Quantum computing companies D-Wave Quantum (QBTS, Financial) and Rigetti Computing ( RGTI, Financial) are facing potential delisting from their respective stock exchanges after their share prices remained below $1 for 30 consecutive trading days. This marks the third delisting notice for D-Wave and the second for Rigetti.
On October 2, D-Wave announced it received a notification from the New York Stock Exchange regarding non-compliance with the minimum share price requirement. The company has six months to regain compliance, which could involve measures like a reverse stock split subject to shareholder approval. CEO Alan Baratz emphasized their intention to "cure the stock price deficiency and return to compliance."
Rigetti received a similar notice from Nasdaq on September 16. The company has until March 17, 2025, to meet the minimum bid price requirement. Rigetti is considering options such as a reverse stock split, which was already approved by shareholders at its 2024 Annual Meeting. Failure to comply could result in delisting, though the company may appeal the decision.
Both companies operate in the emerging quantum computing sector, where commercialization timelines are uncertain and heavily debated. D-Wave focuses on quantum annealing systems used for optimization problems and has customers utilizing its technology in production settings. Rigetti specializes in gate-based quantum computing with superconducting qubits and recently began offering its quantum processing units on a modular basis.
The potential delistings underscore the risks associated with public funding for companies in cutting-edge industries. Investors remain cautious as the path to profitability in quantum computing is still unclear. Both firms are exploring strategies to boost their stock prices and maintain their listings, highlighting the challenges faced by pioneers in this high-stakes field.
