New York: Quantum computing firm D-Wave faces delisting from NYSE again

Oct 26, 2023 | Posted by Abdul-Rahman Oladimeji

Quantum computing firm D-Wave is facing delisting from the New York Stock Exchange over its low stock price for the second time this year. The company announced this week that it received a notice from the NYSE that it is not in compliance with listing requirements as the average closing price of the company’s common stock was less than $1 over a consecutive 30 trading-day period.

D-Wave in return notified NYSE that it plans to cure the stock price deficiency” and to return to compliance with the stock exchange’s listing standards. It also plans to cancel annual cash bonuses for its employees. 

The company said in the SEC filing, “In canceling the cash incentive bonuses, the board took into consideration a number of factors, including the company’s ongoing commitment to manage the business efficiently and effectively, its focus on achieving profitability, and the general market conditions in the company’s industry and the tech industry overall. The company remains dedicated to fairly and equitably compensating and incentivizing its employees and regularly considers and implements a variety of compensation alternatives intended to motivate and retain its employees and attract new talent.”

D-Wave has six months to bring its share price back above a  $1 average closing share price over a 30-day period.

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