Quantum computing firm D-Wave has regained compliance with the New York Stock Exchange (NYSE), avoiding being delisted from the market.
The company has twice faced and avoided potential delistings from the NYSE due to its low stock price.
The company went public in August 2022 after a SPAC merger with DPCM Capital.
In October 2023, the company was given six months to bring its share price back above a $1 average closing share price over a 30-day period, or face being delisted due to its low stock price.
D-Wave’s stock price hit $1 on February 9, 2024, rising to a peak of $2.05 on February 20. At the time of publishing, the company’s stock price sits at $1.60.
In a statement, the company said it was presented with a notification letter of re-compliance on March 1, based on D-Wave’s average closing share price for the 30 trading days ending February 29, 2024.
“D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards,” the company said.
The company already beat off the threat of de-listing once last year. In March 2023, D-Wave received notice from the NYSE that it had fallen foul of trading rules over its low trading price. By July the company announced it had received a letter of re-compliance after meeting the minimum share price listing standard.
In mid-February, D-Wave announced the general availability of its 1,200 qubit Advantage2 (Adv2) prototype. First unveiled in 2022, the new Adv2 prototype features more than 1,200 qubits and 10,000 couplers and reportedly demonstrates a 20x faster time-to-solution on hard optimization problems.
