Two quantum computing firms face being delisted from their respective stock exchanges over their low share prices.

D-Wave and Rigetti Computing both announced they have received letters, from the New York Stock Exchange (NYSE) and Nasdaq respectively, warning they are not complying with the minimum required share price for listing. As a result, both could be delisted if their share prices do not improve.

This is the second time Rigetti has fallen foul of Nasdaq’s listing requirements and D-Wave’s third time with the NYSE.

D-Wave stock falters for the third time

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D-Wave's Advantage system – D-Wave

On October 4, California’s D-Wave announced it received notice from the NYSE on October 2, saying it is not in compliance with Section 802.01C of the NYSE Listed Company Manual, as the average closing price of the company’s common stock was less than $1 over a consecutive 30 trading-day period.

D-Wave said it intends to cure the stock price deficiency and return to compliance with the NYSE’s listing standards.

The firm can regain compliance at any time within next six months by seeing its closing share price reach at least $1, and having an average closing share price of at least $1 over a 30 trading-day period.

D-Wave, which offers quantum machines that utilize quantum annealing, went public in August 2022 after a Special Purpose Acquisition Company (SPAC) merger with DPCM Capital. After reaching highs of $8.18 per share in October 2022, its share price has generally trended below $2.

This is not the first time the company has faced delisting.

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.

By October 2023, the company was again give notice by the NYSE that its stock was too low. The company announced in March 2024 that it had regained compliance with the listing requirements.

D-Wave’s stock reached $2.35 by mid-March, but then tumbled to lows of $0.80 per share by August. At the time of writing, D-Wave’s stock was at around the $1 mark.

Rigetti faces second stock wobble

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Rigetti's quantum computers – Rigetti

In a recent SEC filing, Rigetti said it had been notified by the Nasdaq that the company’s common stock had not maintained a minimum bid price of $1 per share, contravening its bid pricing rules.

The filing, from mid-September, says the California company has until March 17, 2025 to maintain a $1 stock price for 10 consecutive days. If it continues to fall foul of this requirement, Rigetti’s stock will be de-listed from the Nasdaq.

"The company intends to actively monitor the closing bid price of its common stock and, as appropriate, will consider available options to regain compliance with the Bid Price Rule, including potentially seeking to effect a reverse stock split,” Rigetti said, but noted: “There can be no assurance that the company will be able to regain compliance … and that the company will be able to maintain its listing with Nasdaq."

Rigetti went public in March 2022 via a SPAC merger with Supernova Partners Acquisition Company II, Ltd. Its stock reached a high of around $8.81 in May 2022, but has been mostly below the $2 mark since.

This is also not Rigetti's first time being threatened with being taken off a stock exchange.

The company previously faced delisting from the Nasdaq in February 2023 after its stock had been trading below the required $1 threshold for around two months. The company did manage to regain compliance by July of that year.

2024 has seen Rigetti’s share price reach a high of $2.21 in March, but gradually fall back to lows of $0.69 by September. At the time of writing, Rigetti's stock at around the $0.80 mark.