of Directors of the Company on whether to cause the proposed amendment to the Company's Certificate of Incorporation to become effective and to implement a reverse stock split or whether to seek further stockholder approval to effect a reverse stock split upon expiration of the current authorization. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from such forward-looking statements, including the risk that the Company may not be successful in its ability to regain compliance with the Bid Price Rule, the risk that the Company may not otherwise meet the requirements for continued listing under the Nasdaq Listing Rules, the risk that Nasdaq may not grant the Company relief from delisting, if necessary, and the risk that the Co

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: September 17, 2024 RIGETTI COMPUTING, INC. By: /s/ Jeffrey Bertelsen Jeffrey Bertelsen Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR